The state legal service has appealed a recent supreme court decision that said market manipulation cannot stand as a charge for four defendants in a case against Bank of Cyprus (BoC) relating to alleged mismanagement in the run up to Cyprus’ financial collapse which had annulled an earlier Nicosia criminal court decision
According to the Cyprus News Agency, the legal service filed an appeal on Wednesday against the December 6 decision which found legal faults in the interim verdict issued by the criminal court on April 7.
The trial had been suspended pending the outcome of the supreme court hearings.
The petition was filed by BoC as a legal entity, former vice chairman Andreas Artemi, and non executive board members Giorgos Georgiades and Costas Severis.
Former CEOs Andreas Eliades, Yiannis Kypri and non executive board member Costas Hadjipapas, are also defendants in the case.
The market manipulation charge on the charge sheet was based on a 2005 directive of the Cyprus securities and exchange commission (Cysec) which is no longer valid, the defence argued.
The defendants face charges of market manipulation and perjury. They have all pleaded not guilty.
The case concerns the acquisition by BoC of Greek government bonds and its failure to inform shareholders of the dangers of the investment.