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Court acquits former Bank of Cyprus executives

Former BoC CEO Andreas Eliades

The Nicosia criminal court on Friday acquitted two former bank executives of charges relating to market manipulation but a trial will take place for five others implicated in the same case.

The court acquitted former Bank of Cyprus executives Andreas Eliades and Yiannis Kypris of charges relating to alleged market manipulation by falsifying the lender’s 2010 annual report.

The court decision followed a pretrial motion by the defence, which argued that the charges shared the same foundation as two previous cases regarding BoC in which the two executives had been acquitted.

The case continues for Christis Hadjimitsis, Nicolas Karidas, Christodoulos Patsalides, Eliza Livadiotou, and Despina Kyriakidou.

In January, former CEO Eliades had been found guilty in the first case relating to events in the bank that almost caused its collapse in 2013.

He was given two and a half years in jail but the supreme court overturned the decision in September. Kypri and others were also charged in the case but they were acquitted.

Eliades and Kypri were also charged in a second case relating to the acquisition of Greek government bonds and their failure to inform shareholders of the risks of the investment.

They were acquitted following a supreme court decision, which argued that the charge sheet did not reveal a criminal offence.

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