CySec announced imposition of an administrative fine and reprimand for the Directors of Pulp International Business Ltd 

CySEC

The Cyprus Securities and Exchange Commission (CySec) issued an announcement to inform public regarding its decision to impose an administrative fine / reprimand to the Directors of Pulp International Business Ltd.

According to CySec, on its meeting held on 29 September 2015, decided the following:

– to impose an administrative fine of €150.000, respectively, to Mr. Said Salem and to Mr. Shaher Hasanain, and
– to reprimand Mr. Savvas Sava and Mr. Marios Economou
for non-compliance with paragraph 9(1) of Directive DI144-2007-01 for the Authorisation and Operating Conditions of CIFs.

Furthermore, the Board decided, in relation to Mr. Said Salem and Mr. Shaher Hasanain, to prohibit them from exercising professional activity related to the financial sector for a period of five (5) years (until November 2020).

Paragraph 9(1) of Directive DI144-2007-01 for the Authorisation and Operating Conditions of CIFs refers to the Responsibility of senior management and Board of Directors.

Paragraph 9(1) of Directive DI144-2007-01 

(1) A CIF is required to, when allocating functions internally, to ensure that senior management, and its Board of Directors, are responsible for ensuring that the CIF complies with its obligations under the Law. In particular, senior management and its Board of Directors are required to assess and periodically review the effectiveness of the policies, arrangements and procedures put in place to comply with the obligations under the Law and the Directive and to take appropriate measures to address any deficiencies.
(2) A CIF is required to ensure that its senior management receive on a frequent basis, and at least annually, written reports on the matters covered by paragraphs 5, 6 and 8 indicating in particular whether the appropriate remedial measures have been taken in the event of any deficiencies.
(3) A CIF is required to ensure that its Board of Directors receives on a regular basis and at least on an annual basis, written reports on the same matters mentioned in subparagraph (2).
(4) A CIF is required to submit to the Commission the minutes of the meetings of the Board of Directors, during which the reports of subparagraph (2) have been discussed. These minutes are submitted to the Commission within twenty days from the date of the relevant meeting and no later than four months after the end of the calendar year, attached to the written reports of subparagraph (2).

Mr. Said Salem and Mr. Shaher Hasanain further of being executive and non-executive members respectively of the Company’s Board of Directors, were holding also the 51% and 49% respectively of the share capital of the company.

Mr. Savvas Sava and Mr. Marios Economou were non-executive members of the Company’s Board of Directors.

As CySec informs, the Commissions decided to refer the case to the Attorney General of the Republic to examine for any criminal liability.

Source: CySec – Decision-Summary 09-29-2015 for the impostition of an administrative fine to Mr Said Salem Shaher Hasanain reprimant Mr Econ and Savva

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