A former director of finance at the Cyprus University of Technology (TEPAK) and the head of university’s property management service Zenon Achillides, were remanded for seven days on Thursday in connection with the mismanagement of funds concerning rental agreements for three buildings used by the university.
The suspects face nine charges for offences committed between 2005 and 2009, concerning three buildings rented by TEPAK for almost €16m.
A third suspect, a 40-year-old employee of a company, which owned one of the three buildings in question, and who was arrested on Tuesday, was released.
After a long cross examination, which began on Wednesday, the Limassol district court had postponed its decision until Thursday.
Police sought an eight-day remand for the two university officials, and a six-day remand for the 40-year-old.
The court heard that Achillides and the retired director of finance, deceived TEPAK’s board in connection to the rental contracts of the three buildings, located on Eleftheria Street, Saripolos street and Iroon Square and that they changed terms in contracts in favour of the buildings’ owners without notifying the board.
They were also reportedly handling agreements in the absence of the university’s legal consultant.
Achillides and a 51-year-old contractor, Giorgos Hadjigeorgiou, were arrested two months ago in connection with 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 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.