CYPRUS: Economic collapse investigations progressing

Investigations into the collapse of the economy are progressing steadily in a way that could be held up in court, Justice and Public Order Minister Ionas Nicolaou said.

“Investigations are progressing steadily in order to be fully completed in a way that could be substantiated in the courts”, he said assuring that upon completion, the cases will be forwarded for registration in the court, as in the case concerning ex-Laiki bank. He also said that more cases are expected to follow soon.
He added that in cooperation with the Attorney General, defendants abroad will be served a court order and in the event some of them fail to appear in Cyprus, they will take all necessary measures, including the issuance of European Arrest Warrant.
On Monday, the Attorney General’s office filed before Nicosia District Court the first criminal case against Laiki Bank, the island’s second biggest lender which collapsed in March 2013.
According to Police Spokesman Andreas Angelides, the prosecution relates to offenses against the law on market manipulation, false, misleading statements conspiracy to commit felony and keeping false accounts.