Russian central bank finds market manipulation by Kinetic Capital chief

Russia's central bank found market manipulation in share and government bond trades by Kinetic Capital chief executive and beneficial owner Vadim Solomakhin, the regulator said on October 16, announcing orders to suspend transactions on his brokerage accounts.

The investigation concerns first-quarter 2026 trades on the Moscow Exchange. Transactions between Solomakhin and the company, which manages the Kinetic Portfolio closed-end investment fund, involved Sberbank, Sovcombank and Surgutneftegas shares and federal loan bonds.

The central bank said Solomakhin used access to his personal account and the company's account for opposing trades. It said the transactions caused prices and trading volumes to deviate substantially from levels that would otherwise have prevailed.

The regulator identified more than 120 such trades. It said the company incurred losses while Solomakhin made corresponding gains on his personal account.

The bank ordered Solomakhin to prevent similar violations. Market professionals and trading organisers were instructed to suspend transactions on his brokerage accounts.