Cyprus Mail

Greece orders extradition of ex-Laiki execs Bouloutas and Foros

Former Laiki strongman Andreas Vgenopoulos flanked by Efthymios Bouloutas (right) and Deputy CEO Christos Stylianides

GREECE’S highest court on Friday ordered the extradition to Cyprus of two former Greek bankers whose arrest was sought after they failed to appear before a Cypriot court.

Reports from Greece said former Laiki Bank board members Efthymios Bouloutas and Markos Foros, will be extradited to face charges relating to mismanagement at the failed lender.

Greek judicial authorities had decided to extradite the pair in March, but the decision was appealed.

Cypriot authorities issued European arrest warrants for Bouloutas and Foros in February, after they failed to appear before court at the inaugural hearing of the case.

The Nicosia district court had convened to rule on whether to refer the case to the criminal court.

The other two defendants, Panayiotis Kounnis and Neoclis Lysandrou, also former board members, were in court.

The four men are accused of having conspired to mislead investors through public statements and inaccurate account reporting in 2011.

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

Management of the lender was taken over by Marfin Investment Group (MIG) founder and boss Andreas Vgenopoulos in 2006.

He recruited a team of Greek nationals to run it, who he has called pejoratively “the Greeks” since the bank’s failure, arguing that the local political and banking establishment had always cast a suspicious eye on them.

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