Cyprus Mail

All defendants cleared in Strovolos co-op case

comment pissarides state support for the former cyprus co operative bank came with a considerable fiscal burden for the taxpayer but ruled to be in line with eu law 960x640
File Photo

Nicosia criminal court on Thursday acquitted all defendants from charges of fraud in the case of loans secured from the Strovolos cooperative bank.

In its ruling, the court said that whereas it acknowledged unethical practices by bank officials in securing the loans, it was not presented with hard evidence proving fraud.

Former Central Co-op Bank boss Erotokritos Chlorakiotis, former Strovolos Co-op boss Demetrakis Stavrou, and former co-op development commissioner Constantinos Lyras were facing charges relating to conspiracy to defraud, obtaining goods under false pretences, unlawful acquisition of property, and money laundering.

The indictment also included Maria Chlorakiotou, Carolina Angelopoulou, Maria Chrysanthou, Giorgos Mavreas, Detiero Enterprises, CHL Enterprises, and Ktimatiki Kotrona Ltd.

According to the charge sheet, between May and July 2007 the defendants conspired to defraud by securing illegal loans worth CYP2.1m (€3.6m) from the Strovolos co-op.

The defendants were also alleged to have failed to disclose the real reason for a €119,602 loan and the beneficiary. They also allegedly provided false information, including the values of two properties used as collateral, to secure CYP2m (around €3.4m) from the same bank.

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

Follow the Cyprus Mail on Google News

Related Posts

Cyprus Business Now

Kyriacos Nicolaou

Immigration and economy: biggest concerns for Cypriots

Jean Christou

President and von der Leyen to go on joint visit to Lebanon to discuss migration issue

Source: Cyprus News Agency

Amid spat, Elam proposes to gain support to halve asylum application time

Nikolaos Prakas

Worrying figures over student drug abuse

Jean Christou

Seven burglary suspects remanded after dawn raid

Nikolaos Prakas