18/03/2005 02:26
The reading of the bill of indictment against Suphire Securities & Financial Services is a matter of time. Sources revealed on Friday that the authorities pile up the charges for the deficits in three Provident Funds (EAC, PASYPI and Forest Industries), without excluding the possibility of a new investigation. The SEC has also decided to take all the necessary measures for the three-month suspension of operating license of the EPEY.
SEC
Invited to comment whether the SEC would examine the possibility of a three-month suspension of Suphire, Mr. Clerides had said on Wednesday that in order to do that the Commission must have evidence and not suspicions. According to StockWatch sources, however, the SEC now believes that it has on its disposal adequate evidence to do so.
Mr. Clerides has already announced that all the necessary procedures have been set into effect: the SEC has sent a questionnaire to Suphire for the management of the Provident Funds. The Company has been given a deadline until next Thursday to submit the questionnaire back. If Suphire’s explanations are not satisfactory, the Commission will suspend its operations for three months.
Freezing of assets
The Nicosia District Court issued a unilateral decree on Thursday for the freezing of assets of Suphire Sec., its associated company Suphire Trading and Andronikou family, after a request by CAIR pilots’ provident funds. Suphire will have the opportunity to request the lifting of the decree on Thursday.
Misinformation
Charges focus on the discrepancy between the Company’s accounts and its real investments. Suphire will be prosecuted for fraud and falsification of CSE documents.
Deputy Attorney General, Petros Clerides stated that the case is “more important than we thought”. In his statements to “Mega”, he said that the Economic Crime Unit demanded the lifting of the banking secrecy of the Company’s owners.
CSE investigation
Meanwhile CSE officers are investigating Suphire’s portfolio accounts and transactions and the CSE is in agreement with the SEC and the police authorities. It is noted that the case concerns a deficit of £9.2 million in EAC’s Provident Fund, £0.7 million in the pilots’ provident fund and £250,000 in the Forest Industries Provident Fund.
Monastery
CyBC broadcasted on Thursday that Stavropigiaki Monastery of Paphos is also expected to file an legal action against Suphire Sec. for £150,000. According to the latest news, Suphire had undertaken the management of the Monastery’s portfolio.
SEC
Invited to comment whether the SEC would examine the possibility of a three-month suspension of Suphire, Mr. Clerides had said on Wednesday that in order to do that the Commission must have evidence and not suspicions. According to StockWatch sources, however, the SEC now believes that it has on its disposal adequate evidence to do so.
Mr. Clerides has already announced that all the necessary procedures have been set into effect: the SEC has sent a questionnaire to Suphire for the management of the Provident Funds. The Company has been given a deadline until next Thursday to submit the questionnaire back. If Suphire’s explanations are not satisfactory, the Commission will suspend its operations for three months.
Freezing of assets
The Nicosia District Court issued a unilateral decree on Thursday for the freezing of assets of Suphire Sec., its associated company Suphire Trading and Andronikou family, after a request by CAIR pilots’ provident funds. Suphire will have the opportunity to request the lifting of the decree on Thursday.
Misinformation
Charges focus on the discrepancy between the Company’s accounts and its real investments. Suphire will be prosecuted for fraud and falsification of CSE documents.
Deputy Attorney General, Petros Clerides stated that the case is “more important than we thought”. In his statements to “Mega”, he said that the Economic Crime Unit demanded the lifting of the banking secrecy of the Company’s owners.
CSE investigation
Meanwhile CSE officers are investigating Suphire’s portfolio accounts and transactions and the CSE is in agreement with the SEC and the police authorities. It is noted that the case concerns a deficit of £9.2 million in EAC’s Provident Fund, £0.7 million in the pilots’ provident fund and £250,000 in the Forest Industries Provident Fund.
Monastery
CyBC broadcasted on Thursday that Stavropigiaki Monastery of Paphos is also expected to file an legal action against Suphire Sec. for £150,000. According to the latest news, Suphire had undertaken the management of the Monastery’s portfolio.
Related Articles
