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Supreme Court overturns banker’s conviction
CNA - Cyprus/NICOSIA 12/09/2018 18:58


The Supreme Court overturned on Wednesday a conviction handed down by the Nicosia Assize Court against former Bank of Cyprus CEO Andreas Eliades and the Bank of Cyprus.

In a majority ruling (two to one), the Supreme Court, acting in its capacity as a criminal appellate court arrived to the conclusion that it was evident from the circumstances that the defendant’s actions to intentionally lie when asked during the Bank’s AGM about the Bank’s capital shortfall was not an action which formed part of an effort to manipulate the market but rather “of an effort, during that time, by the appellant to avoid the pressure of that particular circumstance, to have to deal with the angry shareholders and their persistent questions.”

The majority ruling by Supreme Court President Myron Nicolatos and Supreme Court Judge Tefkros Economou, was read out in Court by the latter

(CNA)

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