State treasurer steps down from public audit oversight board

State treasurer Rea Georgiou has resigned from her position as the president of the Public Audit Oversight Board after the attorney general’s office cited conflict of interest.

The Public Audit Oversight Board is the independent oversight authority responsible for the supervision of the audit profession in Cyprus.

In a resignation letter to cabinet, Georgiou said that on her appointment, the legal counsel of the board had not found any conflict of interest arising from the fact that her brother is a partner in an audit firm.

But excerpts of the attorney general’s opinion on the issue recently conveyed to her by the finance ministry, showed the law office had a different view, leaving her no option but to resign, she added.

Georgiou has found herself under scrutiny in connection with the Cypra slaughterhouse which is owned by her husband.

A three-member committee of inquiry was sworn in on Thursday to enquire into every aspect of allegations in connection with the slaughterhouse and possible misconduct by Georgiou or any other state official.

The probe was initiated after allegations that she stopped a €54,000 cheque deposited by her husband’s company as guarantee of faithful execution of an agreement with the government. She has denied any wrongdoing and said there was a court order which prohibited the seizure of the guarantee pending conclusion of the case.

She also said that at the time, to avoid any actions that would suggest conflict of interest she had recused herself.