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No show by two former Laiki bank board members

11 May 2016

Two Greek bankers linked to the collapse of Laiki Bank have still not reported to the Greek authorities. South Cyprus demanded their extradition to Cyprus where they face charges of mismanagement of the bank.

Former Laiki Bank board members Efthymios Bouloutas and Markos Foros were ordered to be extradited to Cyprus on 15th April, by the Greek High Court, after they failed to appear in a Cyprus court.

Solicitors representing both men issued a statement three days later, saying that they promised to present themselves to the Greek authorities on 9th May, so that they could appear at a Cypriot court on 11th May.

Greek judicial authorities had decided to extradite the pair in March, but the decision was appealed.

Cypriot authorities issued European arrest warrants for Bouloutas and Foros in February, after they failed to appear before court at the inaugural hearing of the case.

Two other defendants, Panayiotis Kounnis and Neoclis Lysandrou, also former board members, were in court.

The four board members of the now defunct Laiki bank are accused of conspiracy to mislead investors via inaccurate accounting and making misleading statements about the financial state of the bank in 2011.

The Greek Cypriot authorities have privately expressed their frustration with the way Greece handled the extradition order for Bouloutas and Foros. They said that both men should have been held in custody, once the Greek High Court had ordered the extradition to Cyprus. However, this was not possible since both men were represented in court by their lawyers on 19th April, as Greek law permits.

The court ruled that they show up in the following month to comply with the extradition order. They remained free, although were not permitted to leave Greece.

“.. if this drags on, and they [Bouloutas and Foros] continue to be a no-show, we will consider other moves, such as issuing a judicial demarche to Greece,” they said.

The case has been adjourned until June.

Cyprus Mail

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