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Sunday, May 26, 2024 | Back issues
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Cyprus Court Sentences Ex-Top Banker to 30-Month Jail Term

A court in Cyprus has sentenced the former CEO of the island-nation's largest bank to 30 months in prison after finding him guilty of deceiving shareholders about the extent of the lender's money problems in the midst of a financial crisis.

NICOSIA, Cyprus (AP) — A court in Cyprus has sentenced the former CEO of the island-nation's largest bank to 30 months in prison after finding him guilty of deceiving shareholders about the extent of the lender's money problems in the midst of a financial crisis.

According to state-run Cyprus News Agency, the court on Friday said Bank of Cyprus's former CEO Andreas Eliades "didn't want to give the true picture" of the bank's capital shortfall during a June 2012 annual general meeting.

Eliades was convicted last month on the charge of market manipulation but was acquitted on several other charges. Four other top bank executives were acquitted on all charges.

The financial crisis forced Cyprus to accept in March 2013 a three-year multibillion dollar rescue program from other eurozone countries to avoid bankruptcy.

Categories / Business, Courts, Criminal, Financial, Government, International, Law, Trials

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