Bank of Cyprus has declined to comment on the report. Petros Clerides, the Cypriot attorney-general to whom a copy of the report was delivered, declined any comment on the matter. Much attention in the crisis has hitherto focused on allegations of poor management at Cyprus's other big lender, Laiki Bank, formerly Marfin Popular. But the Alvarez and Marsal report, whose broad findings emerged earlier this month, raises questions, too, about the former management of Bank of Cyprus. The report noted "a culture whereby senior management decisions were not challenged". Michael Olympios, who heads an investors' association, Pasexa, that has complained of mismanagement, said: "There was clear corporate governance failure here, and a lack of disclosure to shareholders." More broadly, he added: "If one wants to summarise the mess in our banking system, Lord Acton sums it up; power tends to corrupt, and absolute power corrupts absolutely."