It emerged on Wednesday that a significant number of Cyprus Stock Exchange listed firms’ board members are facing possible court action over money lost by numerous small investors in the aftermath of the stock market bubble of 1999.
According to House Watchdog Committee chairman Christos Pourgourides, fifty to sixty firms are currently being investigated for taking investors’ money without submitting the required paperwork to the company registrar.
Following probes by three independent criminal investigators, Pourgourides revealed that ten of these cases are now due to be heard by the courts, with the remainder likely to face justice from April. The probe is said to involve between 300 and 500 board level figures.
A comprehensive report on offshore stock exchanges, including details of the regulatory regime in a number of top jurisdictions, is available in the Tax News Reports Shop at http://www.tax-news.com/reportshop
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