News Local Laiki four found guilty of market manipulation

Laiki four found guilty of market manipulation

Four former Laiki officials were on Friday found guilty of market manipulation and giving misleading information.

The charges relates 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.

The Criminal Court decision was unanimous. The four officials are Efthymios Bouloutas, then Laiki CEO, then deputy CEO Panayiotis Kounnis, then non-executive vice president Neoclis Lyssandrou and then non-executive board member Markos Foros,

All had pleaded not guilty. They are free on bail until next Wednesday, October 17, when the court will hear arguments in mitigation of their sentence. The  prosecution had asked they be held in custody, but this was rejected by the court.

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