The Cyprus Mobile Exchange Committee (CYSEC) today announced the imposition of fines and bans on the Board of Directors of Ayers Alliance Financial Group Limited.
Sanctions have been determined after examining the regulatory authority of compliance with the Board of Directors of the Company with Article 10 (1) (a) Investment Services and Activities and the 2017 Purchase Act,
Ayers’ managers affected by the regulatory decision are:
- Mr. Tung Sun Tat Clement, Executive Director and shareholder, from 15.11.2012 to the present day,
- Mr. Brian Nicolas Gay, Executive Director, from 21.6.2018 – 31.5.2024,
- Mr. Wissam Sabbah, Executive Director, from 21.1.2013 – 8.8.2023,
- Mr. Niels Ramin Vahman, independent non -executive director, from 7.7.2014 -7.2.2023 and
- Mrs Vasiliki Pourgoura, independent non-executive director, from 7.7.2014-3.2.2023.
CYSEC found that the aforementioned directors acted in breach of Article 10 (1) (a) of the law. The Ayers Council did not determine and oversee and did not take responsibility for the implementation of the arrangements that ensure the effective and prudent management of the investment company in a way that promoted the integrity of the market and the interest of its customers.
Specifically, during the material (on 31.12.2021), the principle of governance arrangements, which is listed in section 10 (1) (b) (ii) of the law, was not implemented.
CYSEC has decided to impose a fine of € 150,000 and a 10 -year ban on CIFS management functions at Mr Tung Sun Tat Clement, executive director and shareholder of the business.
Mr. Brian Nicolas Gay, CIF’s Executive Director and Managing Director, will have to pay an administrative fine of € 75,000. It is prohibited for a period of five years from CIF management functions.
Mr Wissam Sabbah, CIF’s executive and general manager, must pay a fine of € 75,000. It is prohibited for a period of five years from CIF management functions.
CYSEC has imposed a ban on CIFS management functions for a period of five years on Mr Niels Ramin Vahman, an independent non -executive director of CIF.
Mrs Vasiliki Pourgoura, independent non -executive director of CIF, is prohibited from carrying out management functions in CIFs for a period of five years.
In September 2023, Cysc imposed a fine on Ayers owner Tung San Tat Clement. Earlier in 2023, CYSEC ordered Ayers to stop certain activities.