The Supreme Court rejected appeals from former Laiki strongman Andreas Vgenopoulos and Efthymios Boulotas over fines imposed by the Cyprus Securities and Exchange Commission (Cysec), it emerged on Tuesday.

Cysec had fined Vgenopoulos €705,000 and Boulotas €805,000, which were not paid, leading the commission to sue them so it can receive its fine.

Both Vgenopoulos and Boulotas appealed the decision, after Nicosia district court denied their motion that the lawsuit should be thrown out.

Court accepted three of the seven reasons of the appeal, but concluded their decision not to pay the fine violated their legal obligation.