AFM fines investment firm VDVI €3 million for alleged market manipulation

The Dutch Authority for the Financial Markets (AFM) has imposed a 3 million euros fine on investment firm VDVI for allegedly manipulating the stock price of electric bus manufacturer Ebusco. According to the AFM, VDVI inflated the share price to sell stocks at a higher value. VDVI denies the allegations, calling the penalty "completely unfounded" and has filed an appeal.

The AFM claims that in September 2022, VDVI ordered the private sale of a significant Ebusco stock package. Following this, VDVI became an active buyer of Ebusco shares over three trading days, placing high-limit orders. "These aggressive orders artificially boosted the stock price," the regulator stated, adding that such actions "undermine trust in financial markets."

VDVI, previously known as Van der Valk Investments, is managed by Bas and Bob van den Nieuwenhuijzen, grandsons of Gerrit van der Valk. A spokesperson clarified that VDVI is not connected to Van der Valk International, which operates the well-known hotel chain.

VDVI dismissed the AFM’s theory as flawed, stating that Ebusco’s stock price dropped significantly in the five days before the transaction. The firm argued that it did not trade on September 26, the day the sale price was determined, during which Ebusco shares experienced a sharp decline. "The AFM’s conclusions are clearly incorrect," VDVI stated. "There was no manipulation, no harm caused to anyone, and this premature publication is damaging."