-M. Klerides statements to “SW” over the conduct of investigations

SEC is proceeding with the investigations in relation to all those listed Companies that did not proceed with the announcement of profit warnings for possible divergence from their previously announced financial results during the first 6 months of 2002.

The president and vice-president of the Supervisory Authority, Marios Klerides and Akis Hadjipieris, have stated to Stockwatch that the Authority has prepared a preliminary list in order to examine the financial results of the companies and discover: Firstly, which companies did not issue profit warnings, secondly, which of them ought to have done so and, thirdly, the degree of divergence.

According to SEC’s president, once the list is finalized those listed companies will soon proceed to an apology, while SEC will decide over the implementation of administrative fines.

Mr. Klerides repeated to “SW” that SEC has warned all listed companies since last April, of their duty to issue profit warnings on time however, according to the first indications only a few of them did so.

According to preliminary data, from the total 145 listed companies, only 14 issued profit warnings for the first six-month results of 2002, while only Universal Bank did it in due time (before the end of the six months period).