Vincent Pfister, a former employee at Ambrosiadou’s $2.5bn (£1.5bn) Ikos hedge fund, is alleged to have stolen vital computer codes key to the firm’s success.
He is accused of skipping a Cyprus court date after he allegedly fled to Britain and posted the computer codes to Grenoble, France, after illegally downloading them.
Pfister admitted downloading the codes but denied passing them on to Coward, who is setting up a rival hedge fund based in Monaco.
Once headquartered in London, Ikos is now based in Cyprus.
A further hearing will take place this Friday, after the judge in the case decided Pfister had a case to answer for contempt of court.
Both Pfister’s defence lawyers and legal advisers acting for Ambrosiadou are in the process of submitting evidence to the Limassol court.