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Successful appeal by Bank of Cyprus against Capital Market for the €950,000 fine

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Επιτυχorς Εφεση ραπεζας Κyπρου κατα Κεφαλαιαγο&rho ;ας για το πρόστιμο €950,000

Accept made the Supreme Court an appeal filed by the Bank of Cyprus against the decision of the Administrative Court, dated May 27, 2022, by which the administrative decision of the Cyprus Capital Market Commission, dated April 28, 2014, which imposed on the Bank, an administrative fine, totaling €950,000.

Specifically, according to the decision of the Supreme Court, with the decision of the Administrative Court, the administrative decision of the Cyprus Securities and Exchange Commission, dated April 28, 2014, by which an administrative fine of €950,000 was imposed on the Bank of Cyprus.

It was preceded, on February 4, 2013, by the Commission's decision, in the context of which it was established that the Bank had committed a number of violations of provisions of various laws, in the context of its investment in Greek Government Bonds,

The Supreme Court found that “in this case there was a violation of the objective aspect of the principle of impartiality, on the part of the Commission, due to the participation of its President” .

“Consequently, the grounds of appeal relating to this aspect succeed”, it states.

According to the decision, “the appeal succeeds, and the decision of the Administrative Court dated 27.5.2022 is set aside” and “consequently the decision of the Commission, dated 28.4.2014, is annulled”. 

Source: www.philenews.com

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