Bank of Cyprus Fined $708,000 Over Serious Disclosure Failures

[kreslik.news]

The Cyprus Securities and Exchange Commission (CySEC) has slapped the Bank of Cyprus Public Company and its former CFO, as well as ten of its directors, with fines in excess of EUR 595,000 (USD 708,000) in connection with accounting disclosure failures and other infringements.

The administrative fines were imposed after CySEC concluded its investigation into violations made by the firm, its board of director members and its former CFO due to their negligence.


According to a CySEC announcement, the ruling is related to the transparency requirements in relation to information about doubtful debts in its consolidated financial ... (read more)