Suphire head released

The CEO of Suphire Group, Yiannos Andronikou was released without charge on Sunday following 20 days in detention after the public prosecutor decided not to seek the renewal of the remand for his custody. Police officials and the Deputy Attorney General, Petros Clerides said the charges would be filed “soon” without clarifying when or on what counts.

Andronikou spent a total of 20 consecutive days in custody after two eight-day remands, followed by a four-day remand, were issued last week. The Suphire boss is under investigation for theft, fraud and conspiracy to commit a felony in connection with CYP 9.2 mln given to him by the Electricity Authority (EAC) pension fund to invest, which has since vanished.

Suphire officials say the deficit amounts to CYP 6.4 mln.

Clerides said the decision not to seek a renewal of the remand was taken after the Nicosia District Court only approved a four-day remand instead of the eight, originally requested by the prosecution.