CySEC Slaps Over $450,000 Fines on Bank of Cyprus and its Officers

CySEC penalised the General Manager and the board of director members.

The Cyprus Securities and Exchange Commission (CySEC) has slapped Bank of Cyprus Public Company Ltd and its general manager, as well as a number of its officers, with massive fines in excess of €435,000 ($478,000) in connection with possessing inside information and other infringements.

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The administrative fines were imposed after CySEC concluded its investigation into violations made by the Bank of Cyprus Public Company Ltd, its board of director members and its general manager due their responsibility or negligence. According to a CySEC announcement, the ruling is related to the transparency requirements in relation to information about issuers whose securities are admitted to trading on a regulated market.

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The penalties also relate to the banks’ violation of reporting requirements, insider dealings, publishing misleading and incomplete statements and Market Manipulation (Market Abuse) Law of 2005.

In addition to an administrative fine of €25.000 to the Bank of Cyprus Public Company Ltd, CySEC penalised the General Manager of the Financial Management and Strategy Division, Christis Hadjimitsis, with a fine of €70.000.

A number of senior officers were included in the penalties list. Among them, Andreas Artemi, non-executive chairman of the Board and Yiannis Kypri, CEO and Executive Director and deputy CEO Yiannis Pechlivanides, each were fined €70,000.

The commission also imposed an administrative fine amounting €50,000 on the chairman of company’s audit committee Stavros Constantinides. Furthermore, a panel of non-executive directors including Costas Severis, Georgios Georgiades and Irini Caramanou were each fined €30,000.

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