The House Audit and Finance Committees are examining the possibility of adopting the procedure proposed by the experts of the two Committees within the framework of the second phase of investigation for the CSE scandal. The procedure recommends further investigation in 22 companies (including the Bank of Cyprus and the Popular Bank) as well as subsidiaries (Laiki Investments).
The investigation of the 22 companies is expected to provide an effective examination of the methods employed to inflate prices during the preparation of the prospectuses, deceit investors through acts and omissions, fix prices and collect cash in advance.
According to the confidential note, published by the newspaper “Politis”, the investigation must be carried out based on three criteria: charges and complaints before the Parliament, difference between the price of the share issue and the price of the share after its listing and other criteria determined by the two Committees.
Out of the 22 companies, 18 are listed and four have withdrawn their applications for their listing in the CSE.
1. Globalsoft: Credibility of information in the prospectus, connection with other overseas companies, suspicious ownership status, acquisition of other companies, use of capital drawn from the market. Possibility of price fixing via transaction of major shareholders.
2. New Marathon: Credibility of information in the prospectus, methodology in share issue, use of capital drawn from the market, acquisitions, and transactions carried out by Board members. Illegal export of currency via specific methods.
3. Suphire F.S: Methodology in the share issue and exchange of blocks, investments from capital drawn from the market.
4. MarkeTrends F.S: Mergers and acquisitions, quality of cash receivable and evaluation of the share’s listing price. Misleading statements to the press for profitability.
5. Atteshlis Shipping: Price fixing (allegations concerning transactions of major shareholders via private companies and misleading announcements).
6. Kanika Hotels: Transactions of major shareholders and price fixing.
7. Renos Hadjiioannou Farm: Price fixing via suspicious transactions.
8. Europrofit: Price fixing via price distortions.
9. Tsokkos Hotels: Suspicious transactions and price fixing.
10. A.L Prochoice: Misleading presentation of profits.
11. The Bank of Cyprus: Misleading statements, methodologies and or deceit of investors.
12. The Popular Bank: Misleading statements, methodologies and or deceit of investors.
13. Pandora: Misleading data to the public.
14. Laiki Investments: Misleading data and methodologies.
15. Plyntex: Mismanagement and misleading data.
16. Drake Investments: Various reprehensible operations with regard to the establishment, prospectuses, investment policy, independent administration and interest conflict, charges, transactions of associates and exchange of blocks.
17. Kyknos: Various reprehensible operations with regard to the establishment, prospectuses, investment policy, independent administration and interest conflict, charges, transactions of associates and exchange of blocks.
18. Interfund: Various reprehensible operations with regard to the establishment, prospectuses, investment policy, independent administration and interest conflict, charges, transactions of associates and exchange of blocks.
19. CLR Investments: Various reprehensible operations with regard to the establishment, prospectuses, investment policy, independent administration and interest conflict, charges, transactions of associates and exchange of blocks.
20: Cyber Group: Charges for mismanagement and irregularities of the Board members.
21. Demokritos: Collection of cash in advance, aiming at their floating n the CSE.
22. Alfa Concrete: Collection of cash in advance.
The investigation of the 22 companies is expected to provide an effective examination of the methods employed to inflate prices during the preparation of the prospectuses, deceit investors through acts and omissions, fix prices and collect cash in advance.
According to the confidential note, published by the newspaper “Politis”, the investigation must be carried out based on three criteria: charges and complaints before the Parliament, difference between the price of the share issue and the price of the share after its listing and other criteria determined by the two Committees.
Out of the 22 companies, 18 are listed and four have withdrawn their applications for their listing in the CSE.
1. Globalsoft: Credibility of information in the prospectus, connection with other overseas companies, suspicious ownership status, acquisition of other companies, use of capital drawn from the market. Possibility of price fixing via transaction of major shareholders.
2. New Marathon: Credibility of information in the prospectus, methodology in share issue, use of capital drawn from the market, acquisitions, and transactions carried out by Board members. Illegal export of currency via specific methods.
3. Suphire F.S: Methodology in the share issue and exchange of blocks, investments from capital drawn from the market.
4. MarkeTrends F.S: Mergers and acquisitions, quality of cash receivable and evaluation of the share’s listing price. Misleading statements to the press for profitability.
5. Atteshlis Shipping: Price fixing (allegations concerning transactions of major shareholders via private companies and misleading announcements).
6. Kanika Hotels: Transactions of major shareholders and price fixing.
7. Renos Hadjiioannou Farm: Price fixing via suspicious transactions.
8. Europrofit: Price fixing via price distortions.
9. Tsokkos Hotels: Suspicious transactions and price fixing.
10. A.L Prochoice: Misleading presentation of profits.
11. The Bank of Cyprus: Misleading statements, methodologies and or deceit of investors.
12. The Popular Bank: Misleading statements, methodologies and or deceit of investors.
13. Pandora: Misleading data to the public.
14. Laiki Investments: Misleading data and methodologies.
15. Plyntex: Mismanagement and misleading data.
16. Drake Investments: Various reprehensible operations with regard to the establishment, prospectuses, investment policy, independent administration and interest conflict, charges, transactions of associates and exchange of blocks.
17. Kyknos: Various reprehensible operations with regard to the establishment, prospectuses, investment policy, independent administration and interest conflict, charges, transactions of associates and exchange of blocks.
18. Interfund: Various reprehensible operations with regard to the establishment, prospectuses, investment policy, independent administration and interest conflict, charges, transactions of associates and exchange of blocks.
19. CLR Investments: Various reprehensible operations with regard to the establishment, prospectuses, investment policy, independent administration and interest conflict, charges, transactions of associates and exchange of blocks.
20: Cyber Group: Charges for mismanagement and irregularities of the Board members.
21. Demokritos: Collection of cash in advance, aiming at their floating n the CSE.
22. Alfa Concrete: Collection of cash in advance.
3287.99
1275.09
