The Securities & Exchange Commission announced that during its meeting of the 12 November 2001, amongst others, the following decisions were taken.
(a) The companies Knossos Investment Co. Ltd., Triena Investments Ltd., Demetra Investment Co. Ltd., Aristo Investments Ltd. and Stario Investments Ltd., have breached article 2 of law 137(I)/2001 which stipulates that investment organisations must sustain an average level of available cash not greater than 20% of their assets.
(b) To impose (according to article 2 of law 82(I)/2001 as amended by article 2 of law 120(I)/2001), administrative sanctions on the above companies until it is established that they have complied with the levels stipulated by the law.
(c) To impose management sanctions on the management and investment manager of each of the above investment organisations commencing from the 14 November 2001.
(a) The companies Knossos Investment Co. Ltd., Triena Investments Ltd., Demetra Investment Co. Ltd., Aristo Investments Ltd. and Stario Investments Ltd., have breached article 2 of law 137(I)/2001 which stipulates that investment organisations must sustain an average level of available cash not greater than 20% of their assets.
(b) To impose (according to article 2 of law 82(I)/2001 as amended by article 2 of law 120(I)/2001), administrative sanctions on the above companies until it is established that they have complied with the levels stipulated by the law.
(c) To impose management sanctions on the management and investment manager of each of the above investment organisations commencing from the 14 November 2001.
Thursday, 15 November, 2001 - 17:04