SEC: Fine of €30k to Advantage Capital and €35k to Leda
The Board of Directors of the Cyprus Securities and Exchange Commission would like to inform the investing public that at the meeting held on 1.11.2010 it decided to impose an administrative fine of €30,000 to Advantage Capital Holdings Plc and an administrative fine of €35,000 to Leda Investment Public Company Ltd for violating Article 9(1) of the Transparency Requirements Law 2007 and 2009, since they failed to publish their Annual Report and Accounts for the year ended December 31, 2009 within the deadline, that is, until April 30, 2010.
In order to take this decision, the Commission took into account:
- The gravity given in securing that the persons covered by the Law comply fully with its provisions.
- The seriousness given in the obligation to release the Annual Report on time, which promotes transparency and contributes to the proper operation of the stock market, since it informs the investors on the financial condition and performance of the issuer for the financial year.
- The fact that Advantage Capital Holdings Ltd and Leda Investments Public Company Ltd have not published their Annual Report and Accounts for the year ended December 31, 2009 yet.
Specifically, it was also taken into account that:
Advantage Capital Holdings Plc has not committed a similar breach in the past.
Leda Investment Public Company Ltd has committed a similar breach in the past in relation to the Annual Report and Accounts for the year ended December 31, 2008, when it was imposed an administrative fine.
In order to take this decision, the Commission took into account:
- The gravity given in securing that the persons covered by the Law comply fully with its provisions.
- The seriousness given in the obligation to release the Annual Report on time, which promotes transparency and contributes to the proper operation of the stock market, since it informs the investors on the financial condition and performance of the issuer for the financial year.
- The fact that Advantage Capital Holdings Ltd and Leda Investments Public Company Ltd have not published their Annual Report and Accounts for the year ended December 31, 2009 yet.
Specifically, it was also taken into account that:
Advantage Capital Holdings Plc has not committed a similar breach in the past.
Leda Investment Public Company Ltd has committed a similar breach in the past in relation to the Annual Report and Accounts for the year ended December 31, 2008, when it was imposed an administrative fine.
