CySec announced law violations by Cyprus Popular Bank Public Co Ltd and fined Members of its Board
The Cyprus Securities and Exchange Commission (CySec) has issued an announcement to inform that the Commission has examined the matter of compliance of Cyprus Popular Bank Public Co Ltd with the Insider Dealing and Market Manipulation (Market Abuse) Law and identified various violations.
According the current situation of the company, CySec decided not to impose an administrative fine to the company.
For Mr. Efthimios Mpouloutas and Mr Christos Stylianides, Members of its Board, CySec decided to impose the below administrative fines for their responsibility and negligence to the company’s law violations.
1) Imposed administrative fines of 60000 euro and 10000 euro to Mr. Efthimios Mpouloutas;
2) Imposed an administrative fine of 50000 euro to Mr Christos Stylianides
According to CySec’s announcement, as for the rest members of the company’s Board during the period of 22/11/2011-30/04/2012, the Company’s Law violations were not due their responsibility or negligence.
Read the Full announcement from CySec at: law-violations-by-cyprus-popular-bank-public-co-ltd (Greek language)
Source: CySec
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