CySEC fines Commercial Value over USB trades

The Cyprus Securities & Exchange Commission has fined Commercial Value SA, the insurance company in which Aspis Holdings has a significant stake with EUR 100.000 for selling its 25% stake in Universal Bank (USB) or 1.11 mln shares during the closed period and without asking for permission to do so.
The CySEC also fined E&G Electricplus Ltd the amount of EUR 80.000 for not providing details as requested when it purchased shares of USB. The company is also the subject of a daily fine of EUR 800 for every day that it fails to conform to the law and provide details as requested by the CySEC.