Cyprus Mail
Cyprus

Christofias releases financials to quash ‘malicious rumours’

FORMER President Demetris Christofias yesterday published his family’s accounts in a bid, as he said, to put paid to malicious rumours that members of his family are ultra-rich and that they transferred millions out of the country.

The accounts, prepared by Kyprianides, Nicolaou & Associates Chartered Accountants, compare the revenues and expenditures, as well as the assets and liabilities, of Christofias and his wife Elsi on December 31, 2007 and December 31, 2012 – roughly the period spanning Christofias’ presidency.

On December 31, 2012 the property of the couple was worth a total €341,901, compared to €315,704 on December 31, 2007. By the end of 2012, however, they owed €200,000, bringing their net worth down to €141,901.

The couple transferred to their son their residential apartment worth €484,980, and spent some €18,000 on their son’s studies. They also gifted €230,000 in cash to their two daughters.

Their total combined earnings during the period in question amounted to €914,336, and expenses to €1,088, 139.

Christofias’ net income (salary minus taxes and contributions to AKEL) at the end of 2012 came to €764,658 for the five years he was president.

His spouse’s net earnings in the same period totalled €149,677. Christofias’ wife earns an income as a member of AKEL’s Central Committee.
In 2010 Christofias collected a little over €46,000 from his provident fund, and in 2012 cashed in a life insurance policy getting some €12,000.

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