A former director of finance of the Cyprus University of Technology (TEPAK), and the head of TEPAK’s property management service Zenon Achillides, who is currently on suspension, and another man, aged 40, are to be brought before court on Wednesday for a remand hearing in connection with mismanagement of funds concerning three buildings rented by the university.
A 60-year-old businesswoman, the mother in law of the 40-year-old, was arrested on Tuesday in connection to the same case, but was later released for lack of evidence.
The arrests concern three buildings rented by TEPAK for almost €16m.
The three suspects face charges on eight offences, dating between 2005 and 2009.
Achillides and a 51-year-old contractor, Giorgos Hadjigeorgiou, were arrested two months ago in connection to mismanagement of funds concerning other buildings at the university and are to appear before the Limassol Assize court on June 3 for the first hearing on those charges.
The pair face around 20 charges including conspiring to commit a felony, forgery, circulating a forged document and obtaining money through false pretences. Both have denied all charges.
The case of misappropriation of funds at TEPAK might even be bigger than the Paphos Sewerage Board (SAPA) scandal, Auditor-general Odysseas Michaelides has said, as the case includes shady contracts for around 60 buildings acquired to accommodate students, with the contracts estimated to be in the millions.