A three-member investigative commission to probe possible civil, criminal or political liabilities concerning developments in Cyprus’ banking sector and the economy was sworn in here today, during a ceremony at the Presidential Palace.
The commission is chaired by Georgios Pikis, a former Supreme Court President and former member of the International Court of Justice in The Hague. The other two members are Panayiotis Kallis and Yiannakis Constantinides, both former Supreme Court judges.
The ceremony took place in the presence of Cyprus President Nicos Anastasiades, Justice Minister Ionas Nicolaou and Attorney General Petros Clerides.
Speaking during the ceremony, President Anastasiades said that the appointment of the commission is something “the state owes to the people”. He added that the present situation is the result of a combination of factors, actions or omissions by people who were in charge of handling the economy and the banking sector. These, he added, have led the country to near collapse and led one of Cyprus’ largest banks to a breakup.
Moreover, President Anastasiades asked the commission to investigate as a priority and with “great strictness” direct or indirect claims relating to diverting funds abroad which concern him personally or his immediate family. He also asked the commission to extend its inquiry to transactions by the law firm he was partner to until recently, before assuming his duties as President in February this year.
“Innocent compatriots of ours are called to bear the consequences” the President said, adding that the people are justly asking for retribution.
Finally, Anastasiades praised the members of the commission for offering their services to the country, without pay.
Speaking on behalf of the investigative commission, Pikis pledged to carry out their duties in full, adding that this is something they owe to all people.
In the early hours of Monday, March 25, Eurozone Finance Ministers and the IMF agreed on a 10 billion financial assistance package after the Cypriot authorities agreed to wind down the Cyprus Popular Bank (CPB), the island’s second largest lender, and to restructure the Bank of Cyprus (BOCY), Cyprus’ biggest bank, after imposing losses on deposits above €100,000. This will shrink the island’s large banking sector, resulting in deeper recession.
Excluded from the international markets, Cyprus applied for financial assistance last June after BOCY and CPB sought state aid following massive write-downs of the Greek bond holdings, amounting to €4.5 billion as a result of the Greek sovereign debt haircut.
