Cyprus Mail
Cyprus

Second court case against BoC and execs postponed to January 15

Bank of Cyprus

By Elias Hazou

A SECOND criminal trial against the Bank of Cyprus (BoC) and six former senior bank officials, over the lender’s purchase of toxic Greek government bonds, got underway in Nicosia on Wednesday.

The defendants are the bank itself, and six former executives: CEO Andreas Eliades, his deputy Yiannis Kypri, vice-chairman Andreas Artemis, and board members Giorgos Georgiades, Costas Severis, and Costas Hadjipapas.

The defendants’ lawyers motioned for an adjournment, requesting time to go over the evidence so that their clients can respond to the charges.

The court granted the request, setting January 15 as the date for continuation of the hearings.

The defendants have each posted €200,000 bail.

In addition to being members of the board, all the defendants were on the bank’s risk-management committee.

Five of the defendants are facing four charges relating to market manipulation in connection with the bank’s investments in Greek government bonds. The sixth, Eliades, is facing two additional charges of perjuring himself before the committee of inquiry for the 2013 financial meltdown.

The case builds on a Cyprus Securities and Exchange Commission (CySEC) report from June 2014, which found that the bank had failed to inform shareholders of the risk its investments carried.

In the report, CySEC had announced unprecedented fines for the BoC and former officials, as well as Laiki Bank and former officials, for misleading investors on their holdings in Greek sovereign bonds and poor corporate governance.

Eliades, Artemis, Kypri and the bank are already on trial in a case involving misleading investors on the same matter.

 

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