KEPEY’s call on Suphire to cooperate

The Cyprus Association of Financial Services Firms (KSEPEY), in its first session decided to form a 3-member disciplinary committee to receive a briefing from the authorities now investigating its member, Suphire Securities & Financial Services.

Suphire and Yiannos Andronicou were furthermore called on to cooperate with the authorities in their investigations regarding the shortfall of CYP 9.2 mln discovered in the assets under management of the EAC Provident Fund and some CYP 600.000 of assets under management of the CAIR Pilots Union.

The Association, which is operating under the umbrella of KEVE was formed on December 15, 2004 and boasts 28 Cypriot financial services firms that are regulated by the SEC, as well as 3 Bank member firms, which are regulated by the Central Bank.

During the first session of the Association on March 4, 2005, an Executive Committee was formed with Christodoulos Ellinas (SFS) as Chairman, Yiannis Ioannou (HB Investments) as Vice-Chairman, Petros Economides (Reserve Invest Cyprus) as Secretary General, Stavros Hadjikyriakos (I.C.F.I. Cyprus) as Coordinator, Michalis Xiouros (Laiki Investments) as Treasurer, Stavros Agrotis (CISCO) and Costas Toumpouris (CLR) as members.