Andronikou couple have case to answer on six charges

THE NICOSIA Criminal Court has called high-profile stockbroker Yiannos Andronikou and his wife Rea to take the stand to answer six charges relating to the disappearance of £4.8 million from EAC pension fund.

Andronikou, his wife Rea and his company Suphire Securities & Financial Services, had originally faced 28 charges of theft, falsifying accounts and concealment.

The EAC had discovered a discrepancy in the fund on the last day of 2004 during an internal audit that found that official stock market figures on the fund’s portfolio for the year did not correspond to those provided by Suphire.

During yesterday’s hearing, the majority of the three-judge panel ruled that there was a prima facie case against the defendants on six out of the 28 charges.

In most legal proceedings, one of the parties has the burden of proof, which requires them to present prima facie evidence of all facts essential to its case. If that party, in this case the state prosecution, fails to present prima facie evidence on any required element of its case, its claim may be dismissed without response by the opposing party.

Out of the 28 charges, the defendants have been cleared of 22 charges, but the court yesterday ruled they have a case to answer on six charges relating to the theft of £4.8 million from EAC retirement fund and allegations of concealment.

The remaining 22 charges had to do with forgery and circulating forged documents.

The decision from Judges Lena Demetriadou and Eleni Efrem means Andronikou and his wife now have the option either to take the stand under oath and be subject to cross-examination, to make a statement from the stand not under oath and not subject to cross examination, or not to make a statement at all.

Judge Yiasemis Yiasemi ruled in his minority decision that the defendants should have been cleared of all the charges.
The trial continues.

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