CySEC disagrees with supreme court over Eliades, BoC decision

After the attorney-general, the island’s securities and exchange commission (CySEC) also expressed its disagreement over a Supreme Court decision that acquitted a top banker on appeal, after he was jailed for two and half years for market manipulation.

The supreme court on Wednesday acquitted former Bank of Cyprus CEO Andreas Eliades, and the bank as a legal entity, who had been found guilty in January this year of providing misleading information to investors during the bank’s annual general meeting (AGM) of shareholders on June 19, 2012. The misleading statements related to the bank’s capital shortfall at the time.

The two-one decision of the three-member appellate court was disputed by the attorney-general shortly after it was issued.

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