The Cyprus Securities and Exchange Commission (CSE) today issued an update regarding its decision to prohibit Petros Zachariadis from exercising his administrative duties at Crowd Tech Ltd.
In January 2023, the regulator decided:
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to suspend the exercise of the voting rights associated with the shares of the company Crowd Tech Ltd (the “CIF”), held by Mr. Zachariadis and
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to prohibit Mr. Zachariadis from exercising administrative duties on the CIF Board of Directors.
Today, YKK announced that it has decided to grant an extension until September 13, 2024 for the entry into force of the measures in question, in light of the facts before it.
Crowd Tech Ltd, formerly known as MPF Global Markets Ltd, operates the trade360.com domain.
EKK had earlier established that the influence exercised by Mr. Petros Zachariadis, as the sole shareholder of Crowd Tech, is detrimental to the sound and prudent management of the CIF.
Recall that in October 2022, CySEC announced a settlement with Crowd Tech. The settlement concerned possible violations of the Investment Services and Activities and Regulated Markets Law of 2017 – N.87(I)/2017 and Regulation (EU) 600/2014 on financial instrument markets.