Insider Economy Former top BoC officials Eliades and Kypris acquitted

Former top BoC officials Eliades and Kypris acquitted

The Nicosia Criminal Court on Friday acquitted former top Bank of Cyprus officials Andreas Eliades and Yiannis Kypris of all charges relating to the reclassification of bonds.

The Cyprus News Agency said the court accepted the pre-trial objections raised by counsel for the defence. They had argued that there was abuse of judicial process because the case — the third brought against BoC and former officials – was based on the same events as the other two.

Also charged in the same case are Christis Hadjimistis, Nicolas Karydas, Christodoulos Patsalides, Eliza Livadiotou and Despina Kyriakidou. All have pleaded not guilty to the charges.

Both Eliades and Kypris had been charged in the first and second BoC trials –the first relating to market manipulation and the second to the failure to inform shareholders of the risks from the acquisition of Greek government bonds.

Eliades had been found guilty in the first case and jailed for 2.5 years but his conviction was overturned by the Supreme Copurt. Kypris had been acquitted.

The two had also been acquitted in the second case.

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