News Local Former Laiki officials fined for giving misleading information

Former Laiki officials fined for giving misleading information

The Nicosia Criminal Court on Friday fined four former Laiki officials who were convicted on October 12  for market manipulation and giving misleading information.

The charges relate to failure to disclose the impairment– estimated at €330m — on the goodwill of the bank’s operations in Greece and to include it in the nine month results of 2011.

Efthymios Bouloutas, then Laiki CEO, was fined €150,00 while the other three — then deputy CEO Panayiotis Kounnis, then non-executive vice president Neoclis Lyssandrou and then non-executive board member Markos Foros were each fined €12,000.

The fines relate only to the second charge of misleading information. No sentence was passed for the first charge of market manipulation, the Cyprus News Agency said.

In announcing the sentence, the court said that at the time Bouloutas held a more important position than the others. It added that none had accrued personal gain from the offence.

All had pleaded not guilty.

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