24/03/2005 16:05
The Securities and Exchange Commission announced on Thursday that it has suspended the operation of “Suphire Securities and Financial Services” for three months. According to SEC Chairman, Marios Clerides, the Commission could not do otherwise. “The company failed to attend the meeting in order to refute SEC’s intention. The SEC is now investigating more than 40 portfolios managed by Suphire”, he stated. The CSE also announced that the titles of its associated company Suphire Holdings Public will remain in the Special Trading Category.
Meanwhile, the freezing of the company’s assets after the issue of a decree by the Nicosia District Court for the Cyprus Airways Pilots goes on. The legal advisors of Suphire appeared before the Court on Thursday to request the extension of the deadline. The case will be reexamined next week.
EAC – Commerce Minister meet
The Board of Directors of the Electricity Authority of Cyprus had a meeting with the Commerce Minister, Giorgos Lillikas on Thursday, who requested the conduct of an internal investigation in the organization. The Minister did not exclude the possibility that General Auditor, Crystalla Georkatzi will demand an investigation as well.
Responding to the relevant question, Mr. Georgiades noted that EAC’s electronic access codes in the portfolio accounts had changed. The authorities examine the possibility of concealment.
Third brokerage
The falsification of documents and the misleading presentation of Suphire to EAC seem to be the most solid arguments in the hands of the authorities.
What is still pending is the relation of EAC Pension Fund with a third brokerage, which managed part of its portfolio. StockWatch sources reveal that the said brokerage carried out transactions for the Fund. The case requires further investigations, sources said.
Meanwhile, the freezing of the company’s assets after the issue of a decree by the Nicosia District Court for the Cyprus Airways Pilots goes on. The legal advisors of Suphire appeared before the Court on Thursday to request the extension of the deadline. The case will be reexamined next week.
EAC – Commerce Minister meet
The Board of Directors of the Electricity Authority of Cyprus had a meeting with the Commerce Minister, Giorgos Lillikas on Thursday, who requested the conduct of an internal investigation in the organization. The Minister did not exclude the possibility that General Auditor, Crystalla Georkatzi will demand an investigation as well.
Responding to the relevant question, Mr. Georgiades noted that EAC’s electronic access codes in the portfolio accounts had changed. The authorities examine the possibility of concealment.
Third brokerage
The falsification of documents and the misleading presentation of Suphire to EAC seem to be the most solid arguments in the hands of the authorities.
What is still pending is the relation of EAC Pension Fund with a third brokerage, which managed part of its portfolio. StockWatch sources reveal that the said brokerage carried out transactions for the Fund. The case requires further investigations, sources said.
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