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We still experience ’99, SEC Chairman says

24/01/2005 09:11
“Distortion enabled several companies to become listed in the CSE”, Securities and Exchange Commission Chairman, Marios Clerides said in his interview to StockWatch on Monday. Mr. Clerides expressed his opposition on the delistment of companies and recommended “compliance with the use of certain measures”.

Pressures against Board members, however, will increase. “According to a new legislation, if a Board member is imposed fines or penalties for serious breaches, the SEC will be able to request his resignation through the Court”, he said.

Mr. Clerides also said that he is highly concerned about the indifference on behalf of the investors – shareholders. “We expect the outcome of the first case that the small shareholders will take Board members to court for negligence. Investors do not take advantage of the General Meeting where ‘each shareholder has a vote’”.

In his interview, Mr. Clerides refers to the obstacles that the SEC meets in its investigations, why is there a huge delay in the case of Woolworth, the dilemmas about the courts’ decisions and the revengeful arson in SEC’s offices.