7 March AtoZForex, Lagos – The Cyprus government has taken effective measures to clamp down on corruptions and improve its regulatory oversight over the market. Not only, has CySEC become more strict and exercised its no-nonsense policy over Forex brokers in the region. In other areas of the Cyprus legal system more actions has been undertaken to fight off corruption. A prime example is the recent case against Assistant Attorney General Rikkos Erotokritou, which involves a high profile bribery case.
On March 2, 2016, the Assize Court of Nicosia reached an initial guilty verdict against Assistant Attorney General Rikkos Erotokritou, as well as Attorneys Andreas Kyprizoglou and Panayiotis Neocleous, and the law office of Andreas Neocleous. These lawyers now face seven charges, which carry a potential seven year jail sentence. Considering, the trial is still ongoing, the lawyers are expected to appear in court on the 10th of March again for the Cyprus bribery trial.
Some of the lawyers involve in this case, also render their services to Forex brokerage firms. In this particular case, the court revealed that there is the possible involvement of the lawyers, Andreas Kyprizoglou and Panayiotis Neocleous of the Andreas Neocleous law firm. A remarkable case, as these lawyers were also involved in the previous bribery case relating to the Russian company Providencia Ltd.
Moreover, the Attorney General, Costas Clerides has highlighted the following potential charges against the lawyers:
- Charges for bribery of a public servant, receiving a bribe to show favoritism by a public official
- Bribery of similar officials
- Conspiring to change the course of justice
- Conspiring to deceive
See also: CySEC fast track application suspended
Suspension of the assistant attorney general
The case has been ongoing for quite a while, having been filed on May 19, 2015 by the the independent criminal investigator Panayiotis Kallis, after an investigation was started. Resultantly, the Assistant Attorney General Rikkos Erotokritou was suspended back in September, after the Supreme Court Council deemed that “the inappropriate behaviour was so serious that it warranted suspending Erotokritou from the position of Assistant Attorney General.”
The suspension of the Assistant Attorney General marked the first time a verdict of such caliber, reached against an a person in the legal system for inappropriate behaviour. Notwithstanding, it is considered a landmark decision and a stride for the Cyprus legal system.
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