CySEC Lifts €50,000 Penalty And Ban Of Executive at CommexFX

There have been reports of at least one issue that deals with the delay in withdrawals of client money.

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The Cyprus Securities and Exchange Commission (CySEC) decided to lift a ban and a €50,000 penalty that was given to Amir Jamal Mohamed Hendawi in June this year.

Amir Jamal Mohamed Hendawi was one of the head executives running CommexFX that was charged with involvement in breaking the Cypriot law regarding their company’s business processes. CommexFX had most of its clients in Egypt and China and had it’s license temporarily suspended in 2015 by the Cyprus Securities and Exchange Commission. The brokerage was instructed to improve on their mistakes otherwise they will be facing much harsher consequences than simply suspension of a trading license.

It seems that the brokerage in question did not follow instruction by CySEC and lost their license permanently in one year after the suspension. There have been reports of at least one issue that deals with the delay in withdrawals of client money.

Besides the brokerage as an entity, Amir Jamal Mohamed Hendawi was also personally penalized by an application of a five-year long ban on involvement in any and all possible activities that have to do with the financial sector. He was also given a €50,000 fine.

CySEC did not offer any explanation as to why they have had a change in opinion but they will be going forward and investigating all possible circumstances of the executive’s involvement in the issue.

In June 2017, CySEC announced that all the executives and other employees of this particular brokerage were given fines in the total of €400,000. This included a manager at CommexFX Abdel Rahman Alimari who was banned from the investment sector for 10 years with an included financial penalty.

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