Tuesday September 2, 2014 Search
Weather | Athens
29o C
23o C
News
Business
Comment
Life
Sports
Community
Survival Guide
Greek Edition
Cyprus watchdog asks UK to help with Laiki probe

Cyprusís securities regulator will ask for assistance from Britain in a probe into transactions ordered by now-defunct Laiki Bank and conducted by Germanyís Commerzbank, it said on Tuesday.

The Cypriot Securities and Exchange Commission (CySEC) is investigating transactions made by Laiki and arranged by Commerzbank after complaints from a local lawmaker that the deals may have broken laws prohibiting a company from purchasing its own stock.

Cypriot lawmaker Irene Charalambides, who filed a complaint to Cypriot authorities and to Germanís financial services regulator Bafin, as reported by Reuters last week, alleges Commerzbank sold two structured products that acted as vehicles for Laiki to buy stock in itself and affiliates.

Commerzbank has said it has no indication of any wrongdoing by Commerzbank related to the securities.

The bank declined to comment on Tuesday.

Laiki, once Cyprusís second-largest bank, was taken into administration and wound down under terms of a 10-billion-euro international financial assistance package to Cyprus in March 2013.

Some 4.3 billion euros in uninsured deposits exceeding the EU threshold of 100,000 was wiped out.

On Monday, Charalambides said she had also asked Britainís Financial Conduct Authority to assist in the probe because, she said, the structured products were arranged by a Commerzbank branch in the UK.

The FCA had no immediate comment.

[Reuters]

ekathimerini.com , Tuesday Jan 21, 2014 (19:53)  
Tourism targets rise ever higher
Horse race betting hurdle removed for OPAP
Revised GDP data confirm that Greek growth is near
Measures to reduce unemployment
Education minister calls for probe into predecessorīs reform plan
Following reports that a plan to reform the tertiary education sector launched in the spring of 2013 failed to lead to millions of euros in savings, Education Minister Andreas Loverdos on Mo...
Anti-racism bill goes back to Parliament
An anti-racism bill, foreseeing stiffer penalties for individuals and political parties that engage in racism or incite racist violence, is to be debated in Parliament on Tuesday following m...
Inside News
BASKETBALL
Greek hoopsters go top of their group in World Cup
Greece has qualified to the second round of the FIBA World Cup after going top of its group of six through a third win in as many group games in Spain. On Monday it beat Puerto Rico 90-79 in...
SOCCER
Fulham striker Mitroglou set to re-join Olympiakos
Greek champions Olympiakos Piraeus are set to re-sign Kostas Mitroglou on loan from English second tier club Fulham after the striker arrived in Athens for talks on Sunday. An Olympiakos spo...
Inside Sports
ANALYSIS
EUís three big problems all linked
The outgoing president of the European Council, Herman Van Rompuy, said at the weekend that his successor, Donald Tusk, currently Polandís prime minister, faces three big challenges: the sta...
COMMENTARY
A great president
I fully understand the countryís need for political stability, a necessity which makes the election of a president by the current Parliament absolutely imperative. At the same time, however,...
Inside Comment
SPONSORED LINK: FinanzNachrichten.de
SPONSORED LINK: BestPrice.gr
†RECENT NEWS
1. Greek hoopsters go top of their group in World Cup
2. Tourism targets rise ever higher
3. Horse race betting hurdle removed for OPAP
4. Revised GDP data confirm that Greek growth is near
5. Measures to reduce unemployment
6. Peachy export data despite Russian embargo
more news
Today
This Week
1. Excavation work at Amphipolis reveals section of marble mosaic floor
2. A great president
3. Erdogan visits Turkish-occupied Cyprus
4. Greek economy shrinks at slowest pace since late 2008
5. Donít feed the zombies
6. Greek officials meet to fine tune strategy for Paris talks with troika
Today
This Week
1. Thessaloniki mayor Boutaris sworn in wearing yellow star amid Golden Dawn protests
2. The battle against progress
3. Attack on gay couple in Athens leaves one man needing surgery
4. Strong undersea quake occurs off island of Milos, felt in Athens
5. Greek quest for debt relief faces hurdles in Paris
6. Hardouvelis, ECB executive discuss bank program, stress tests
†††Find us ...
††... on
Twitter
†† ††... on Facebook ††
About us  |  Subscriptions  |  Advertising  |  Contact us  |  Athens Plus  |  RSS  |   
Copyright © 2014, H KAΘHMEPINH All Rights Reserved.