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SEC calls BOCY BoD members for €200 million

02/08/2013 12:04
The Securities and Exchange Commission Board has decided that the Bank of Cyprus has infringed the article on actions by people who hold insider information and market manipulation law of 2005-2012.

The SEC came to this decision as the bank did not publish "confidential information" directly concerning it, as soon as possible, on 15.06.2012. The information concerned the increase of its capital needs from €200 million to €400 million.

According to Article 11 (1) N.116 (I) / 2005 issuers of financial instruments: "(a) are due to publish inside information which directly affect them as soon as possible and be sure that the information appear on their website on the internet, provided that issuers maintain a website for at least five years. "

As a result, the Commission decided to invite the following directors of the company, who were present at the reported session of the Board of Directors on 14.06.2012 in examination of the possibility of imposing an administrative fine on them, under Article 48 (4) (a) of N.116 (I) / 2005:

1. Theodoros Aristodimou President
2. Andreas Artemis Vice President
3. Andreas Eliades Executive Director
4. Giannis Pehlivanidis Executive Director
5. Giannis Kypris Executive Director
6. Vassilis Rologis Non Executive Director
7. Costas Severi Non Executive Director
8. Xenophon Evdokimos Non Executive Director
9. Anna Diogenous Non Executive Director
10. Giorgos M. Georgiadis Non Executive Director
11. Christos Mouskis Non Executive Director
12. Manthos Mavrommatis Non Executive Director
13. Costas Hadjipapa Non Executive Director
14. Nicholas Tsakos Non Executive Director
15. Stavros I. Constantinides Non Executive Director
16. Irene Karamanou Non Executive Director
17. Elias Neocleous Non Executive Director

In light of the above, the Commission decided not to consider setting any administrative fine on the company for the infringement of Article 11 (1) (a) of N.116 (I) / 2005 at this stage, until deciding on the existence of fault, willful default or negligence of the directors of the company.