News Local Update: Former BoC CEO to be released from jail after successful appeal

Update: Former BoC CEO to be released from jail after successful appeal

 

Former CEO of the Bank of Cyprus Andreas Eliades is expected to be released from jail within the day after the Appeals Court accepted his appeal against his conviction.

Eliades had been sentenced to 2.5 years in jail after being found guilty in December 2017 of market manipulation because of misleading statements regarding the bank’s capital shortfall at the bank’s  2012 AGM.

Eliades appealed against his conviction before the Appeals Court which reversed the decision of the Nicosia Criminal Court with two votes to one.

The Appeals Court also upheld an appeal from the Bank of Cyprus as a legal entity which had been found guilty on the same charge and fined 120,000 euro.

It said that during the AGM Eliades had sought to reassure shareholders when he said the shortfall was manageable, and had not intended to manipulate the market.

His reply it added was not a criminal offence.

Commenting, attorney general Costas Clerides said that while he respected the decision, he disagreed both on legal grounds and on the thinking behind it.

 

Top Stories

Seventeen new coronavirus cases detected out of 2,465 tests

The Ministry of Health has announced that 17 new cases of the SARS-CoV-II virus were detected in Cyprus over the past 24 hours out...

Doctors stop mid-operation, dress patient in operating theatre and discharge him

Unbelievable and yet a now quintessentially Cypriot thing to happen. The incident in question is that doctors at a private hospital in Nicosia stopped...

Economic sentiment in Cyprus deteriorated slightly this September

In September 2020, economic sentiment in Cyprus deteriorated slightly as the Economic Sentiment Indicator (ESI-CypERC) decreased by 1.0 point compared to August 2020. According to...

Jiu Jitsu – Distribution for US and Canada set for November

Jiu Jitsu, the first Hollywood movie to be filmed in Cyprus under the incentive plan to promote the audiovisual industry starring Nicolas Cage, Alain...

Mainly fine weather with higher temperatures on Tuesday

Tuesday will be mainly fine with temperatures set to rise to 40°C inland, around 35°C in all coasts, and 32°C in the mountains, according...

Taste

Sheftalies

Sheftalies, a very tasty dish from the charcoal grill, are minced meat shaped into small sausages and wrapped in “panna” (suet). Panna is a...

Spicy grilled soutzoukakia

Place all ingredients for soutzoukakia in a bowl and mix well, preferably using a food processor, until well combined. Using the mixture, form cigar-shaped...

Souvlakia

Pork souvlaki: Put the meat and all the other ingredients in a bowl (not metal) and mix well. Cover the bowl and keep in...

Pastelli (Carob Toffee)

The nutritional sweet of Pastelli is made with the syrup of carob pods, produced by boiling their pulp until it forms a thick, sticky...