Aspis to appeal against CySEC fine

Commercial Value SA, a member of Aspis Group, announced that on July 17, 2008 it lodged an appeal to the Nicosia District Court against CySEC’s decision to impose a fine of EUR100,000 on the Company with respect to its decision to sell 25% of the shares that it held in Universal Bank (USB).
The CySEC imposed the fine, citing the fact that as a major shareholder in the Bank, Commerical Value traded during the closed period, ahead of the announcement of the six month results.
Commercial Value is confident that it will overturn the decision, arguing that after the Central Bank withdrew its voting rights in USB, it released it from the restrictions of the closed period.
In another development, Aspis Liberty Life Insurance Public Company Ltd announced that on June 17, 2008 it applied to the Cyprus Stock Exchange for the transfer of its shares from the Alternative to the Parallel Market.