BoC case: Suspects absolved of first charge on indictment

No prima facie case has been demonstrated on an indictment of conspiracy by the Nicosia Assize Court for a case brought on the Bank of Cyprus and five high-level members, reports said on

Tuesday.

The six have had the indictment cleared after the prima facie ruling of the court.  

 

As such, on the rest of the charges on the indictment, the six (The Bank of Cyprus, Theodoros Aristodemou, Antreas Artemis, Andreas Eliades, Yiannis Pehlivanides, and Yiannis Kypris) have been asked to  account for the second charge, which is  on market manipulation between June 14 and 26, 2012.  Specifically, the court said on the second charge, that they failed to take appropriate action and issue a public notice on a significant event by the Bank of Cyprus, which dealt with a significant increase in capital needs of 200 million euros, which was announced on May 10, 2012.

The Bank of Cyprus, as a legal entity, has been asked to account for the charges three and four, which deal with the yearly General Assembly of the bank on June 19, 2012, where allegedly information was given out that gave misleading information in relation to the fiscal instruments of the shareholders.  For these charges, the suspects Aristodemou, and Eliades have also asked to give an account.  

Aristodemou has also been asked to account for charge five on the indictment, which deal with again deals with the General Assemble, and the information given to the shareholders of the Bank, where essential facts were allegedly on the lack of funds in the Bank was hidden.  

Eliades was called to account for charge six of the indictment, reports said, which dieals with the lack of information given on the Bank during the General Assembly, while he was the Head Operating Officer.

Source: CNA

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