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Cypriot attorney general charges former, current Bank of Cyprus execs

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Cypriot attorney general charges former, current Bank of Cyprus execs

The attorney general of Cyprus initiated criminal proceedings against a number of former and current executives of Bank of Cyprus Public Co. Ltd. over the reclassification of its bond holdings, the Cyprus Mail reported Jan. 24.

The charges relate to allegations of market manipulation, conspiracy, forgery and circulation of a forged document over a period from 2010 to 2014. Bank of Cyprus was rescued in 2013 amid a crisis in the country's banking industry.

Three individuals currently employed by the bank were charged, Bank of Cyprus parent Bank of Cyprus Holdings Plc said. They are Deputy CEO and COO Christodoulos Patsalides, Finance Director Eliza Livadiotou and Group Treasurer Despina Kyriakidou.

Former CEOs Andreas Eliades and Yiannis Kypri, former finance division chief Christis Hadjimitsis and former risk management chief Nicolas Karydas were also charged, the Cyprus Mail added, citing sources quoted by the Cyprus News Agency.

Eliades and Kypri also face charges in two other cases related to Bank of Cyprus, the publication noted. Those cases, which include charges against the bank itself, were based on reports by the Cypriot Securities and Exchange Commission, whereas the latest case stems from the bank's internal audit unit.

Hearings in the latest case will begin Feb. 16. No charges were filed against Bank of Cyprus Holdings or the bank, the group noted.