Cyprus Mail
Cyprus

Greek Supreme court says two ex Laiki officials can be extradited

GREECE’S Supreme Court has proposed former Laiki board members Markos Foros and Efthimios Boulotas be extradited to Cyprus, it emerged on Wednesday, in connection with a case in Nicosia court over the bank’s demise.

Foros’ lawyers who appealed the decision went with the same line Boulotas’ attorneys followed a day earlier – that they should be tried in Greece as they could not have a fair trial in Cyprus due to a negative portrayal they have had in local media.

The prosecution against the two suspects along with Panagiotis Kounis and Neoclis Lysandrou relates to charges of conspiracy to commit a felony, conspiracy to fraud and offences against the law on market manipulation.

Laiki faced serious undercapitalisation issues and had to be bailed out with €1.8 billion of taxpayer money in June 2012, but went down in March 2013.

Management of the failed lender was taken over by Marfin Investment Group (MIG) founder and boss Andreas Vgenopoulos in 2006 who is largely blamed for the collapse.

 

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