Suphire moved to Special Category

The CSE announced that it has moved the titles of Suphire Holdings Public Ltd. (SUP) to its Special Category, effective March 18, 2005 in view of the partial suspension on a number of activities that the SEC imposed on Suphire Securities and Financial Services Ltd. on Tuesday.

The suspension order was imposed on Suphire in view of the ongoing investigations by the SEC into the activities of Suphire, which has been accused of creating a shortfall of CYP 9.2 mln in the value of assets held by the Provident Fund of the EAC.

Suphire is also under fire from the Pilots Fund for creating a shortfall of some CYP 800.000 as well as another CYP 220.000 shortfall for the Provident Fund of the Cyprus Forest Industries Fund.

The CSE said the titles of SUP will trade in the Special Category until the suspension order is lifted by the SEC on the group’s subsidiary. The decision was taken in full agreement and consent of the SEC.

Meanwhile, it was reported that Andreas Sandis and Demetris Theodorides tendered in their resignations from the SUP Board. In mid-December, Nicholas Papadopoulos, the son of the President of the Republic had resigned from the Board of SUP.