Cyprus Mail
Cyprus

Former CBC governor charged in connection with €1m cash transfer

By Constantinos Psillides

Former Central Bank governor Christodoulos Christodoulou was charged on Wednesday in connection with a €1 million cash transfer from a Greek ship-owner to a company managed by his daughter.

Along with Christodoulou, prosecutors also charged his daughter Athena, and his former son-in-law Andreas Kizourides.

The three pleaded not guilty to the 11 charges, which include conspiracy to commit felony and forgery.

The defendants were released on a €5,000 bail until their trial on June 27.

Outside, Christodoulou said that he was innocent and that he trusts the Cypriot justice system.

“I was and still am an honest man,” he said.

The charges are linked with a document submitted to a Marfin-Laiki Bank branch in Athens, which stated that Kizourides had sold the daughter’s company two plots of land in Strovolos for €1.1 million.

The letter was allegedly written to enable the transfer of the €1 million, which was deposited in the company’s account in Greece, to an account belonging to Kizourides in Cyprus.

The former CBC boss has previously claimed that the money was a down payment for consultancy services that would have been provided over ten years.

He also submitted a copy of an agreement between his daughter’s company and Focus, a company belonging to Michalis Zolotas.

Zolotas is said to be a close associate of former Laiki strongman Andreas Vgenopoulos whom many hold responsible for the collapse of the island’s banking system.

The transfer in question was allegedly made to the company’s Athens-based bank account in July 2007.

Around two years later, the €1m plus interest was then allegedly transferred to an account in Laiki Bank.

Christodoulou had served as Governor of the Central Bank of Cyprus from 2002 to 2007, and the suspicious transfer was reportedly made a few months after his term expired

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