Andronikou back in court

A HIGH-profile stockbroker appeared in court this week to fight off charges of forgery and influencing a witness, in what is expected to be a protracted trial.

The defendant, Yiannos Andronikou, is also at the centre of another case involving the embezzlement of millions of pounds from the Electricity Authority’s pension fund. Andronikou and his wife, Rea, are facing charges of felony, theft, falsifying accounts and concealment.

The case came to light back in February when it emerged that Andronikou’s reports on the status of the special investment account linked to the pension fund greatly deviated from official transaction reports from the stock exchange.

But during the course of investigations into Andronikou’s assets, other aspects of his business dealings came under scrutiny. Detectives came to suspect he forged three land ownership titles in December 2003.

Andronikou had submitted the three titles, concerning land in the Larnaca district, to the land registry department to be used as mortgage for a £2 million loan.

But when he also submitted copies of the deeds, it was noticed that the plots in the Mazotos area were under different names.

The value of the real estate in question is around £3.5 million.

At the trial that got underway at a Nicosia district court, the businessman stands accused of forgery, circulation of forged title deeds, and deceit in the mortgaging of property.
The court heard that Andronikou hired the services of an employee to forge the titles. According to the prosecution, during the course of the judicial inquiry, Andronikou contacted the employee, telling her not to divulge any incriminating evidence. The employee is a witness for the prosecution.

The court will stand in recess, with the next hearing scheduled for January 23, 2006.
Andronikou is the CEO of Suphire Securities & Financial Services Ltd.

Suphire owns stock in Sigma Radio TV, and is a shareholder in the Dias publishing group that produces Simerini newspaper.

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