Bank officials to be prosecuted for Cyprus’ financial collapse

Bank officials to be prosecuted for Cyprus’ financial collapse

Nicosia, December 18, 2014/ Independent Balkan News Agency

By Kyriacos Kyriacou

Law Office of the Republic of Cyprus has decided to file criminal charges against five former senior officials of the Bank of Cyprus (BoC) and the Bank itself as a legal entity. This case is among many others examined in part of a criminal investigation over the country`s near financial collapse. Cyprus is under a euro bailout program since March 2013.

The five to be prosecuted are former Chairmen of BoC Board of Directors Theodoros Aristodemou, Andreas Eliades, Andreas Artemis, Yiannis Kypri and former Deputy CEO of the Bank, responsible for branches in Greece, Yiannis Pehlivanidis.

The decision was taken during a meeting held on at the Law Office on Wednesday following the examination of police files regarding the case which suggest that criminal offenses may have been committed.

The BoC former officials will face charges related to the manipulation of the price of BoC shares and misleading statements on the capital adequacy of the Bank.

The next step is to prepare the official charges and register them to the Court by Friday or Monday.

Meantime, the Attorney General said that investigations, related to the case of the former Laiki Bank, are underway with regard to similar offenses and are “at an advanced stage.”