The Cyprus Securities and Exchange Commission published a notice to investors on an Administrative Court decision dated 29 August 2025 that annulled the Commission’s 8 January 2018 decision imposing administrative fines on four officials of Orphanides Public Company Ltd. The court set aside the fines because it found a defective composition of the Commission in earlier sessions that, in its view, involved substantive decisions leading to the final sanction decision. The annulled sanctions related to an alleged breach of Article 40(1) of the Transparency Requirements (Securities admitted to trading on a regulated market) Law, concerning misleading information in the statement by board members and other responsible persons included in the company’s interim financial report for the period ended 30 June 2012. The applicants were Christos Orphanidis (executive chairman), George Chatzimichael (non-executive director), Polys Kourousidis (non-executive director) and Ivi Makariou (chief financial officer). A copy of the Administrative Court’s decision has been made available by the Commission.
Cyprus Securities and Exchange Commission 2025-10-02
Cyprus Securities and Exchange Commission says Administrative Court annulled its 2018 fines on Orphanides Public Company officials over defective composition
The Cyprus Securities and Exchange Commission announced that the Administrative Court annulled its 2018 decision to impose fines on four officials of Orphanides Public Company Ltd due to a defective composition of the Commission. The annulled sanctions were related to alleged breaches of transparency laws concerning misleading information in the company's 2012 interim financial report.