The Cyprus Securities and Exchange Commission has imposed
sanctions on the Board of Directors of Ayers Alliance Financial Group Limited.
The decision follows a review of the board’s compliance with the Investment
Services and Activities and Regulated Markets Law.
Earlier, the
firm voluntarily surrendered its Cyprus Investment Firm license amid
challenges, including difficulties in processing customer payouts. As a result,
it is no longer authorized to provide investment services under CySEC
regulations.
Governance Failures Lead to Director Sanctions
CySEC found that the board failed to establish and oversee
arrangements to ensure the company was managed effectively and prudently. The
regulator noted that required governance measures were not applied at the end
of 2021, affecting the integrity of the market and client interests.
You may find it interesting at FinanceMagnates.com: “Facing
Difficulties”: CySEC Investigates CIF That Struggles with Client Funds Returns.
The measures target key board members, including Executive
Director Tung Sun Tat Clement, CEO Brian Nicolas Gay, and General Manager
Wissam Sabbah, as well as independent directors Niels Ramin Vahman and Vasiliki
Pourgoura.
CySEC Imposes Fines, Bans Executives
The sanctions include fines and bans from holding management
positions in Cyprus Investment Firms. The Executive Director and Shareholder
received the highest penalty, including a fine and a long-term ban. Other
executive and independent directors were also banned, with some receiving
additional fines.
CySEC said the measures were imposed to enforce governance
standards within investment firms. The regulator added that full details and
justification are available in the Greek version of the announcement. No
judicial review was requested, and no ruling has been issued.
Harborx Rebranded as Ayers Alliance Financial Group
Earlier, Harborx Ltd, a Cyprus Investment Firm, was
acquired by Ayers Alliance Global Holdings and rebranded as Ayers Alliance
Financial Group.
The firm then offered investment and wealth management
services under the new brand, marking Ayers Alliance’s expansion into the
European market. Harborx’s former team is reported to have moved to a
cryptocurrency exchange project supported by institutional investors.
Harborx was acquired and rebranded as Ayers Alliance,
providing investment and wealth management services.
This article was written by Tareq Sikder at www.financemagnates.com.
