Cyprus Mail

Investigators to quiz Vgenopoulos in Athens next week

Ex-Laiki strongman Vgenopoulos asked for more time to respond

By Andria Kades

CYPRIOT investigators and a member of the legal services are headed to Athens next week to question former Laiki strongman Andreas Vgenopoulos and his associates, according to Justice minister Ionas Nicolaou.

Speaking to state broadcaster CyBC, he said Vgenopoulos had asked for more time to respond to questions put to him last week by Greek authorities. He is expected to provide them in September, as courts will be closed during the summer.

Vgenopoulos and 11 others, as well as his investment group MIG, are defendants in a civil suit brought against them by legacy Laiki’s administrator, who claimed they abused their power in running Laiki.

It is alleged that they knowingly took imprudent banking decisions in favour of MIG or its subsidiaries – in which they simultaneously held high-ranking positions, creating an alleged conflict of interest – thus violating their fiduciary duty to Laiki’s shareholders

Vgenopoulos, MIG and other businessmen have brought a case against the Republic of Cyprus before the International Court of Arbitration.

They are seeking damages in excess of €1 billion – the sum total of their investment in the failed bank – for “illegal actions or omissions leading to the collapse of Laiki Bank.”

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