SEC: Administrative fine of €100k to Aspis and €50k to S. Hadjimarcou
19/9/2008 13:50
The Board of Directors of the Securities and Exchange Commission would like to inform the investing public that at the meeting dated September 15, 2008 it decided to impose administrative fines to Aspis Holdings Public Co Ltd and Mr. Steven Hadjimarcou for the violation of articles 33(3), 33(5), 33(6) and 42 of the SEC Law since they failed to submit certain information to the SEC after the relevant request for the collection of information.
Specifically, within the framework of the investigations in relation to the violation of the Law on the Market Abuse, the Commission sent to the Company and Mr. Hadjimarcou a collection of information request. However, the Company and Mr. Hadjimarcou failed to submit in writing the required information.
As a result, the SEC imposed the following administrative fines:
To Aspis Holdings Public Co Ltd:
(a) An administrative fine of €100,000 for the aforementioned violations and
(b) A daily administrative fine of €850 for its omission to comply with the SEC’s request.
In order to determine the administrative fines, the Commission took into account that:
- The Company has at its disposal the information that SEC requested.
- The Company continues not to comply with the request for the submission of the information despite the long period of time from the date of its dispatch.
- Special emphasis has been given to the fact that it is a listed company which ought to cooperate with the competent regulatory authority.
- It is very important for the effective exercise of the supervisory and regulatory competencies of the Commission to secure that the information given by natural or legal persons in each investigation is valid and accurate and that those persons do not refuse or omit to submit the required data.
- False or misleading statements or concealment of information or omission to submit the information hit the Commission’s ability to carry out the necessary investigations for the proper operation of the capital market and the protection of the investors.
- The omission to submit information and the denial for cooperation that might impede the Commission’s investigations must be eliminated via the imposition of administrative fines.
It is noted that in view of the fact that the Company collected the requested information today, the Commission will not impose the daily fine.
To Mr. Steven Hadjimarcou:
(a) An administrative fine of €50,000 for the aforementioned violations and
(b) A daily administrative fine of €850 for his omission to comply with the SEC’s request.
In order to determine the administrative fines, the Commission took into account that:
- Mr. Hadjimarcou has at his disposal the information that SEC requested.
- Mr. Hadjimarcou continues not to comply with the request for the submission of the information despite the long period of time from the date of its dispatch.
- It is very important for the effective exercise of the supervisory and regulatory competencies of the Commission to secure that the information given by natural or legal persons in each investigation is valid and accurate and that those persons do not refuse or omit to submit the required data.
- False or misleading statements or concealment of information or omission to submit the information hit the Commission’s ability to carry out the necessary investigations for the proper operation of the capital market and the protection of the investors.
- The omission to submit information and the denial for cooperation that might impede the Commission’s investigations must be eliminated via the imposition of administrative fines.
Specifically, within the framework of the investigations in relation to the violation of the Law on the Market Abuse, the Commission sent to the Company and Mr. Hadjimarcou a collection of information request. However, the Company and Mr. Hadjimarcou failed to submit in writing the required information.
As a result, the SEC imposed the following administrative fines:
To Aspis Holdings Public Co Ltd:
(a) An administrative fine of €100,000 for the aforementioned violations and
(b) A daily administrative fine of €850 for its omission to comply with the SEC’s request.
In order to determine the administrative fines, the Commission took into account that:
- The Company has at its disposal the information that SEC requested.
- The Company continues not to comply with the request for the submission of the information despite the long period of time from the date of its dispatch.
- Special emphasis has been given to the fact that it is a listed company which ought to cooperate with the competent regulatory authority.
- It is very important for the effective exercise of the supervisory and regulatory competencies of the Commission to secure that the information given by natural or legal persons in each investigation is valid and accurate and that those persons do not refuse or omit to submit the required data.
- False or misleading statements or concealment of information or omission to submit the information hit the Commission’s ability to carry out the necessary investigations for the proper operation of the capital market and the protection of the investors.
- The omission to submit information and the denial for cooperation that might impede the Commission’s investigations must be eliminated via the imposition of administrative fines.
It is noted that in view of the fact that the Company collected the requested information today, the Commission will not impose the daily fine.
To Mr. Steven Hadjimarcou:
(a) An administrative fine of €50,000 for the aforementioned violations and
(b) A daily administrative fine of €850 for his omission to comply with the SEC’s request.
In order to determine the administrative fines, the Commission took into account that:
- Mr. Hadjimarcou has at his disposal the information that SEC requested.
- Mr. Hadjimarcou continues not to comply with the request for the submission of the information despite the long period of time from the date of its dispatch.
- It is very important for the effective exercise of the supervisory and regulatory competencies of the Commission to secure that the information given by natural or legal persons in each investigation is valid and accurate and that those persons do not refuse or omit to submit the required data.
- False or misleading statements or concealment of information or omission to submit the information hit the Commission’s ability to carry out the necessary investigations for the proper operation of the capital market and the protection of the investors.
- The omission to submit information and the denial for cooperation that might impede the Commission’s investigations must be eliminated via the imposition of administrative fines.
