Cyprus Mail
Cyprus

EAC head resigns over conflict of interest

The chairwoman of the electricity company has resigned six months after her appointment after it was determined she had a conflict of interest in her capacity as a lawyer, it was announced on Wednesday.

In a statement, Emily Yiolitis said she has decided to resign her post at the EAC after she had been informed by the incompatibility committee that she had a conflict of interest because her legal firm represented casino operators Melco, which was negotiating with the utility company on the plans and construction of a station to power the Limassol facility.

Yiolitis had written to the committee of her own volition on January 21, informing them of the state of affairs and asking for a ruling. She was appointed chairwoman of the EAC a few days earlier.

After seeking some clarifications, the committee informed Yiolitis in a July 2 that there was an issue, despite her saying that key decisions on the matter had been taken by the previous board.

The committee rejected that argument, saying the matter was still at an early stage and important decisions must still be made by the board.

“Moreover, Mrs Yiolitis admits that it is a huge project and other matters may arise in the meantime,” the committee said.

It also noted in its letter that concerns had been expressed in a board meeting in March about the delay in completing the project.

“The board of directors has a key role to play either by making decisions or by ratifying decisions made by other bodies,” the committee said.

 

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