CSE bans Suphire from floor

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The CSE Council decided to suspend CSE member Suphire Securities & Financial Services Ltd., a member of the Suphire Group from the floor pending the CYP 9.2 mln shortfall discovered in the EAC Provident Fund managed by the group.

The CSE took its decision after the Securities & Exchange Commission decided to suspend partially the license of Suphire referring to the provision of financial services, based on the EPEY law of 2004.

The suspension on Suphire Securities & Financial Services will be maintained for at least six days, which is line with the duration of the suspension of the license by the SEC.

Suphire is accused of creating a CYP 9.2 mln shortfall in the value of

the Electricity Authority of Cyprus’ (EAC) Provident Fund, which was under its management.

The shortfall appears in the number of shares owned by the Provident Fund as stated by the Asset Managers’ Report (Suphire) compared to that recorded at the CSE’s Central Depository.

Reports indicate that there is at least CYP 1 mln shortfall in the Provident Fund of the Cyprus Airways Pilots.