TWO CYPRIOT bank officials face charges of money laundering and unfair use of confidential information lodged by the Romanian authorities.

The state broadcaster CyBC reported last night that four bankers in total, two Romanian and two Cypriot, were being investigated on the above charges.

Quoting the Athens News Agency, the broadcaster said that the two Cypriot employees from the Bank of Cyprus branch in Romania, allegedly passed on information to two Romanian colleagues that Banca Trasilvania was looking for a strategic investor and that the Cypriot bank planned to buy a significant number of shares in the Romanian bank. The bankers in question then allegedly bought shares worth millions, making huge profits.

The Romanian Legal Service has reportedly cleared the two banks in question of any wrongdoing, maintaining that the four bankers were acting for their own interests from May 15 to December 10, 2009.

The Bank of Cyprus released an announcement yesterday backing its... Read more »