Cyprus court annuls €175,522 fine imposed on Kythreotis subsidiary

Cyprus’ administrative court has annulled a €175,522 administrative fine imposed on K. Kythreotis Holdings Public Ltd subsidiary K. Kythreotis – Skyrodema Ltd by the Commission for the Protection of Competition (CPC), ruling that the original decision was inadequately justified and raising concerns over the disclosure of information. In an announcement on Monday, K. Kythreotis Holdings Public Ltd said the judgment was issued on September 30, 2026, in Case No. 1784/2018, overturning the CPC’s decision to impose the fine. The case dates back to October 15, 2018, when the company announced that its subsidiary had been fined €175,522 by the competition watchdog. The administrative court based its judgment, among other grounds, on what it described as inadequate justification of the CPC decision, as well as issues relating to the commission’s failure to disclose further information. The company also clarified that the group had previously recognised an accounting provision of €175,522 in its financial statements in connection with the fine. It said the provision was subject to the appropriate accounting treatment under International Financial Reporting Standards (IFRS). However, the judgment may not necessarily bring the matter to a definitive conclusion, as the CPC retains the right to appeal against the court’s decision. K. Kythreotis Holdings concluded by saying that the possibility of an appeal remained open.