Cyprus Central Bank Freezes 5 Billion In Ex-Laiki Chiefs' Assets

Court orders were issued on Friday freezing more than five billion euros in assets of three Greek former executives of the island's now defunct Laiki Bank, Andreas Vgenopoulos, Efthimios Bouloutas, Kyriakos Magiras and Marfin Investment Group Holdings.

According to reports that quoted an announcement from the Cyprus Central Bank, the special administrator of Laiki Bank, Andri Antoniades, obtained interim orders (issued by Nicosia District Court) against all three executives and the orders have been served.

The Central Bank clarified that they consist of imperative orders for the global freezing of assets totalling 3.79 billion Euros against Messrs Vgenopoulos and Bouloutas as well as 1.5 billion Euros against Mr Magiras. They also include orders for the disclosure of all the assets of the three aforementioned individuals as well as orders prohibiting Marfin Investment Group Holdings from making any payment or transfer in favour of the three aforementioned individuals.