CYPRUS: BOCH directors charged days after completing London listing

Bank of Cyprus Holdings announced that the Attorney General has instituted criminal proceedings against a number of individuals relating to events occurring before the financial crisis of 2013 and the bailing-in of the London-listed bank.

 
The case relates to the reclassification of its bond holdings.
“These proceedings relate to events already disclosed to the market through prospectuses and otherwise. No proceedings were instituted against BOC Holdings, the Bank or any other member of the group,” Bank of Cyprus said in a statement.
Three persons charged still work for the bank – Deputy Chief Executive and Chief Operating Officer Christodoulos Patsalides, Finance Director Eliza Livadiotou, and Group Treasurer Despina Kyriakidou.
“The persons concerned deny any improper actions on their own part and will continue to carry out their existing duties. The board of directors of BOC Holdings are fully supportive of the three individuals involved. BOC Holdings will continue to monitor the proceedings closely and will make further announcements as appropriate,” the bank added in its statement.
This was reportedly the third case so far against top officials at the bank.
The Cyprus News Agency was quoted as reporting that in addition to the present directors, the other defendants in this case are former CEOs Andreas Eliades and Yiannis Kypri, former Finance Division chief Christis Hadjimitsis and former Risk Management boss Nicolas Karydas.
They face a total of 18 charges relating to market manipulation, conspiracy, forgery and circulation of a forged document, from 2010 to 2014. Hearings will start on February 16.