Andronicou sentenced to 7 years imprisonment

Yiannos Andronicou, former stockbroker and majority shareholder of Suphire Stockbrokers was sentenced to a 7-year prison term by a

on charges of misappropriation of CYP 4.8 mln in funds belonging to the Pension Fund of the EAC staff.

Andronicou was accused of one count of stealing and two counts of covering up the fraud. Furthermore, the court imposed a CYP 200.000 fine on Suphire Public Co. Lawyers representing Andronicou and Suphire said they will appeal the court decisions.

The court has frozen the assets of Suphire to the tune of CYP 4.3 mln in an attempt to recover the EAC pension fund assets.