Cyprus Securities and Exchange Commission Takes Measures Against TriumphFX Shareholder

On 21 December, the Cyprus Securities and Exchange Commission (CySEC) announced the suspension of the voting rights of Chong Chun Hseung, the sole indirect shareholder of Triumph Int. (Cyprus) Ltd (TriumphFX), and concluded that Hseung's influence over Triumph was not conducive to sound and prudent management of the company.

At the same time, CySEC banned Triumph's two executive directors, Christoforos Christoforou and Joel Prakash Benedict, from performing management duties for two years.

The regulator made the decision under The Investment Services and Activities and Regulated Markets Law at a meeting held on 4 December.

The measure will come into effect in two months and remain in force until TriumphFX and its related entities are removed from the investor alert lists of other jurisdictions.

In August 2021, the Monetary Authority of Singapore (MAS) warned TriumphFX on its Investor Alert List.

In 2020, the Securities Commission of Malaysia (SC) placed TriumphFX into the Investor Alert List.

This week, CySEC issued an alert to investors for 12 unauthorized webistes.