Claim of 6.3 Million CYP pounds for breach of fiduciary duty and fraud

A claim arising from the Cyprus Stock Exchange scandal and crisis of 1999-2000 has been filed by the Cyprus Airways Pilot Provident Fund, through its lawyers Georgiades & Mylonas, against the Suphire group of Companies and its directors, one of them being Y. Andronicou, claiming 6.3 million pounds on the grounds of fraud and breach of fiduciary duty during the Cyprus Stock Exchange crisis in 1999-2000. The Fund also succeeded in obtaining a freezing order (mareva injunction), freezing all the assets of the company, Andronicou and his wife until the final adjudication of the case, which is still pending in Court. It should be noted that recently, Andronicou was found guilty of the fraudulent embezzlement of money from the Funds of the Electricity Board and was sentenced to 7 years’ imprisonment and fined CYP200,000. In the meantime, a criminal investigation by the Cyprus police is also underway with regard to millions of Cyprus pounds which have been found to be missing from the Cyprus Airways Pilot Provident Fund.