CySec announced more than 1 Million euro in total fines to Members of the Board of Directors of Cyprus Popular Bank 

Cyprus Securities and exchange commission (cysec)

The Board of the Cyprus Securities and Exchange Commission (CySec) has issued an announcement to inform the public that it has investigated the compliance of:

  • Cyprus Popular Bank Public Co Ltd, its Board of Director Members’ and its Group Chief Financial Officer with the Transparency Requirements (Transferable Securities Admitted to Trading on a Regulated Market) Law of 2007, as amended,
  • Cyprus Popular Bank Public Co Ltd (‘the Company’) with the Insider Dealing and Market Manipulation (Market Abuse) Law of 2005, as amended,

regarding the adequacy for the doubtful debt provision in:

  • the Annual Financial Report of the Company for the year ended 31.12.2010,
  • the Quarterly Financial Report of the Company for the period ended 31.3.2011,
  • the Half-Yearly Financial Report of the Company for the period ended 30.6.2011,
  • the Quarterly Financial Report of the Company for the period ended 30.9.2011,

AND, at its meeting held on 8 th May 2017, CySec identified the existence of violations and concluded as follows:

A.1. Non imposition of administrative fines to Cyprus Popular Bank Public Co Ltd,

A.2. Imposition of administrative fines to the following Members of the Board of Directors of Cyprus Popular Bank Public Co Ltd in the relevant period:

CySec fined laiki 1

A.3. Non imposition of administrative fines to Mr. Andreas Vgenopoulos, Mr. Vasilios Theocharakis, Mr. Platonas Lanitis, Mr. Stelios Stylianou, Mr. Hesham Al Quassin , Mr. Fadel Al Ali and Mr. Abdulrazaq Al Jassim, Members of the Board of Directors of Cyprus Popular Bank Public Co Ltd in the relevant period.

A.4. Imposition of a total administrative fine of €80.000 to the Chief Financial Officer of the Group, Mrs. Annita Philippidou.

Source: CySec – Decision 06-22-2017 for the imposition of fines to Cyprus Popular Bank

 

2 Responses to CySec announced more than 1 Million euro in total fines to Members of the Board of Directors of Cyprus Popular Bank

  1. ixvopzix

    Hello, My name is Kenneth

     
  2. ixvopzix

    Hello, My name is Micheline

     

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