Cyprus financial regulator The Cyprus Securities and Exchange Commission (CySEC) has announced that it has decided to extend the suspension of voting rights attached to the shares of the company Shine Trades (CY) Limited (formerly known as Triumph Int. (Cyprus) Ltd) held by Mr. Chong Chun Hseung.
Shine Trades (CY) Limited operates the TriumphFX retail FX and CFDs brokerage brand, at website triumphfx.com. The group also operates offshore (Seychelles) website tfxi.com, but under the same TriumphFX brand.
CySEC said that Mr. Chong Chun Hseung’s holdings in TriumphFX, held through CCH Triumph Cyprus Trust (the sole direct shareholder of the company), constitute the entirety of the company’s share capital. CySEC’s suspension will be valid until the below references are removed from the investor alert lists of the competent authorities in Singapore and Malaysia:
- Trade name of the Company: Triumph FX
- Approved website of the Company: https://www.triumphfx.com
- Website of Triumph Int. (SC) Ltd: www.tfxi.com
- Company Triumph Int. Ltd
The Cypriot regulator added that it is also prohibiting the company’s executive directors, Christoforos Christoforou and Joel Prakash Benedict, from performing management duties on the Board of Directors of the company, for a period of two years or until the references as noted above are removed from the investor alert lists of the competent authorities in Singapore and Malaysia, whichever occurs first.
CySEC also wishes to inform the public that, at its meeting held on the 1st of July 2024, it decided to grant an additional extension of six months to the entry into force of the said measures.
