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Supreme: Vindicated the Capital Market for a fine of €100,000 in 2014

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The announcement of the Greek Cypriot Association

Ανоτατο: ΔικαΙωσε την Κεφαλαια γορa για πρoστιμο €100,000 του 2014

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The Supreme Court rejected an appeal filed by Annita Filippidou against the decision of the Cyprus Securities and Exchange Commission (CSE) to impose a fine of €100,000 on her in 2014 for a case related to Greek government bonds.

As stated in a press release Cyprus Popular Bank Public Co Limited, the case concerned the decision of Cyprus Popular Bank Public Co Limited dated 28.4.2014 to impose a fine of €100,000 on Annita Filippidou, Group Financial Director of Cyprus Popular Bank Public Co Limited, in the context of the investigation regarding the investment of Cyprus Popular Bank Public Co Ltd and Bank of Cyprus Public Company Ltd in Greek Government Bonds.

According to ΕΙΚΕ, for Ms. Filippidou, the penalty related to the provision of misleading information included in the company's half-yearly and annual report and that she did not ensure the accuracy, completeness, clarity and timeliness of the content of the Company's Employee Provident Fund Newsletter , as he had responsibility.

With the decision of the Supreme Court as Second Instance Jurisdiction, issued on May 10, the matter has been finalized, since the same Court as first instance jurisdiction had rejected an appeal filed by Mrs. Filippidou on January 13, 2016.

According to the EU, in its first decision, the Supreme Court, among other things, held that the claim that the Applicant was not a responsible person for the issuer was unfounded, that the claims that she was incompetent in matters of risk and that she was not had relevant knowledge about them were unfounded, since Law 190(I)/2007 expressly requires the Financial Director to make a statement based on Articles 9(7) and 10(7) of Law 190(I)/2007.

“Specifically, the Supreme Court (Second Instance Jurisdiction) rejected all grounds of appeal and agreed with the approach of the Supreme Court (First Instance Jurisdiction),” reports the Greek Cypriot Commission.

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Source: www.kathimerini.com.cy

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