Cyprus Mail
Main

Arrest warrant issued for Vgenopoulos

Laiki Bank’s former strongman Andreas Vgenopoulos

A PAPHOS court yesterday issued an arrest warrant for former Laiki Bank executive chairman Andreas Vgenopoulos and the bank’s former CEO Efthimios Bouloutas.

The arrest warrants will be executed immediately on May 30 unless the two defendants appear for a court hearing scheduled on that date.

Vgenopoulos and Bouloutas, both Greek nationals, are facing charges of misleading investors into buying high-risk securities. They previously ignored summons to appear in court, citing legal technicalities.

Claiming he was defrauded of €108,000, a Paphos-based man has filed a private criminal case against Laiki as a legal entity, the bank’s former brass, and former Central Bank governor Athanasios Orphanides.

The plaintiff, Stavros Mavrosavvas, is one of hundreds of depositors claiming to have been misled by the banks into putting their savings in high-yield securities.

Hundreds of people were affected when the island’s two biggest lenders, the Bank of Cyprus and Laiki, stopped paying interest and blocked access to the investors’ capital following losses on a Greek sovereign debt write-down in late 2011.  The total amount put in securities is said to be around €1.4 billion.

Related Posts

Calling time on farm caged animals

CM Guest Columnist

UK manufacturers plan biggest price rises since 1977

Reuters News Service

Green transition slowed by economic and social barriers, not technology

Reuters News Service

House committee sounds alarm over higher port fees

Jonathan Shkurko

50 years of service for 84 Sqn in Cyprus (photos)

Staff Reporter

US Reps Billirakis, Malliotakis slam Biden’s stand on EastMed

Source: Cyprus News Agency

4 comments

Comments are closed.