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Cyprus

Two-month adjournment in co-op case

Prosecutors on Thursday secured a two-month postponement of a criminal case against former senior co-operative bank officials in connection with wrongdoings relating to loans worth around €3.6m.

The prosecution requested adjournment for two months to give time for a subpoena to be delivered to one of the defendants who is in Greece.

The judge granted the request, scheduling the hearing for the morning of March 27.

The charge sheet names seven individuals and two companies, former co-op boss Erotokritos Chlorakiotis, former Strovolos co-op boss Demetrakis Stavrou, and former co-op development commissioner Constantinos Lyras.

It also includes Maria Chlorakiotou, Carolina Angelopoulou, Maria Chrysanthou, Giorgos Mavreas, Detiero Enterprises and CHL Enterprises.

They are facing 19 charges relating to conspiracy to defraud, obtaining goods under false pretences, unlawful acquisition of property, and money laundering.

According to the details, between May and July 2007, the defendants had conspired to defraud – to secure illegal loans worth CYP2.1m (€3.6m) from Strovolos co-op.

The defendants also failed to disclose the real reason for a €119,602 loan and the recipient. They also provided false information, including the values of two properties used as collateral, to secure CYP2m (around €3.4m) from the same co-op.

During the same time, the defendants also secured CYP30,000 or €51,000 from Strovolos co-op under false pretences, the charge sheet says.

They are also accused of forging the minutes of the bank’s managing committee to show that it had approved a CYP200,000 (€341,720) to Detiero Enterprises.

Stavrou is also accused of preparing a loan review report long after the money had been given. The offence details said he forged the report between October 2012 and April 2014 when it should have been done in 2007, before the application for the €3.4m loan was presented to the committee for approval.

Stavrou faces a second charge for a similar offence relating to a €51,258 loan.

Chlorakiotis also faces a single charge of unlawful acquisition of property in relation with the €3.4m loan.

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