Mexico slaps fines on billionaire's steel firm for stock manipulation

Mexico City

MEXICO'S securities regulator has imposed one of its biggest fines ever for market manipulation on steel company Industrias CH, owned by billionaire Rufino Gonzalez, government data showed.

Industrias CH was fined 2.96 million pesos (S$210,000) at the end of November for making "prohibited trades" under a law banning simulating price or volume, or effectively trading with itself, according to publicly available data on the website of Mexican banking and securities regulator CNBV.