CySEC imposes multiple fines for violation of Transparency Law

The Board of Directors of the Cyprus Securities and Exchange Commission (CySEC) has imposed multiple administrative fines on a number of companies for violating the Transparency Requirements Law 2007 (N.190(I)/2007) with regard to the publication of the companies’ six-month report for 2008:

1. The imposition of an administrative fine of EUR 5,000 on Leda Investment Public Company Ltd and Exelixis Investment Public Company Ltd each for failing to submit the six-month results for the period ended June 30, 2008 to the CySEC within the deadline until August 31, 2008.

2. The imposition of an administrative fine of EUR 8,000 on Ceilfloor Public Company Ltd and Kostas Michaelides Constructions Ltd each and the imposition of an administrative fine of EUR 10,000 on Avacom Public Company Ltd for failing to include the interim management statement and the declaration of the Board members in the six-month report for the period ended June 30, 2008.

3. The imposition of an administrative fine of EUR 2,000 on Cyprint Public Ltd and an administrative fine of EUR 5,000 on Ocean Tankers Holdings Public Company Ltd for failing to include the interim management statement in the six-month report for the period ended June 30, 2008.