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Ayia Fyla co-op trial adjourned (updated)

Limassol court

The trial of eight defendants in connection with securing loans without collateral at the former Ayia Fyla cooperative bank in Limassol was adjourned on Tuesday.

The court set the next hearing for November 29. The defence has asked prosecutors for additional information regarding the case while the attorney-general has yet to decide whether the case will continue before the Criminal Court, or be tried by a district court.

The court once again expressed its concern at the delays and stressed that this was “the last postponement” it would grant.

On trial are a 60-year-old businessman, five members of the then board, and the former secretary and loans manager of the institution.

The case centres around nine loans given to the 60-year-old from 2003 to 2006. The loans secured amounted to a total of €4,575,000 with the debt from interest owed and delayed payments bringing the sum to around €8,854,000.

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