Cyprus's securities regulator on Friday imposed a 650,000 euro ($730,800) fine on Germany's Commerzbank for its role in transactions carried out by a local bank that collapsed during the country's 2013 financial crisis.
- Cyprus’s securities regulator on Friday imposed a 650,000 euro fine on Germany’s Commerzbank for its role in transactions carried out by a local bank that collapsed during the country’s 2013 financial crisis.
Commerzbank declined to comment on the case, which followed an eight-year probe by Cypriot authorities. As a result of the 2011 merger between Laiki and Marfin-Egnatia, Laiki became the index sponsor, creating a conflict of interest, CySEC said.
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