13 March 2014 11:34

Investigators probing the collapse of the economy are looking into two multi-million euro loans granted by Laiki bank without appropriate securities and the inquiry is near completion.
According to reports, the two cases involve a €40 million loan to a company registered in Cyprus and a smaller multi-million-euro loan to another firm are currently at an advanced stage as is the case involving former minister and Central Bank governor Christodoulos Christodoulou.
Police investigations are probing the loan application procedures in order to identify possible criminal offences, while the bank officials who approved the loans will be prosecuted as it appears that the borrowers did not provide adequate securities.
It is also expected that within the next two months a foreign consulting agency will be called on to examine specific aspects of the cases but will not be hired on a permanent basis, in order to avoid the high cost.
Justice Minister Ionas Nicolaou recently decided that large, complicated cases should be split up in order to make it easier to detect criminal offences.
This will have an immediate impact on the speedy completion of investigations into the Marfin Investment Group (MIG) loans, Bank of Cyprus loans, bank bond schemes and the purchase of the bank in Greece.
Attorney General Costas Klerides has revealed that there are three cases which are near completion and are soon expected to go to court. Speaking in parliament earlier this week, he told MPs to be patient as the hard work of the legal service will soon show results.
However, the public still remains sceptical that those to blame for the island's financial meltdown will be brought to book.


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