EAC official suspended over ties to Suphire

A senior official at the Electricity Authority of Cyprus has been suspended for three months over suspected ties to the Suphire Group that is currently being investigated over a CYP 9,3 mln shortfall in EAC staff provident fund investments.

The EAC official is reported to have secured a personal loan from or with the assistance of Yiannos Andronikou, principal of the Suphire financial services and investments group who is being held on an eight-day remand, in what appears to be a favoured deal.

EAC Chairman Georgos Georgiades told a press conference Friday that this case will be investigated once the Suphire shortfall scandal is resolved, despite accusations that the police are purposely dragging their feet in the investigation.

Georgiades reiterated the board’s conviction to solve the Suphire shortfall case as soon as possible, “under conditions of complete transparency and the implementation of all the principles of good corporate governance.”

On March 24 the board had decided to launch an internal investigation leading to the scandal, while the EAC is also cooperating with the police, the Attorney General’s office and the Auditor General of the Republic. The investigation will be able to conclude on any responsibilities by persons either on the management committee of the EAC staff provident fund or the EAC board itself.

Opposition Disy MP Christos Pourgourides charged Friday that the investigations are moving at a “very slow pace” and that the police does not seem to have the necessary staff to conclude the investigation effectively.

“We will give the police some more time, because it is not right to criticise it while the investigations are going on, but because of the gravity of the case the police should have taken all the necessary measures to undergo investigation in the shortest possible time,” Pourgourides said.

He added that every day that passes adds another tombstone on the whole case and the great delay in its investigation leads to the suspicion that there will be no positive outcome.