Cyprus cabinet appoints Electricity fund investigator

The Cabinet announced the appointment of former Electricity Authority of Cyprus (EAC) director Kikis Ergatoudis to look into the CYP 9.2 mln missing from the authority’s pension fund that were entrusted to Suphire Financial Services.

The government also accepted the resignations by EAC chairman George Georgiades and his deputy Andreas Louroudjiades, who resigned in order to allow for a thorough investigation to be conducted.

“I am assuming the conduct of this investigation knowing that I will possibly face numerous difficulties,” Ergatoudis said. Trade and Industry Minister George Lillikas voiced his conviction that the investigation would be objective.

Lillikas stressed that possible wrongdoings would not be tolerated, but said the investigation would not be a witch-hunt. It was the practice in such cases to appoint someone who knew the ins and outs of the organisation, the minister added.