Laiki Bank administrator resigns in conflict of interest dispute

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first_imgLAIKI BANK administrator Andri Antoniadi has resigned after disagreeing with the Resolution Authority over the appointment of a certain law firm to handle the case against the defunct lender’s former strongman Andreas Vgenopoulos.The resignation was confirmed by Central Bank executive Stelios Kiliaris.Kiliaris told the Cyprus News Agency that Antoniadi resigned after the Central Bank put Chrysis Demetriades on the case against Vgenopoulos.Reports said Antoniadi resigned because she believes there was an issue of conflict of interest since the law firm had borrowed from Laiki with favourable terms when the bank was under Vgenopoulos’ control.Kiliaris said the matter had been examined by the authority which judged that there was no such issue.In her letter to the authority, Antoniadi suggested that the outcome of the case would be disastrous and “I have no doubt that the blame would be born entirely by you.”Cyprus was forced to shut down Laiki in March 2013 and impose massive losses on depositors in Bank of Cyprus to keep it afloat and get €10 billion in aid from international lenders.In June of that year, a Nicosia district court issued an interim order freezing assets worth around €5.3 billion belonging to Vgenopoulos and two other people.The interim court orders, which have a global reach, were secured by Antoniadi.The court froze assets belonging to Vgenopoulos and former Laiki CEO Efthimios Bouloutas worth €3.79 billion and those belonging to former board member Kyriacos Magiras worth €1.5 billion.It also banned Vgenopoulos’ Marfin Investment Group (MIG) Holdings SA from making any payments or transfers to the benefit of the three men.You May LikeLivestlyChip And Joanna’s $18M Mansion Is Perfect, But It’s The Backyard Everyone Is Talking AboutLivestlyUndoPopularEverythingColorado Mom Adopted Two Children, Months Later She Learned Who They Really ArePopularEverythingUndoYahoo SearchYou’ve Never Seen Luxury Like This On A Cruise Ship. Search Luxury Mediterranean CruisesYahoo SearchUndo Pensioner dies after crash on Paphos-Polis roadUndoCruise passenger airlifted to Paphos hospitalUndoRemand for pair in alleged property fraud (Updated)Undoby Taboolaby Taboolalast_img

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DELAY TO THE CORRUPTION TRIALS AGAIN 2015 START NOW

first_img Retrial ordered in Saunders appeal Facebook Twitter Google+LinkedInPinterestWhatsAppProvidenciales, 24 Nov 2014 – An announcement today that there is another delay and another tentative date given for the start of the corruption trials of former government ministers and relatives, which keep on costing the country millions of dollars. The Court of Appeal did not meet as it was supposed to today; that means there will be no determination on whether the country will push forward with jury trials or juryless trials and that means the pre-trial hearings set to start next week cannot begin. This process has been plagued with challenges and of the late it is a stand-off between lawyers for the Defendants and the Crown and the Prosecution on whether it is fair to have a trial with the judge making the decision alone. The Court of Appeal reportedly cannot meet before January and a special session to determine the argument of trial without jury never convened this month as had been expected. Both the TCI Sun and the Turks and Caicos Weekly News are reporting the development; explaining also that other issues have been that the attorneys are complaining that the case has seen 60,000 extra pages of evidence submitted, without arrangement for an increase in pay. Some of the UK defense attorneys have withdrawn from the case; relations with the Supreme Court registrar, David Chetwynd have also been strained. Big time Customs Officer fined and fired for theft Recommended for you Facebook Twitter Google+LinkedInPinterestWhatsApp Related Items:corruption trial, court of appeal, david chetwynd, jury trial, supreme court, turks and caicos weekly news Court Of Appeal Hears Major Caseslast_img

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