Cyprus Mail

BoC five referred to Criminal Court (updated)

Former BoC CEO Andreas Eliades

Five former Bank of Cyprus officials have been referred to trial before the Criminal Court as part of a broader probe into the causes of the financial meltdown in 2013.

The first hearing is scheduled for February 27.

Those to be indicted are former CEO Andreas Eliades, his successor Yiannis Kypri, former board chairman Theodoros Aristodemou, former vice chairman Andreas Artemi, and former first deputy CEO Yiannis Pehlivanidis, in charge of the bank’s Greek operations.

The bank itself will be indicted as a legal entity.

The defendants face charges relating to conspiracy to defraud and market manipulation.

They are accused of failing to inform the public that the bank’s capital needs had increased significantly by June 2012, compared with the €200 million announced in May.

They are also accused of not taking action to issue a public announcement informing the markets of the fact.

Aristodemou and Eliades also face separate charges in connection with disseminating misleading indications and concealing essential data about the lender’s capital shortfall.

Aristodemou, Artemis, Eliades, and Kypri were given a choice to either be released on a €400,000 bail or a €200,000 bail provided they surrendered their travel documents and had their names included on the stop list.

For Pehlivanides, a Greek national, it was agreed to deposit a €500,000 cheque without surrendering his travel documents and including his name on the stop list.


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