Supreme Constitutional Court of Cyprus upholds fines against former Marfin Laiki executives

The Supreme Constitutional Court of Cyprus has dismissed appeals filed by former board members of the defunct Marfin Laiki Bank regarding administrative fines imposed by the Cyprus Securities and Exchange Commission (CySEC). The legal proceedings involved fines issued in relation to the company's failure to disclose information regarding state support between November 23 and December 5, 2011. Specifically, former CEO Efthimios Bouloutas challenged fines of €60,000 and €10,000, which regulators attributed to his own negligence and fault. The court upheld the legality of the administrative decisions, agreeing with the initial findings of the Administrative Court. Other individuals involved in related appeals include Eleftherios Chiliadakis, Markos Foros, and Panagiotis Kounnis. These rulings finalize previous decisions made by CySEC in 2014 and 2017. The court affirmed that the appellants failed to provide sufficient legal grounds to overturn the lower court's decisions. The ruling confirms that the management's actions constituted a breach of market abuse legislation.