LIMASSOL - The president of Kyperounta Cooperative Bank and five members of the committee were each fined €5,000 on Monday for disobeying a court order.
The co-op’s secretary in September filed a lawsuit against the bank over his unfair dismissal following a disagreement with management over the recapitalisation of Co-op banks in Cyprus to secure the release of €1.5 billion from the Troika.
The committee was immediately ordered by court to allow the secretary back to work but failed to comply with the order. The secretary then took new legal action over the committee’s failure to obey the order which led to president and five committee members being imprisoned on Thursday by the Limassol District Court until they were released on Monday. The secretary has now returned to his duties.