Larnaca criminal court on Monday found guilty five persons and one legal entity accused in the high-profile trial concerning the purchase by Cyprus Telecommunications Authority`s (CyTA’s)  pension fund of real estate in Dromolaxia at a massively inflated price.

The court delivered a guilty verdict on ex-CyTA boss Stathis Kittis; former Electricity Authority boss Charalambos Tsouris, who at the material time was a member of the board of directors of CyTA, AKEL member Venizelos Zanettos; Orestis Vasiliou, then head of CyTA’s employee union and director of Cytavision, land registry official Grigoris Souroullas, also a member of the company Polleson Holdings Ltd, and Polleson Holdings Ltd as a legal entity.

At the same time, the court acquitted the two other defendants in the case, jewelery shop owner Antonis Ioakim and former CyTA marketing manager Yiannis Souroullas.

The court will reconvene on December 31 to hear mitigation arguments from the lawyers of the defendants found guilty. The five were transported to the Central Prisons, and are to remain behind bars until that date.

The court deemed that testimony from the prosecution’s witness, Larnaca businessman, Nicos Lillis was reliable.