The Supreme Constitutional Court of Cyprus has dismissed an
appeal involving a regulatory case against Andreas Vgenopoulos, the late
non-executive Chairman of Marfin Popular Bank Public Co Ltd.
Vgenopoulos passed away in 2016 in Athens. Legal proceedings
continued after his death through the appointed liquidator of his estate.
Appeal Against CySEC Fine Rejected
The appeal, filed by Panayiotis Armamento as liquidator of
the inherited property, aimed to overturn a €705,000 administrative fine
imposed by the Cyprus Securities and Exchange Commission (CySEC) in 2014.
The Supreme Constitutional Court upheld the earlier ruling
by the Administrative Court, which had confirmed CySEC’s decision. According to
CySEC, Vgenopoulos breached two key financial laws.
One involved inaccurate statements made by the Board of
Directors in the bank’s half-year and annual reports. The other concerned
several prospectuses he signed, which CySEC found non-compliant with disclosure
rules.
You may find it interesting at FinanceMagnates.com: The
Regulatory Playbook: Dubai Did It First, But Cyprus Can Still Do It Best.
Vgenopoulos Estate Loses CySEC Fine Appeal
Vgenopoulos initially challenged the fine in 2014. After his
death, the case proceeded under his estate. The Supreme Constitutional Court
found the lower court’s conclusions valid and reaffirmed that individuals who
sign a prospectus are legally responsible for its content.
This article was written by Tareq Sikder at www.financemagnates.com.
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