Chiraco v. Aiantas Investment Company – Poor administration of share portfolio


This is another case arising from the Cyprus Stock Exchange crisis during the period 1999-2000 involving an action against a stock market company, filed by Chiraco via its lawyer, Yiannos Georgiades, claiming over 1 million Cyprus pounds in compensation. The case centered around acts of negligence concerning portfolio management on behalf of the investor company Aiantas, which caused the price of shares to fall considerably, consequently causing loss to the claimants. Chiraco also claimed punitive damages and requested a Court order to gain access to the company’s accounts for inspection. Eventually, the parties reached an out-of-court settlement of the case to the claimants’ satisfaction

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