Posts by tag: alvarez & marsal

Business Local News January 21, 2014

AG lips sealed over CBC affair

By Elias Hazou

ATTORNEY-general Costas Clerides yesterday declined to confirm or deny reports that he intends to press charges against Central Bank governor Panicos Demetriades.

Earlier in the day, daily Alithia said the AG was gearing to prosecute Demetriades in connection to a contract concluded between the Central Bank of Cyprus(CBC) and consultancy firm Alvarez & Marsal. Criminal proceedings against Demetriades would be launched within days, the paper claimed.

But a written statement released by Clerides’ office in the afternoon…

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AG lips sealed over CBC affair
Business Local News January 20, 2014

UPDATE: Attorney-general lips sealed over CBC affair

By Elias Hazou

ATTORNEY-general Costas Clerides declined on Monday to confirm or deny reports that he intends to press charges against Central Bank governor Panicos Demetriades.

Earlier in the day, daily Alithia said the AG was gearing to prosecute Demetriades in connection to a contract concluded between the Central Bank of Cyprus(CBC) and consultancy firm Alvarez & Marsal. Criminal proceedings against Demetriades would be launched within days, the paper claimed.

But a written statement released by Clerides’ office in the afternoon read:…

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UPDATE: Attorney-general lips sealed over CBC affair
Business Local News December 28, 2013

AG asks police to take more statements on CBC probe

By George Psyllides

Attorney-general Costas Clerides has asked police to take additional statements as part of a probe into an agreement between the Central Bank (CBC) governor and a consultancy firm to pay them a fee on any amount needed to recapitalise the banks, including when cash was seized from depositors.

The investigation was launched towards the end of October following media reports that Demetriades had agreed to pay Alvarez & Marsal a 0.10 per cent fee on any amount…

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AG asks police to take more statements on CBC probe
Local News December 11, 2013

CBC board member suing the governor

By George Psyllides

A CENTRAL Bank (CBC) board-member is suing the governor over comments he made following publication of the damning findings of an internal investigation into his relationship with consultants Alvarez & Marsal (A&M)

Nicos Constantinou, who headed the audit committee’s probe, said he has filed a libel suit against Panicos Demetriades over his suggestion that his recent reappointment to the board was linked with the report.

The report said A&M, with Demetriades’ approval, and apparently without prior…

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CBC board member suing the governor
Comment December 4, 2013

Our View: Audacity of central bank governor is astonishing

IT WAS NO surprise that the Governor of the Central Bank would issue a statement condemning the publication of the findings of an investigation into the relations between the bank and consultancy firm Alvarez & Marsal.

The investigation, conducted by the Central Bank’s audit committee consisting of three members of the board, found that the Governor had misled the board, ignored its decision, concealed information from it, violated procedural rules, including the awarding of contracts without tenders, and tampered with…

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Our View: Audacity of central bank governor is astonishing
Local News December 3, 2013

Internal CBC audit is void, declares governor

EMBATTLED Central Bank of Cyprus (CBC) governor Panicos Demetriades on Monday hit out at an internal CBC audit – whose findings were unflattering to him personally – calling it “illegal” and “void”.

As well as slamming the audit, revealed by the Sunday Mail this weekend, the central banker said he intended to report the leaking of a confidential document to the attorney-general’s office – all the while maintaining that the contentious report is invalid.

The internal report, prepared by the…

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Internal CBC audit is void, declares governor
Local News October 29, 2013

House seeks answers over CBC contracts

By George Psyllides
The Central Bank (CBC) has handed parliament the contracts signed with two international firms that provided various services before and after Cyprus secured an international bailout so they can be scutinised, it emerged on Tuesday.
Of particular interest is the contract signed with Alvarez & Marsal, which sparked controversy recently and put the spotlight on the embattled CBC Governor Panicos Demetriades.
The other contract concerns PIMCO, a company hired to carry out a due…

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House seeks answers over CBC contracts
Local News October 29, 2013

‘A&M still want their fee

By Elias Hazou

ALVAREZ & Marsal, the consultancy firm retained by the Central Bank (CBC) to provide various services, is reportedly ready to leave their success fee ‘to the full discretion’ of the CBC board of directors.

In a press release issued late on Saturday, the CBC said “it has been informed by Alvarez & Marsal that they are prepared to leave it to the full discretion of the Board of the CBC to assess the value of the recapitalisation…

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‘A&M still want their fee
Comment October 24, 2013

Our View: Demetriades is incapable of acting in the country’s best interests

IT WAS amazing to be informed that Alvarez & Marsal, the consultancy firm hired by the Central Bank of Cyprus (CBC) to offer its expert help in the restructuring and the recapitalisation of the banks, had asked and been granted a ‘success fee’ for its services. What ‘success’ it had achieved, to justify an additional reward of €11 million only the company could tell us. Could the banking sector, which A&M restructured and re-organised, actually be in a worse position…

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Our View: Demetriades is incapable of acting in the country’s best interests
Local News July 24, 2013

Grudging deal at parliament not to probe CBC chief’s actions

By Stefanos Evripidou

THE HOUSE Ethics Committee yesterday “unanimously” agreed- despite murmurs of disagreement- not to request a further probe into allegations that Central Bank (CBC) chief Panicos Demetriades misled parliament over the mandate of an investigation into the circumstances which led the island’s two largest banks to seek state aid.

Following another closed-door session yesterday, committee chairman Demetris Syllouris announced that the matter was officially closed, noting that the decision was unanimous.
As a result, the committee would…

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Grudging deal at parliament not to probe CBC chief’s actions

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