The Board of Directors of the Securities and Exchange Commission would like to inform the investing public that at its meeting it took the following decisions for violations of the Transparency Requirements Law 2007 on the publication of the Annual Financial Report of the issuers for the year ended December 31, 2008:
The imposition of an administrative fine of €10,000 to Leda Investment Public Company Ltd and Avacom Net Public Company Ltd each for violating article 9(1) of N.190(I)/2007, as specialized in article 37, paragraphs (1) and (2) of the same Law, since they failed to publish their Annual Financial Report for the year ended December 31, 2008. Specifically, they failed to announce it to the Securities and Exchange Commission and the Cyprus Stock Exchange within the deadline, that is, until April 30, 2009.
In order to take this decision, it took into account the following:
The gravity that the SEC gives in securing that the persons covered by N.190(I)/2007 comply fully with its provisions.
The seriousness that gives to the obligation for the timely publication of the Annual Financial Report, which promotes transparency and contributes to the proper operation of the stock market.
Specifically, it was taken into account that:
Leda Investment Public Company Ltd did not submit to the SEC, at least until the date of the taking of this decision, its Annual Financial Report for the year ended December 31, 2008.
Avacom Net Public Company Ltd committed the same violation in the past in relation to its Annual Financial Report for the year ended December 31, 2007.
Leda Investment Public Company Ltd and Avacom Net Public Company Ltd has omitted to publish periodical information within the deadline in the past pursuant to N.190(I)/2007 and, specifically, their six-month report for the period ended June 30, 2008.
The imposition of an administrative fine of €6,000 to AD Shopping Galleries Plc and the imposition of an administrative fine of €5,000 to Options Cassoulides Public Company Ltd, Stario Portfolio Investments Public Company Limited and Unigrowth Investments Public Ltd each for violating article 9(1) of N.190(I)/2007, as specialized in article 37, paragraphs (1) and (2) of the same Law, since they failed to submit their Annual Financial Report for the year ended December 31, 2009 to the SEC within the deadline, that is, April 30, 2009.
In order to take this decision, the SEC took into account:
The gravity that it gives in securing that the persons covered by N.190(I)/2007 comply fully with their provisions.
The gravity that it gives in the timely submission of periodical information to the SEC, as supervisory authority, in order to control the compliance with the legislation and secure the proper operation of the stock market.
Specifically, the SEC took into account:
The written representations of the companies
AD Shopping Galleries Plc did not submit its Annual Financial Report for the year ended December 31, 2009 to the SEC, at least at the date of the taking of this decision.
Options Cassoulides Public Company Ltd, Stario Portfolio Investments Public Company Limited and Unigrowth Investments Public Ltd, although with a delay, submitted their Annual Financial Report for the year ended December 31, 2008 to the SEC.
AD Shopping Galleries Plc, Options Cassoulides Public Company Ltd, Stario Portfolio Investments Public Company Limited and Unigrowth Investments Public Ltd have not committed a similar violation in the past.
The imposition of an administrative fine of €1,000 to Unigrowth Investments Public Ltd, Cyprus Cement Company Public Ltd, SAFS Holdings Public Limited, Woodland Designs Plc, Globalvalue Plc, K & G Complex Public Company Ltd and Ellinas Finance Public Company Ltd each for violating article 9(4)(c) of N.190(I)/2007 since their Annual Financial Report for the year ended December 31, 2008, which was published within the deadline, did not include the annual accounts of the parent company, which are prepared based on the Companies’ Law.
In order to take this decision, it took into account the following:
The gravity that the SEC gives in securing that the persons covered by N.190(I)/2007 comply fully with its provisions.
The gravity that the SEC gives in the obligation of preparing a completed Annual Financial Report, which will enable investors to evaluate better the financial condition and the results of the issuers.
The written representations of the companies.
The imposition of an administrative fine of €1,000 to Avacom Net Public Company Ltd for violating article 9(5)(c) of N.190(I)/2007 since it failed to publish – together with its Annual Financial Report for the year ended December 31, 2008, the Auditors’ Report in relation to the annual accounts of the parent company.
In order to take this decision, the SEC too into account:
The gravity that the SEC gives in securing that the persons covered by N.190(I)/2007 comply fully with its provisions.
The seriousness that it gives in the obligation to prepare a complete Annual Financial Report, which will include the auditors’ report on their opinion on the annual financial statements, as to whether they present true and fair picture of the issuer’s financial condition and results, so that investors are able to evaluate the financial information of the issuers in a better way.
The imposition of an administrative fine of €10,000 to Leda Investment Public Company Ltd and Avacom Net Public Company Ltd each for violating article 9(1) of N.190(I)/2007, as specialized in article 37, paragraphs (1) and (2) of the same Law, since they failed to publish their Annual Financial Report for the year ended December 31, 2008. Specifically, they failed to announce it to the Securities and Exchange Commission and the Cyprus Stock Exchange within the deadline, that is, until April 30, 2009.
In order to take this decision, it took into account the following:
The gravity that the SEC gives in securing that the persons covered by N.190(I)/2007 comply fully with its provisions.
The seriousness that gives to the obligation for the timely publication of the Annual Financial Report, which promotes transparency and contributes to the proper operation of the stock market.
Specifically, it was taken into account that:
Leda Investment Public Company Ltd did not submit to the SEC, at least until the date of the taking of this decision, its Annual Financial Report for the year ended December 31, 2008.
Avacom Net Public Company Ltd committed the same violation in the past in relation to its Annual Financial Report for the year ended December 31, 2007.
Leda Investment Public Company Ltd and Avacom Net Public Company Ltd has omitted to publish periodical information within the deadline in the past pursuant to N.190(I)/2007 and, specifically, their six-month report for the period ended June 30, 2008.
The imposition of an administrative fine of €6,000 to AD Shopping Galleries Plc and the imposition of an administrative fine of €5,000 to Options Cassoulides Public Company Ltd, Stario Portfolio Investments Public Company Limited and Unigrowth Investments Public Ltd each for violating article 9(1) of N.190(I)/2007, as specialized in article 37, paragraphs (1) and (2) of the same Law, since they failed to submit their Annual Financial Report for the year ended December 31, 2009 to the SEC within the deadline, that is, April 30, 2009.
In order to take this decision, the SEC took into account:
The gravity that it gives in securing that the persons covered by N.190(I)/2007 comply fully with their provisions.
The gravity that it gives in the timely submission of periodical information to the SEC, as supervisory authority, in order to control the compliance with the legislation and secure the proper operation of the stock market.
Specifically, the SEC took into account:
The written representations of the companies
AD Shopping Galleries Plc did not submit its Annual Financial Report for the year ended December 31, 2009 to the SEC, at least at the date of the taking of this decision.
Options Cassoulides Public Company Ltd, Stario Portfolio Investments Public Company Limited and Unigrowth Investments Public Ltd, although with a delay, submitted their Annual Financial Report for the year ended December 31, 2008 to the SEC.
AD Shopping Galleries Plc, Options Cassoulides Public Company Ltd, Stario Portfolio Investments Public Company Limited and Unigrowth Investments Public Ltd have not committed a similar violation in the past.
The imposition of an administrative fine of €1,000 to Unigrowth Investments Public Ltd, Cyprus Cement Company Public Ltd, SAFS Holdings Public Limited, Woodland Designs Plc, Globalvalue Plc, K & G Complex Public Company Ltd and Ellinas Finance Public Company Ltd each for violating article 9(4)(c) of N.190(I)/2007 since their Annual Financial Report for the year ended December 31, 2008, which was published within the deadline, did not include the annual accounts of the parent company, which are prepared based on the Companies’ Law.
In order to take this decision, it took into account the following:
The gravity that the SEC gives in securing that the persons covered by N.190(I)/2007 comply fully with its provisions.
The gravity that the SEC gives in the obligation of preparing a completed Annual Financial Report, which will enable investors to evaluate better the financial condition and the results of the issuers.
The written representations of the companies.
The imposition of an administrative fine of €1,000 to Avacom Net Public Company Ltd for violating article 9(5)(c) of N.190(I)/2007 since it failed to publish – together with its Annual Financial Report for the year ended December 31, 2008, the Auditors’ Report in relation to the annual accounts of the parent company.
In order to take this decision, the SEC too into account:
The gravity that the SEC gives in securing that the persons covered by N.190(I)/2007 comply fully with its provisions.
The seriousness that it gives in the obligation to prepare a complete Annual Financial Report, which will include the auditors’ report on their opinion on the annual financial statements, as to whether they present true and fair picture of the issuer’s financial condition and results, so that investors are able to evaluate the financial information of the issuers in a better way.
Tuesday, 14 September, 2010 - 11:33