Cyprus Mail
Cyprus

Former BoC execs deny market manipulation

Former CEO Andreas Eliades

Former Bank of Cyprus executives denied charges on Tuesday relating to alleged market manipulation and acquisition of Greek government bonds that led to hefty losses and forced the lender to seek state assistance.

The criminal court rejected a defence request for a postponement, asking the defendants to respond to the charges as planned.

The case continues on July 3.

According to sources cited by the Cyprus News Agency, defendants in this case are former CEOs Andreas Eliades and Yiannis Kypri, Andreas Artemis, Giorgos Georgiades, Costas Severis, and Costas Hadjipapas.

They face six charges, four in relation with market manipulation and two for perjury.

This is the second criminal case brought against the lender and former executives.

Five of the bank’s former senior officials, as well as the lender itself, are also accused of deliberately misinforming investors with regard to the bank’s capital position in 2012.

The defendants in that case are Eliades, his successor Kypri, former board chairman Andreas Aristodemou, former vice chairman Andreas Artemi and former first deputy CEO Yiannis Pehlivanides.

They are facing charges of market manipulation and conspiracy to defraud investors in connection with “non-disclosure to the public that the bank’s capital needs had risen significantly relative to the amount of €200 million, which was announced on May 10, 2012”.

Bank of Cyprus was forced to seize 47 per cent of deposits over €100,000 in 2013 to recapitalise. It gave equity in return.

The lender has since bounced back and in January it listed its stock on the London Stock Exchange.

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