Cyprus Mail
Business

Laiki Bank administrator resigns in conflict of interest dispute

LAIKI BANK administrator Andri Antoniadi has resigned after disagreeing with the Resolution Authority over the appointment of a certain law firm to handle the case against the defunct lender’s former strongman Andreas Vgenopoulos.
The resignation was confirmed by Central Bank executive Stelios Kiliaris.
Kiliaris told the Cyprus News Agency that Antoniadi resigned after the Central Bank put Chrysis Demetriades on the case against Vgenopoulos.
Reports said Antoniadi resigned because she believes there was an issue of conflict of interest since the law firm had borrowed from Laiki with favourable terms when the bank was under Vgenopoulos’ control.
Kiliaris said the matter had been examined by the authority which judged that there was no such issue.
In her letter to the authority, Antoniadi suggested that the outcome of the case would be disastrous and “I have no doubt that the blame would be born entirely by you.”
Cyprus was forced to shut down Laiki in March 2013 and impose massive losses on depositors in Bank of Cyprus to keep it afloat and get €10 billion in aid from international lenders.
In June of that year, a Nicosia district court issued an interim order freezing assets worth around €5.3 billion belonging to Vgenopoulos and two other people.
The interim court orders, which have a global reach, were secured by Antoniadi.
The court froze assets belonging to Vgenopoulos and former Laiki CEO Efthimios Bouloutas worth €3.79 billion and those belonging to former board member Kyriacos Magiras worth €1.5 billion.
It also banned Vgenopoulos’ Marfin Investment Group (MIG) Holdings SA from making any payments or transfers to the benefit of the three men.


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