SEC: Fine of £40 thousand to Vgenopoulos, Hiliadakis and Mageiras
4/4/2007 15:50
The Securities and Exchange Commission of Cyprus would like to inform the investing public that at the meeting held on March 21, 2007, it decided that the Board members of Marfin Popular Bank Public Co Ltd, Messrs. Andreas Vgenopoulos, Eleftherios Hiliadakis and Kyriakos Mageiras proceeded to actions that violate articles 8 and 10 of Directive 5/2005 of the Securities and Exchange Commission, since they have proceeded to the sale of the Company’s shares during a prohibited period without securing the necessary permit.
The SEC imposed an administrative fine of £40,000 to each one of the persons above.
The Commission also decided to impose an administrative fine to Neoclis Lysandrou, Vice Chairman of Marfin Popular Bank Public Co Ltd for violating articles 8 and 10 of Directive 5/2005, since he allowed Messrs. Andreas Vgenopoulos, Eleftherios Hiliadakis and Kyriakos Mageiras to sell Company’s shares during a closed period, which is one of the categories of the prohibited period, pursuant to 8(2)(a) of KPD 447/2005, without being an emergency.
The SEC imposed an administrative fine of £40,000 to each one of the persons above.
The Commission also decided to impose an administrative fine to Neoclis Lysandrou, Vice Chairman of Marfin Popular Bank Public Co Ltd for violating articles 8 and 10 of Directive 5/2005, since he allowed Messrs. Andreas Vgenopoulos, Eleftherios Hiliadakis and Kyriakos Mageiras to sell Company’s shares during a closed period, which is one of the categories of the prohibited period, pursuant to 8(2)(a) of KPD 447/2005, without being an emergency.
