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Bank of Cyprus and its former chief appeal against convictions

Former Bank of Cyprus CEO, Andreas Eliades

The Bank of Cyprus and its former CEO Andreas Eliades filed appeals against their convictions and sentences with the supreme court on Friday.

Eliades was sentenced to 2.5 years in prison while the lender itself was slapped with a €120,000 fine after being found guilty by the Nicosia criminal court of the charge of market manipulation through misleading statements to investors about the bank’s capital shortfall in June 2012.

The former CEO and the bank as a legal entity were found guilty of providing misleading information to investors during the bank’s annual general meeting (AGM) of shareholders on June 19, 2012. The misleading statements related to the bank’s capital shortfall at the time.

At the AGM in question, it was claimed the bank was close to full recapitalisation and that the capital shortfall was at €200 million.

But in a letter to then central bank chief Panicos Demetriades, dated June 20, 2012 – one day after its AGM – the bank raised its capital needs to approximately €400m.

In its 250-page verdict, the court said that Eliades knowingly misled the bank’s shareholders at the AGM.

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