Court of Appeal recognizes personal liability of Cyprus Popular Bank Provident Fund administrators

The Court of Appeal has unanimously ruled that three former members of the Cyprus Popular Bank Provident Fund Committee bear personal liability for financial losses. The court ordered them to pay €194,708.44 plus interest and costs due to their failure to diversify investments, as over 88% of the fund was held in bank stocks. This ruling overturns a lower court decision, clarifying that individual trustees are personally accountable for negligence despite the fund's status as a separate legal entity.