The Supreme Constitutional Court of Cyprus has dismissed an appeal involving a regulatory case against Andreas Vgenopoulos, the late non-executive Chairman of Marfin Popular Bank Public Co Ltd.

Vgenopoulos passed away in 2016 in Athens. Legal proceedings continued after his death through the appointed liquidator of his estate.

Appeal Against CySEC Fine Rejected

The appeal, filed by Panayiotis Armamento as liquidator of the inherited property, aimed to overturn a €705,000 administrative fine imposed by the Cyprus Securities and Exchange Commission (CySEC) in 2014.

The Supreme Constitutional Court upheld the earlier ruling by the Administrative Court, which had confirmed CySEC’s decision. According to CySEC, Vgenopoulos breached two key financial laws.

One involved inaccurate statements made by the Board of Directors in the bank’s half-year and annual reports. The other concerned several prospectuses he signed, which CySEC found non-compliant with disclosure rules.

You may find it interesting at FinanceMagnates.com: The Regulatory Playbook: Dubai Did It First, But Cyprus Can Still Do It Best.

Vgenopoulos Estate Loses CySEC Fine Appeal

Vgenopoulos initially challenged the fine in 2014. After his death, the case proceeded under his estate. The Supreme Constitutional Court found the lower court’s conclusions valid and reaffirmed that individuals who sign a prospectus are legally responsible for its content.

Cyprus Court Overturned Multimillion-Euro Bank Fines

About a year ago, Finance Magnates reported that the Cyprus Administrative Court overturned multimillion-euro fines imposed by CySEC in 2014 on 13 former Bank of Cyprus executives, citing a breach of impartiality in the original decision. The fines concerned alleged violations related to Greek Government Bonds investments.

This ruling followed a Supreme Constitutional Court finding that CySEC’s decision-making was compromised by the involvement of its Chairman. The overturned fines highlight challenges in regulatory enforcement and impartiality.