Cyprus court annuls €175,522 competition fine on K. Kythreotis – Skyrodema Ltd

Nicosia, Cyprus. The administrative court has cancelled a €175,522 fine that the Commission for the Protection of Competition (CPC) imposed on K. Kythreotis – Skyrodema Ltd, a subsidiary of K. Kythreotis Holdings Public Ltd. The court found that the commission’s decision was not adequately justified and raised concerns about the disclosure of information.

Judgment and company announcement

K. Kythreotis Holdings Public Ltd said in an announcement on Monday that the ruling was issued on September 30, 2026, in Case No. 1784/2018. The judgment reverses the CPC decision that set the penalty.

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The dispute goes back to October 15, 2018, when the company publicly reported that the competition authority had fined its subsidiary €175,522.

Grounds cited by the court

Among other grounds, the court pointed to what it called insufficient reasoning behind the CPC decision. It also referred to problems linked to the commission’s failure to disclose additional information.

Accounting treatment

The company noted that the group had earlier booked an accounting provision of €175,522 in its financial statements in relation to the fine. It added that the provision was subject to the appropriate treatment under International Financial Reporting Standards (IFRS).

Possible appeal

The ruling may not settle the matter definitively, since the CPC is entitled to appeal against the court’s decision. K. Kythreotis Holdings said in closing that the option of an appeal remained open.