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Cyprus court suspends ruling against Marfin Popular

Cyprus court suspends ruling against Marfin Popular

Marfin Popular Bank won a preliminary appeal on Thursday against a decision by a regulator which blocked takeover bids for Bank of Cyprus and Greece's Piraeus Bank.
Cyprus' Supreme Court said the Cypriot Capital Markets Commission had no authority to rule on the issue.
The Cyprus stock market has the "exclusive authority for the enforcement of the regulation," judge Demetris Hadjihambis said.
"Now our hands are untied and we can proceed to continue the procedure before the Cyprus Stock Exchange," said Marfin chief legal counsel Fotios Karatzenis.
On Jan. 16, the regulator told Marfin not to proceed with its planned public offers for Bank of Cyprus and Piraeus Bank. It also fined Marfin euro17,500 (US$22,710) for violating stock market regulations.
At issue was a competing bid by Piraeus Bank to take over Marfin, which the commission said preceded Marfin Popular's action.
Under Greek and Cypriot law, a company subject to a takeover bid is banned from any activity that would obstruct the bid _ such as launching a counterbid or a public offer for a third company.
The commission ruling was suspended on Thursday, pending an appeal to be heard on Feb. 11.
Piraeus Bank on Thursday said it will proceed with its bid for Marfin Popular Bank, despite the Supreme Court ruling.


Updated : 2021-05-06 21:17 GMT+08:00