Cyprus Mail

Co-op probe committee resumes work

The team tasked to investigate co-op

The committee investigating the collapse of the Cyprus Cooperative Bank’s (CCB) resumes work this week after a 10-day break.

Made up of former Supreme Court judge Georgios Arestis, economist and former banker Georgios Charalambous and Georgios Georgiou, another former banker, the committee will on Thursday hear the testimonies of Auditor-general, Odysseas Michaelides and financial ombudsman, Pavlos Ioannou. Another 13 persons have been called in to testify between August 27 and 31.

The independent committee, appointed by the attorney-general, will look into how the lender’s non-performing loans had reached €7.5bn as well as why the co-op required €1.7bn in state assistance for its recapitalisation in 2014. It also aims to shed light on the way the lender was managed as well as on the decisions that contributed to its collapse and forced sale to Hellenic Bank.

So far, former CCB board members have testified as well as the bank’s former CEO Marios Clerides. The proceedings are held at the Filoxenia conference centre and are open to the public.

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