Suphire bosses arrested over missing millions

The Nicosia District Court has remanded Suphire boss Yiannos Andronikou in custody for eight days in custody to assist police with their investigation into the case of CYP 9.2 mln said to be missing from the Electricity Authority of Cyprus (EAC) pension scheme, and which had been put in the care of his company, Suphire.

According to the police, 48-year-old Yiannos Andronikou was arrested yesterday by court warrant, along with his 46-year-old wife, Rea, who was later released.

The couple was charged with conspiracy to commit a felony, theft, false accounts and cover-up regarding the management of portfolios.

The couple was brought before the Nicosia District Court, which issued an eight-day remand order against Yiannos Andronikou and decided to release Rea Andronikou.

Meanwhile, the Securities and Exchange Commission has warned that Suphire could be expelled from hte Cyprus Stock Exchange and a penalty of up to CYP 100,000.

Suphire’s operating licence was suspended ro 3 months last Thursday.