Aspis to appeal CySEC EUR 100k fine

Aspis Holdings Pcl (ASP.CY) announced that it will file an appeal against the administrative fine imposed by the Cyprus Securities and Exchange Commission (CySEC), which it said was unjustified and not warranted.
Earlier, the CySEC said it decided to impose an administrative fine of EUR 100.000 on Aspis Holdings and a EUR 50.000 fine on Steven Hadjimarcou for the violation of its Law since they failed to submit certain information to the CySEC after the relevant request for the collection of information.
Specifically, within the framework of the investigations in relation to the violation of the Law on Market Abuse, the Commission requested certain information and clarifications from ASP and Hadjimarcou. However, ASP and Hadjimarcou failed to submit in writing the required information, the CySEC said.
Aspis Holdings hotly denied the allegation claiming that it responded to the CySEC on September 4 (it circulated fax receipts of its communication with the CySEC) and said the administrative fine was not warranted and justified.
Meanwhile, the CySEC also imposed an administrative fine of EUR50,000 against
Steven Hadjimarcou and a daily administrative fine of EUR850 for his omission to comply with the CySEC’s request.