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Case on EAC portfolio before justice

13/07/2005 08:13
The case on the deficit in the portfolio of EAC’s Pension Fund, managed by Suphire, will be brought to justice in the next few days.

Suphire Chairman, Yiannos Andronikou and his wife, Rea Andronikou were called at the Police Headquarters on Tuesday and were charged pursuant to the instructions of the Prosecutors General.

Mr. Yiannos Andronikou has been charged with theft under representative of £4.8 million, non-disclosure and preparation of false accounts. Mrs. Rea Andronikou has been charged with non-disclosure in theft under representative of £4.8 million and other non-disclosure offences. The police have also charged the Company. Police sources reveal that Mr. and Mrs. Andronikou denied all accusations.

According to StockWatch sources, the case will be referred to the Legal Service and will be forwarded to the court next week due to the serious charges that might be punishable with imprisonment of many years. The case will be heard at the criminal court. More than 150 persons are expected to testify and hundreds of documents and cheques will be presented.