24/09/2009 06:47
Insurance Superintendent, Victoria Natar appeared reassuring in relation to the possible impacts that the closing of Mr. Pavlos Psomiades’ insurance companies in Greece might have on Aspis Group in Cyprus and its insurance company Aspis Liberty Life.
Few days after PISC’s decision to cancel the operational license of five companies belonging to Mr. Psomiades due to an insufficiency of their solvency indices, Mrs. Natar believes that the Cypriot insured are not expected to face problems.
Speaking to StockWatch, Mrs. Natar noted that there will be no problem for the Cypriot customers because the Cypriot companies of Aspis Group have their own entity despite the close bonds stemming from the fact that the shareholders were the same in Greece and Cyprus.
As for the companies’ themselves, Mrs. Natar is reassuring too. “There might be impacts due to the possible drop in the value of the shares held in the Greek insurance companies, but 7% of the share capital of Aspis Liberty Life by Aspis Pronoia AEGA or 1% or 2% by Aspis Promoia AEAZ is not enough to affect the general performance of the Company”, she said.
Mr. Natar recommended no panic at the current stage “until we see the developments around the Group”. “Evidently, the investments in the initial contract by the Cypriot companies were small. As a result, the repercussions so far are insignificant”, she reiterated.
Next Friday, the Board of Directors of Aspis Liberty Life will hold a meeting to examine its restructuring after Mr. Psomiades’ resignation and the resignation of Board members, Vasilis Adamopoulos and Alexandros Antzoulides.
The Board will also examine the change of the Company’s name as a step towards its dissociation from the developments in Greece.
Meanwhile, Aspis Holdings criticized the public interventions of SEC’s Chairman, Giorgos Charalambous, according to which the subsidiary of Holdings, Commercial Value, has overvalued by 7500% the market value of the properties in Cyprus. Aspis announced that “it has not been notified by any authority on any investigation”.
PISC supports that it forwarded the relevant documents to the Cypriot Attorney General.
Few days after PISC’s decision to cancel the operational license of five companies belonging to Mr. Psomiades due to an insufficiency of their solvency indices, Mrs. Natar believes that the Cypriot insured are not expected to face problems.
Speaking to StockWatch, Mrs. Natar noted that there will be no problem for the Cypriot customers because the Cypriot companies of Aspis Group have their own entity despite the close bonds stemming from the fact that the shareholders were the same in Greece and Cyprus.
As for the companies’ themselves, Mrs. Natar is reassuring too. “There might be impacts due to the possible drop in the value of the shares held in the Greek insurance companies, but 7% of the share capital of Aspis Liberty Life by Aspis Pronoia AEGA or 1% or 2% by Aspis Promoia AEAZ is not enough to affect the general performance of the Company”, she said.
Mr. Natar recommended no panic at the current stage “until we see the developments around the Group”. “Evidently, the investments in the initial contract by the Cypriot companies were small. As a result, the repercussions so far are insignificant”, she reiterated.
Next Friday, the Board of Directors of Aspis Liberty Life will hold a meeting to examine its restructuring after Mr. Psomiades’ resignation and the resignation of Board members, Vasilis Adamopoulos and Alexandros Antzoulides.
The Board will also examine the change of the Company’s name as a step towards its dissociation from the developments in Greece.
Meanwhile, Aspis Holdings criticized the public interventions of SEC’s Chairman, Giorgos Charalambous, according to which the subsidiary of Holdings, Commercial Value, has overvalued by 7500% the market value of the properties in Cyprus. Aspis announced that “it has not been notified by any authority on any investigation”.
PISC supports that it forwarded the relevant documents to the Cypriot Attorney General.
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