Cyprus Mail

DISY chief explains debt repayment

Averof Neophytou

After publishing his finances only a day before, DISY chief Averof Neophytou issued a new statement on Tuesday, seeking to explain how he could service a €1.7 million debt.

Neophytou, worth over €2 million, said on Monday that he owed around €1.7 million to seven banks and other creditors.

His said he did not have any other profession and his revenues were the salary he received as an MP and that of being the DISY chief.

Neophytou, who is married and has a son, said it was reasonable to question how he could service his debts.

He said he sold property in the past and used the proceeds to meet his obligations and he had also restructured two loans and was in the process of restructuring a third.

The DISY chairman said he was looking to sell more assets to be able to service his debts properly, and at the same time to reduce the amount.

“A practice, which I humbly state, we should all follow to be dignified and consistent towards our obligations,” he said. “Our loans are money that belongs to depositors.”

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