#Cyprus #Nicosia #ISX Financial #Southern Cross Payments #N. Karantzis

ISX Financial CEO Appeals Australian Court's Civil Ruling and Orders

ISX Financial EU Plc is currently facing a significant legal challenge as its Managing Director and CEO, N. Karantzis, has decided to appeal a recent ruling by the Australian Federal Court. This ruling, stemming from an action initiated by Australia's corporate regulator, has temporarily barred Karantzis from overseeing Australian companies for a span of six years. Additionally, he has been ordered to pay a substantial sum of 1 million Australian dollars.

The board of ISX Financial has publicly stated that this case is centered around a civil matter rather than a criminal one. It relates to disclosures and corporate communications made during tumultuous times approximately five to seven years prior, during which Southern Cross Payments was navigating a particularly challenging landscape. Karantzis asserts that his experience as a leader in regulated financial firms since 2017, including serving as CEO of a Tier 1 regulated entity under ASIC from March 2020 to March 2022, underlines his capability to steer the company through turbulent waters.

Despite the court's ruling, the board maintains strong confidence in Karantzis' leadership capabilities and the firm’s commitment to uphold its regulatory obligations. They emphasized that they have adequately informed the appropriate authorities regarding the ongoing situation and will comply with all necessary legal and regulatory requirements.

Karantzis himself has refrained from commenting on the court's judgment, focusing instead on the upcoming appeal. This case marks a critical chapter in his career and the future of ISX Financial EU Plc, particularly as it grapples with the repercussions of the court's decision.

In conclusion, while the ruling presents challenges for ISX Financial and its leadership, the appeal process initiated by Karantzis could potentially alter the course of this matter. As developments unfold, stakeholders will be watching closely to see how this legal battle affects the operational landscape of ISX Financial in Australia and beyond. The case serves as a reminder of the complexities and risks inherent in corporate governance, especially in the highly regulated financial services sector.