Rejection of Appeal by Former Laiki Executives Regarding Administrative Fines
October 16, 2025
The Supreme Constitutional Court rejected the appeal of four former executives of Laiki Bank against the administrative fines imposed by the Cyprus Securities and Exchange Commission. Boulloutas, Chiliadakis, Foros, and Kounnis sought to annul the fines for breaches of transparency legislation. The court ruled that there was no bias from the commission's chairperson and the claimants did not substantiate their allegations. The legality of the fines was confirmed, and claims of unfairness were dismissed. The fines amount to significant sums for each of the four former executives.