Cyprus Mail

Disingenuous about co-ops audit

Parliament has recently passed legislation which limits the data to which the auditor-general has access to when auditing the Cooperative Central Bank and which restricts his activities to purely administrative matters.

This means that the auditor-general cannot review the financial affairs of a publicly owned bank.  This is disgraceful and one wonders what is really going on within the bank which has received almost €1.7bn in taxpayer’s money since 2014 to keep it afloat?  The fact that parliament has passed this act speaks volumes as to the integrity, or otherwise, of its members and the contempt to which it holds the electorate.

To claim, as they do, that this would put the bank at a competitive disadvantage is disingenuous and one must wonder why they wish to avoid independent scrutiny?  The auditor-general should be allowed unrestricted access in order to objectively report on how public money is being used.

Dr John Mitchell CFIIA, Paphos

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