SEC imposes CYP 25k fine on Xenos

The Securities and Exchange Commission decided the imposition of an administrative fine of CYP25,000 on Xenos Travel Ltd for the violation of Regulation 78 of the CSE Regulations 1995-2005, since Xenos Travel proceeded to prepare the consolidated financial statements for the years ended 31.12.2001 and 31.12.2002 without announcing first – pursuant to the International Accounting Standard 24-Related Party Disclosures – the following:
– The amount due of the associated companies (with Christodoulos Pashias) L. Pashias Holdings Ltd, Ivin Enterprises Ltd and Resource E.E.T. (Cyprus) Enterprise Ltd to Xenos Travel Ltd.
– The relation between Xenos Travel Ltd and Christodoulos Pashias’ companies, L. Pashias Holdings Ltd, Ivin Enterprises Ltd and Resource E.T.T. (Cyprus) Enterprise Ltd to, that is, that the companies above belonged to Christodoulos Pashias, Board member and shareholder of Xenos Travel Ltd.
– The type and data of the transactions carried out between Xenos Travel Ltd and the companies of Christodoulos Pashias, L. Pashias Holdings Ltd, Ivin Enterprises Ltd and Resource E.E.T. (Cyprus) Ltd.
The imposition of administrative fine of CYP15,000 on Christodoulos Pashias for his own responsibility, omission and negligence in relation to the violation by Xenos Travel Ltd of Regulation 78 of the CSE Regulations 1995-2005, which is a continuous obligation pursuant to Regulation 81(1) of the CSE Regulations.
The imposition of administrative fine of CYP5,000 on Vasos Hadjitheodosiou for his own responsibility, omission and negligence in relation to the violation by Xenos Travel Ltd of Regulation 78 of the CSE Regulations 1995-2005, which is a continuous obligation pursuant to Regulation 81(1) of the CSE Regulations.
Imposition of administrative fine of CYP1,000 on Leontios Lazarou for his own responsibility, omission and negligence in relation to the violation by Xenos Travel Ltd of Regulation 78 of the CSE Regulations 1995-2005, which is a continuous obligation pursuant to Regulation 81(1) of the CSE Regulations.