CySec imposes administrative fine of €100.000
The Cyprus Securities and Exchange Commission (SEC) has issued an announcement to inform investors that, in its meeting held on October 20, 2014, decided to impose a total administrative fine of € 100.000 to Hellenic Bank Public Company Limited (‘the Company’) for the infringement of:
(1) article 130 of the Securities and Stock Exchange Cyprus Law of 1993, as in force (‘the N.14 (I) / 1993’)
(2) of section 41 of the Cyprus Securities and Exchange Commission (SEC) Act of 2009, as in force (‘the N.73 (I) / 2009’)
regarding the acquisition and the announcement of the acquisition of land in the Amathus area, in St. Tychonas, in Limassol , by the Church of Cyprus, which is related in person.
Furthermore, SEC imposed to the Company the administrative fine of:
(1) The amount of € 40.000 for violating Article 130 of N.14 (I) / 1993 since as from the acquisition of the property on March of 2012, did not act in a way to ensure equal treatment of shareholders, since it served the interests
of the Church of Cyprus and not the interests of all the shareholders of the Company, given that the Company had no real need to acquire this property.
2) The amount of € 60.000 for the infringement of Article 41 of N.73 (I) / 2009 since the information provided by the Company through the date of the announcement on 23.03.2012 for the purchase of the property and the purpose of the purchase, was misleading essentially because the Company had no real need to acquire such land.
Source: CySec- CySec imposes administrative fine of €100.000
