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On the Audit of the former Cooperative Bank-KEDIPES agreement with ‘Altamira’ Real Estate management company

Statements by AKEL MP Christos Christofides after the meeting of the very

2 December 2021

The Anastasiades-DISY government, the leadership of the ruling DISY party, the former Finance Minister Haris Georgiades, his cronies and associates, drove the Cooperative Bank to its closure and sold it off to a private bank, as has been very clearly recorded in the findings of the Committee of Inquiry on the collapse of the Cyprus Cooperative Bank.

This is one of the biggest scandals in the history of the Republic of Cyprus. They negotiated with a single bidder whom they themselves selected and concluded a deal that was beneficial to the buyer, but came at a huge loss to Cypriot citizens. We will not stop posing questions and demanding explanations on this matter until those guilty pay and until justice is done.

Today we have received two important assurances following our questions. One, from the Legal Service, that all those involved have been questioned, no matter how high up they are. For us, this is particularly important because, on the one hand, it is of course very important that anyone who has committed any wrongdoing must be punished, but on the other hand, it is more important that those who were taking the decisions that led to the closure of the Co-operative Bank and caused the loss of hundreds of millions of euros for the State and society must pay.

The second assurance from the Cyprus Asset Management Company Ltd (KEDIPES) is that by the end of February all civil actions will finally be filed where and when they should be, whoever they concern. Let me remind you that several months ago, as a result of a draft bill submitted by AKEL, the period required for the statute of limitations for civil offences was extended by one year, precisely in order to give the necessary time for civil actions to proceed and not for any offences that have been committed to be dismissed.

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