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SEC investigation on Suphire

16/03/2005 09:55
The investment portfolios, the stock exchange transactions and other investments of Suphire Security & Financial Services are currently under investigation by the SEC officers.

“The management and the legal advisor of Suphire informed the SEC on Tuesday that the Company is ready to accept any investigation. Investigations might take weeks or months. The time framework will depend on the cooperation of Suphire”, SEC Chairman, Marios Clerides told StockWatch on Wednesday.

Mr. Clerides stressed that he will be briefed on a daily basis about the latest developments and he will inform the remaining members of the Securities and Exchange Commission immediately.

In case of any obstruction or concealment on behalf of Suphire, the SEC will take all the necessary legal measures.

It is worth noting that SEC officers visited the Company’s office twice on Tuesday in order to start a sampling investigation. Unfortunately, the office was closed.

Mr. Clerides therefore announced that he would impose the harshest fine, pursuant to the provisions of the Law. Suphire’s decision, however, to accept the conduct of an investigation suspended the fines at the current stage.