Administrative fines of € 210,000 to current and former members of the Board. of Maxigrid and a ban on exercising management duties in Cypriot Investment Services Companies (CIF) for two to five years, decided the Cyprus Securities and Exchange Commission.
As it states in its announcement, after the Company's non-compliance with the provisions of the Law on Investment Services and Activities and Regulated Markets Law, the Committee decided that the Board acted in violation of it, & # 8220; as it did not determine and consequently did not supervised and did not assume responsibility regarding the implementation of regulations that ensure the efficient and prudent management of the Company, in a way that promoted the integrity of the market and the interest of its customers & # 8221 ;.
& # 8220; Specifically, in the essential time around 4 September 2020 to October 2021, the principle of governance set forth in Article 10 (1) (b), point (ii), of the Law was not observed & # 8221 ;, states the announcement of the Capital Market.
The shareholder and former Non-Executive Chairman of the Board, Roy Almagor, was fined € 200,000 and banned for five years from holding management duties at CIF. The Executive Director, Jekaterina Pedosa, was fined € 10,000 and banned from exercising management duties at a CIF for a period of five years. In addition, the Executive Director, Katerina Papanikolaou, and the former Executive Director, Nikolai Monogarov, were banned from holding administrative duties at the CIF for a period of two years.
The Hellenic Capital Market Commission noted that in determining the type and level of administrative sanction, the ECC took into account, inter alia, the seriousness that the legislator attaches to such infringements and the importance attached to ensuring that persons subject to in the supervision of the ECC fully comply with the provisions of the Law. EKK also took into account the serious responsibility of every person who assumes administrative duties in a CIF, to maintain its smooth operation and ensure the interests of its customers, as well as the need for the directors of a CIF to contribute in their actions to promote market integrity.
In its announcement, the ECC notes that it has decided not to impose administrative sanctions and measures on the following former non-executive directors of the Company, Alexis Zampas, Pavlos Iosifidis and Ioannis Hasikos, & # 8220; taking into account that due to their position, as they stated in their performances, they relied on the reports and information received from the Executive Directors of the Company and did not receive any information/report in which refers to the problem created by the customer money deficit. Also, apart from their position as non-executive directors of the Company, they did not hold any other position in it, namely shareholding & # 8221 ;.
Source: KYPE
