Andronikou sentenced to 7-year imprisonment

Yiannos Andronikou, who was charged for stealing £4.8 million from EAC’s Provident Fund, is sentenced to 7-year imprisonment by the Nicosia Criminal Court. The Court also imposed a fine of £200 thousand to Suphire. Mr. Andronikou’s defense will appeal.

The Court had issued a decree for the confiscation of £4.3 million of Suphire, which was found guilty for stealing £4.8 million from EAC’s pension fund. The request that concerned the confiscation of Mr. Andronikou’s assets was rejected since the Court decided that it was to the Company’s benefit only. The investigation of the case started on March 15, 2005.