The Board of Directors of Cyprus Securities and Exchange Commission would like to inform investors that at its meeting held on 15.3.2010, it took the following decisions for the violation of the Transparency Requirements Law 2007 on the publication of the indicative results for the period ended December 31, 2008:
1. The imposition of administrative fine of €1,000 to Multichoice (Cyprus) Public Company Ltd, Dome Investments Public Company Ltd, A. Tsokkos Hotels Public Ltd and Lordos United Plastics Ltd each, the imposition of administrative fine of €1,500 to L.P. Transbeton Public Ltd and the imposition of administrative fine of €2,000 to Ocean Tankers Holdings Public Co Ltd for the violation of article 13(1) of N.190(I)/2007, as specialized in article 37, paragraphs (1) and (2) of the same law, since they failed to submit to the SEC the indicative results for the year ended December 31, 2008 within the deadline, that is, February 28, 2009.
In order to take this decision, it took into account the following:
- The gravity given in securing that the persons covered by the Law comply fully with its provisions,
- The seriousness given to the timely submission of periodical information to the SEC, which is the competent supervisory authority in relation to the control of compliance with the law and the safeguarding of the proper operation of the stock market.
More specifically, it was taken into account that:
- Multichoice (Cyprus) Public Company Ltd, Dome Investments Public Company Ltd, A. Tsokkos Hotels Public Ltd, Lordos United Plastics Ltd and L.P. Transbeton Public Ltd submitted their indicative results to the Committee with a delay.
- in their representations, Multichoice (Cyprus) Public Company Ltd, Dome Investments Public Company Ltd, A. Tsokkos Hotels Public Ltd, Lordos United Plastics Ltd and L.P. Transbeton Public Ltd admitted that they erroneously failed to submit their indicative results to the Committee on time.
- Multichoice (Cyprus) Public Company Ltd, Dome Investments Public Company Ltd, A. Tsokkos Hotels Public Ltd, and
Lordos United Plastics have not done something similar before.
- L.P. Transbeton Public Ltd failed to submit its indicative results for the year ended December 31, 2007 too.
- Ocean Tankers Holdings Public Co Ltd has not submitted its indicative results for the year ended December 31, 2009, at least until the decision taking. The Company had failed to submit the indicative results in 2007 too, but had ensured that its omission will not happen again in the future.
The imposition of administrative fine of:
€500 to Multichoice (Cyprus) Public Company Ltd,
€1,000 to Dome Investments Public Company Ltd, A. Tsokkos Hotels Public Ltd, G & K Exclusive Fashions Public Company Ltd and Renos Hadjiioannou Farm Ltd
€1,500to Efremico Holdings Public Ltd
€2,000 to Lordos United Plastics Ltd, SAFS Holdings Public Ltd and Unigrowth Investments Public Ltd,
€2,500 to Astarti Development Plc
€3,000 to Ceilfloor Public Company Ltd and Avacom Public Company Ltd
€3,500 to AD Shopping Galleries Plc and Leda Investments Public Company Ltd
For violating article 13(3) of N.190(I)/2007, which provides that the indicative results for the full financial year must be accompanied by a Report, which will include at least the information required by paragraphs (a), (b), (c) and (f) of article 10(6) of the Law. As for the companies above, their Report, which accompanied the indicative results for the year ended December 31, 2008, did not include all information required pursuant to article 13(3) of N.190(I)/2007.
In order to take the aforementioned decision, the SEC took into account:
- The gravity given in securing that the persons covered by the Law comply fully with its provisions.
- The seriousness given to the obligation to prepare a full Report, which will accompany the indicative results and which will give the investors the opportunity to evaluate the issuer’s economic condition, the results and the prospects better.
More specifically, it took into account
- The written representations of the companies
- The fact that Multichoice (Cyprus) Public Company Ltd, Dome Investments Public Company Ltd, Tsokkos Hotels Public Ltd, Lordos United Plastics Ltd, Ceilfloor Public Company Ltd, Avacom Public Company Ltd, G & K Exclusive Fashions Public Company Ltd, SAFS Holdings Public Ltd and Efremico Holdings Public Ltd have not done something similar in the past, while for
Astarti Development Plc, it is the first time that it prepared indicative results for 2008 pursuant to N.190(I)/2007.
- The fact that Renos Hadjiioannou Farm, Unigrowth Investments Public Ltd, AD Shopping Galleries Plc and Leda Investment Public Company Ltd did the same with the indicative results for the year ended December 31, 2007.
1. The imposition of administrative fine of €1,000 to Multichoice (Cyprus) Public Company Ltd, Dome Investments Public Company Ltd, A. Tsokkos Hotels Public Ltd and Lordos United Plastics Ltd each, the imposition of administrative fine of €1,500 to L.P. Transbeton Public Ltd and the imposition of administrative fine of €2,000 to Ocean Tankers Holdings Public Co Ltd for the violation of article 13(1) of N.190(I)/2007, as specialized in article 37, paragraphs (1) and (2) of the same law, since they failed to submit to the SEC the indicative results for the year ended December 31, 2008 within the deadline, that is, February 28, 2009.
In order to take this decision, it took into account the following:
- The gravity given in securing that the persons covered by the Law comply fully with its provisions,
- The seriousness given to the timely submission of periodical information to the SEC, which is the competent supervisory authority in relation to the control of compliance with the law and the safeguarding of the proper operation of the stock market.
More specifically, it was taken into account that:
- Multichoice (Cyprus) Public Company Ltd, Dome Investments Public Company Ltd, A. Tsokkos Hotels Public Ltd, Lordos United Plastics Ltd and L.P. Transbeton Public Ltd submitted their indicative results to the Committee with a delay.
- in their representations, Multichoice (Cyprus) Public Company Ltd, Dome Investments Public Company Ltd, A. Tsokkos Hotels Public Ltd, Lordos United Plastics Ltd and L.P. Transbeton Public Ltd admitted that they erroneously failed to submit their indicative results to the Committee on time.
- Multichoice (Cyprus) Public Company Ltd, Dome Investments Public Company Ltd, A. Tsokkos Hotels Public Ltd, and
Lordos United Plastics have not done something similar before.
- L.P. Transbeton Public Ltd failed to submit its indicative results for the year ended December 31, 2007 too.
- Ocean Tankers Holdings Public Co Ltd has not submitted its indicative results for the year ended December 31, 2009, at least until the decision taking. The Company had failed to submit the indicative results in 2007 too, but had ensured that its omission will not happen again in the future.
The imposition of administrative fine of:
€500 to Multichoice (Cyprus) Public Company Ltd,
€1,000 to Dome Investments Public Company Ltd, A. Tsokkos Hotels Public Ltd, G & K Exclusive Fashions Public Company Ltd and Renos Hadjiioannou Farm Ltd
€1,500to Efremico Holdings Public Ltd
€2,000 to Lordos United Plastics Ltd, SAFS Holdings Public Ltd and Unigrowth Investments Public Ltd,
€2,500 to Astarti Development Plc
€3,000 to Ceilfloor Public Company Ltd and Avacom Public Company Ltd
€3,500 to AD Shopping Galleries Plc and Leda Investments Public Company Ltd
For violating article 13(3) of N.190(I)/2007, which provides that the indicative results for the full financial year must be accompanied by a Report, which will include at least the information required by paragraphs (a), (b), (c) and (f) of article 10(6) of the Law. As for the companies above, their Report, which accompanied the indicative results for the year ended December 31, 2008, did not include all information required pursuant to article 13(3) of N.190(I)/2007.
In order to take the aforementioned decision, the SEC took into account:
- The gravity given in securing that the persons covered by the Law comply fully with its provisions.
- The seriousness given to the obligation to prepare a full Report, which will accompany the indicative results and which will give the investors the opportunity to evaluate the issuer’s economic condition, the results and the prospects better.
More specifically, it took into account
- The written representations of the companies
- The fact that Multichoice (Cyprus) Public Company Ltd, Dome Investments Public Company Ltd, Tsokkos Hotels Public Ltd, Lordos United Plastics Ltd, Ceilfloor Public Company Ltd, Avacom Public Company Ltd, G & K Exclusive Fashions Public Company Ltd, SAFS Holdings Public Ltd and Efremico Holdings Public Ltd have not done something similar in the past, while for
Astarti Development Plc, it is the first time that it prepared indicative results for 2008 pursuant to N.190(I)/2007.
- The fact that Renos Hadjiioannou Farm, Unigrowth Investments Public Ltd, AD Shopping Galleries Plc and Leda Investment Public Company Ltd did the same with the indicative results for the year ended December 31, 2007.
Wednesday, 16 June, 2010 - 15:25