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CPC-Banks: The ‘future’ of objections

24/09/2003 12:59
StockWatch sources reveal on Wednesday the ‘future’ of the interlocutory objections made by the legal advisers of the Cyprus’ three largest banks (BOC, CPB and HB) and the intrigues in yesterday’s hearing.

It is noted that certain banks have requested the separation of their case from that of CPB, HB and BOC, since the indictment refers to the three banks only.

The process

First: Following the same defensive line, CPB and HB accused the Competition Protection Committee for an unhindered access in the bill of indictment. CPB legal adviser, Nicos Papaefstathiou emphasized that CPC’s denial affects the interests of his clients.

CPC: CPC Chairman, Christodoulos Tsielepos stressed that the integrity and objectivity of the Committee cannot be questioned and insisted that CPC is to decide when the case file will be released.

Second, the banks questioned the legality of the assaults made by CPC for the collection of figures, supporting that this authorization violates a certain provision of the legislation.

Mr. Tsielepos said that the preparatory process is not an interlocutory issue.

According to StockWatch sources, Mr. Papaefstathiou said that the Competition Protection Committee as an administrative institution must allow the defendants to access the case file against them for a “fair trial”.

On the other hand, Mr. Tsielepos said that CPC does not intend to leave “grey zones” to the file that supports the indictment.

Third, as regards to the participation of Mr. Kostas Efstathiou in the Committee, Mr. Tsielepos noted that the Committee operates as an administrative body.

Journalists – witnesses for the prosecution

Fourth, CPB legal adviser expressed the banks’ intention to call journalists as witnesses for the prosecution to substantiate the charges for the leak of information to the press.

Mr. Papaefstathiou and Mr. Georgiades (HB) questioned the right of the CPC Chairman and members to talk to the press for the issue.

Mr. Tsielepos replied that journalists have commented on all publications and have ended up with arbitrary conclusions. “My statements are clear and cannot be construed the way you claim”, he said.