The Board of Directors of the Cyprus Securities and Exchange Commission would like to inform the investing public that at its meeting it decided to impose an administrative fine of €5.000 to Options Choice Plc for violating article 11(1)(a) of the Actions of Persons holding Confidential Information and Actions of Market Manipulation Law 2005, as amended.
The Commission ended up to this decision as the Company failed to publish the soonest possible, on 2.8.2011, the “confidential information” that it sold its subsidiary TTG Middle East & North Africa Ltd to C.A.D.S Holding Ltd, a company of Mr. Andreas Drakou, who is member of the Board of Directors of the Company, against the price of €120.000, which corresponded to 10% of the net asset value of the Company on 30.06.2011.
To determine the administrative fine, the Commission took into account the following:
-The seriousness that the legislator gives to such violations, which is reflected by the maximum administrative fine provided for violations of article 11 in article 15 of the Law.
-The need for announcement of every confidential information concerning the issuer, which is a useful information for the investing public and additional mean for the transparency of transactions. The non- announcement deprives the investing public the information entitled.
- The fact that timely information is of fundamental importance for the protection of the investors.
- As a mitigating factor, the Company’s admittance that it erroneously failed to announce the confidential information and its statement, in its written representations, that it has taken measures to avoid repeated similar omission.
- As a mitigating factor, the fact that the Company has not committed a similar violation in the past.
The Commission ended up to this decision as the Company failed to publish the soonest possible, on 2.8.2011, the “confidential information” that it sold its subsidiary TTG Middle East & North Africa Ltd to C.A.D.S Holding Ltd, a company of Mr. Andreas Drakou, who is member of the Board of Directors of the Company, against the price of €120.000, which corresponded to 10% of the net asset value of the Company on 30.06.2011.
To determine the administrative fine, the Commission took into account the following:
-The seriousness that the legislator gives to such violations, which is reflected by the maximum administrative fine provided for violations of article 11 in article 15 of the Law.
-The need for announcement of every confidential information concerning the issuer, which is a useful information for the investing public and additional mean for the transparency of transactions. The non- announcement deprives the investing public the information entitled.
- The fact that timely information is of fundamental importance for the protection of the investors.
- As a mitigating factor, the Company’s admittance that it erroneously failed to announce the confidential information and its statement, in its written representations, that it has taken measures to avoid repeated similar omission.
- As a mitigating factor, the fact that the Company has not committed a similar violation in the past.
Friday, 10 January, 2014 - 14:56