The Bank of Cyprus’ appeal against a €950,000 fine levied against them in 2014 was accepted by the Supreme Court on Wednesday.
The fine had been levied by the Cyprus Securities and Exchange Commission, which found that the bank had violated “various laws” in its investment in Greek government bonds.
The decision to fine the bank had been upheld at the administrative court in 2022, but the Supreme Court on Wednesday found that “in this case there was a violation of the objective aspect of the principle of impartiality” in the first ruling.
As a result, the 2014 fine has been annulled.
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