The five defendants of the collapse of Bank of Cyprus case were referred to the Nicosia criminal court for a direct trial on February 27.
These are (except for the bank itself) former chairmen of the Board of Directors of Bank of Cyprus, Theodoros Aristodimou and Andreas Artemis, former CEOs Andreas Eliades and Yannis Kypri and former deputy CEO and responsible for the branches in Greece, Yannis Pechlivanidis.
The indictment consists of six charges. All defendants face charges of conspiracy to defraud, in violation of Article 302 of the Penal Code and market manipulation in violation of Articles 19, as specified by Article 20 (2) of the acts of persons holding insider information and Market Manipulation (market abuse) Law 2005 and Article 4 (d) of the relevant directive 116-2005-03 2011 Article 20 of the criminal code, Ch. 154.
In relation to the conspiracy to defraud, all defendants are accused that between June 16 and June 19, 2012 conspired to defraud the public "by not informing the public that the capital needs of the first accused ( the bank) were significantly increased compared to the amount of € 200 million which was announced on May 10, 2012”.
Regarding the market manipulation, all six defendants are accused that they "failed to take appropriate action so that the first defendant (the bank) would release a public announcement of an important fact, namely that the capital needs were significantly increased compared to the amount of € 200 million, which was announced on May 10, 2012”.
Theodoros Aristodimou, as chairman of the Board of Directors of the company, is facing separate charges of dissemination of misleading indications on the capital shortfall of the bank and concealment of essential information in relation to the capital shortfall of the bank. The same charges also burden the company and Andreas Eliades as CEO of the company.
The indictment has 33 witnesses, including, among others, the former finance minister and former bank executive, Vassos Shiarly, former deputy governor of the Central Bank, Spyros Stavrinakis and executives of Bank of Cyprus and the CBC.
The largest part of the session before the District Judge Theodoros Theodorou was spent in setting conditions to ensure the presence of the suspects in the criminal court.
Initially, the lawyer of the Republic, Polina Efthyvoulou asked for defendants Theodoros Aristodimou, Andreas Artemis and Yannis Kypri to deliver their travel documents, to be placed in the stop list and to submit a bank guarantee of €200.000, while for Andreas Eliades and Yannis Pechlivanidis, foreign residents, to submit a bank check of €1 million since they can neither deliver their travel documents nor be placed in the stop list. The lawyers of the defendants objected on the basis of equal treatment.
After consultation, the two sides reached a compromise under which Th. Aristodimou, A. Artemis, A. Eliades and Y. Kypris shall sign guarantee with one or two reliable guarantors of €400.000 or shall sign guarantee of €200.000 co-signed by one or two reliable investors of €200.000, will be placed in the stop list and will deliver their travel documents.
For Y. Pechlivanidis they agreed to submit a bank check of €500.000 but not to deliver his travel documents or be placed in the stop list.
However, the defense attorneys of all defendants stated that they reserve the right to request differentiation of the conditions in order to ensure the presence of their customers. The request will be examined by the criminal court.
These are (except for the bank itself) former chairmen of the Board of Directors of Bank of Cyprus, Theodoros Aristodimou and Andreas Artemis, former CEOs Andreas Eliades and Yannis Kypri and former deputy CEO and responsible for the branches in Greece, Yannis Pechlivanidis.
The indictment consists of six charges. All defendants face charges of conspiracy to defraud, in violation of Article 302 of the Penal Code and market manipulation in violation of Articles 19, as specified by Article 20 (2) of the acts of persons holding insider information and Market Manipulation (market abuse) Law 2005 and Article 4 (d) of the relevant directive 116-2005-03 2011 Article 20 of the criminal code, Ch. 154.
In relation to the conspiracy to defraud, all defendants are accused that between June 16 and June 19, 2012 conspired to defraud the public "by not informing the public that the capital needs of the first accused ( the bank) were significantly increased compared to the amount of € 200 million which was announced on May 10, 2012”.
Regarding the market manipulation, all six defendants are accused that they "failed to take appropriate action so that the first defendant (the bank) would release a public announcement of an important fact, namely that the capital needs were significantly increased compared to the amount of € 200 million, which was announced on May 10, 2012”.
Theodoros Aristodimou, as chairman of the Board of Directors of the company, is facing separate charges of dissemination of misleading indications on the capital shortfall of the bank and concealment of essential information in relation to the capital shortfall of the bank. The same charges also burden the company and Andreas Eliades as CEO of the company.
The indictment has 33 witnesses, including, among others, the former finance minister and former bank executive, Vassos Shiarly, former deputy governor of the Central Bank, Spyros Stavrinakis and executives of Bank of Cyprus and the CBC.
The largest part of the session before the District Judge Theodoros Theodorou was spent in setting conditions to ensure the presence of the suspects in the criminal court.
Initially, the lawyer of the Republic, Polina Efthyvoulou asked for defendants Theodoros Aristodimou, Andreas Artemis and Yannis Kypri to deliver their travel documents, to be placed in the stop list and to submit a bank guarantee of €200.000, while for Andreas Eliades and Yannis Pechlivanidis, foreign residents, to submit a bank check of €1 million since they can neither deliver their travel documents nor be placed in the stop list. The lawyers of the defendants objected on the basis of equal treatment.
After consultation, the two sides reached a compromise under which Th. Aristodimou, A. Artemis, A. Eliades and Y. Kypris shall sign guarantee with one or two reliable guarantors of €400.000 or shall sign guarantee of €200.000 co-signed by one or two reliable investors of €200.000, will be placed in the stop list and will deliver their travel documents.
For Y. Pechlivanidis they agreed to submit a bank check of €500.000 but not to deliver his travel documents or be placed in the stop list.
However, the defense attorneys of all defendants stated that they reserve the right to request differentiation of the conditions in order to ensure the presence of their customers. The request will be examined by the criminal court.
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