The appeal court has unanimously rejected the attorney-general’s appeal against the acquittal of ten defendants in the high-profile cooperative bank case, it was reported on Wednesday.

The ruling confirms the Nicosia criminal court’s December 16, 2021, decision to clear all accused of wrongdoing.

The case, which involved seven individuals and three legal entities, centred on allegations of conspiracy to defraud, forgery, abuse of power and money laundering. Prosecutors claimed the offences were linked to the approval of seven loans from the in the now defunct Strovolos cooperative savings bank.

Following a trial lasting over a year, with testimony from 61 witnesses and more than 480 documents submitted as evidence, the criminal court ruled there was insufficient proof to convict.

The prosecution alleged that bank officials and associates conspired to approve fraudulent loans using forged documents, including fake loan applications and altered meeting records. However, the court found no legal basis to support these claims.

In its 72-page ruling issued on Tuesday, the appeal court dismissed the attorney-general’s arguments, stating that no legal errors had been found in the original verdict. The decision marks the final acquittal of all ten defendants, closing one of Cyprus’ most scrutinised financial cases.