cyprus jails exceo at top bank for market manipulation
Last Updated : GMT 06:49:16
Arab Today, arab today
Arab Today, arab today
Last Updated : GMT 06:49:16
Arab Today, arab today

Cyprus jails ex-CEO at top bank for market manipulation

Arab Today, arab today

Arab Today, arab today Cyprus jails ex-CEO at top bank for market manipulation

A Cypriot court Friday jailed a former Bank of Cyprus chief executive for two and a half years.
Nicosia - Arab Today

A Cypriot court Friday jailed a former Bank of Cyprus chief executive for two and a half years after finding him guilty of market manipulation in the lead-up to a financial meltdown in 2013. Andreas Eliades was convicted in December on charges of deceiving shareholders about the actual capital shortfall of BOC, the Mediterranean island’s biggest bank, at an annual general meeting in June 2012.

The case is the first in a state probe into the causes of the financial crisis, which left several top Cypriot banks insolvent and forced it to seek an unprecedented international bailout.

The Nicosia criminal court found that Eliades had “knowingly misled” shareholders, who had the right to be properly informed. “At the time he did not want to give the true picture,” the verdict read.

More serious charges of collusion and concealing data were dropped during the trial, and four other former senior officials were acquitted.

Bank of Cyprus was fined 120,000 euros ($144,000) for failing to take the necessary action to give a clear picture of the bank’s finances, which could have affected its share price.

Cyprus is recovering from the financial crisis, which forced it to negotiate a harsh bailout with international creditors in 2013. In March 2013, Cyprus obtained a 10 billion euro loan from the European Union and International Monetary Fund to bail out its troubled economy and oversized banking system. Under the terms of the deal, the government had to close the island’s second-largest bank, Laiki, and impose a 47.5-percent haircut on BOC deposits above 100,000 euros.

A version of this article appeared in the print edition of The Daily Star on January 06, 2018, on page 4.

Source: AFP

 

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

cyprus jails exceo at top bank for market manipulation cyprus jails exceo at top bank for market manipulation

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

cyprus jails exceo at top bank for market manipulation cyprus jails exceo at top bank for market manipulation

 



GMT 15:36 2017 Monday ,09 January

Major EU-GCC meeting in Riyadh today

GMT 17:19 2016 Thursday ,22 December

KFMC surgeons remove 28 kg tumor from woman’s uterus

GMT 17:33 2017 Wednesday ,16 August

Damac reports decline in property development sales

GMT 09:16 2018 Monday ,01 January

Seoul leaning towards military measures

GMT 01:05 2017 Wednesday ,20 December

No guarantees on French-German initiative on Ukraine

GMT 21:00 2017 Sunday ,17 September

Saif bin Zayed approves adoption of 'Emirati Reader'

GMT 02:10 2017 Thursday ,05 January

Bahrain Stock Index Drops 3.47 Points

GMT 02:05 2017 Thursday ,28 September

July24th-August23rd

GMT 04:17 2017 Saturday ,11 November

Laulala out to prove All Blacks worth against France

GMT 02:42 2017 Friday ,14 July

NATO Tripoli strike kills civilians

GMT 05:47 2017 Wednesday ,18 January

Mohamed bin Zayed attends opening of ADSW 2017

GMT 05:40 2016 Saturday ,26 November

Oil falls 2% on OPEC cut uncertainty

GMT 16:48 2016 Tuesday ,11 October

Greek police escort refugee children to school

GMT 09:42 2017 Saturday ,12 August

Prince Charles Promoted to Highest Military Rank

GMT 13:07 2017 Monday ,25 September

Iran blocks all Iraqi Kurdistan flights
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

Maintained and developed by Arabs Today Group SAL.
All rights reserved to Arab Today Media Group 2021 ©

arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday