The Cyprus Securities and Exchange Commission (CySec) released a market statement at the end of last week warning investors that the company is not permitted to provide “investment and ancillary services” in Cyprus.
CySec said Plaza Capital has never been authorised in Cyprus as an investment company, bank or cooperative to provide investment services. CySec added that it has not been contacted by any other EU member state regulator to confirm that Plaza Capital has any form of investment authorisation.
According to its website, which can be translated from Greek into both Russian and broken English, Plaza Capital provides asset management and cash deposit services to individuals and “trustees” – although its definition of trustee is not given.
The website, which gives company slogan – “Based on experience, racing the time” – seems to suggest that the company is a leading investment bank.
It says: “Through a multi-system control of investment decisions, a comprehensive risk management experience traders and analysts in the financial market (since 2002), the name of our company occupies a leading position in the market for investment banking services.”
In its warning letter, CySec urged investors to consult its website to confirm whether a business is regulated prior to using its services.
