I read some other pages in that thread and I think you are right, I assumed that since he claimed he would move his money to an account in the Caribbeans that the Cyprus account was used for tax evasion.
If he is a Cypriot, or his account was used for managing a business in Cyprus rather than avoiding taxes in his home state, then he was just a victim of bad politics and bad financial management.
He had operations in Cyprus with employees in Cyprus, He was not operating in one country while using bank accounts of Cyprus.