NewsLocalAuditing Office releases report on PEP' loans

Auditing Office releases report on PEP’ loans

The Auditing Office, today released to the press its special report about the loans of Politically Exposed People (PEP) at the Cooperative Bank. No names are mentioned in the report following the verdict of the Commissioner for Personal Data Protection.

According to the report, some PEP maintained non-performing loans with the Cooperative Bank, about which no solutions for restructuring have been found and some of them have been described as non cooperative.

Some PEP proceeded with the restructuring of their loans, which, in some cases included writing off of huge amounts, provided that the debtors complied with their obligations.

In some cases the debt was exchanged with property. However, this property cost much less than the debt, on the basis of the proposed selling prices as these are published by Altamira.

In some cases PEP got loans with insufficient securities or despite the suggestion to reject the application.

According to the report, the loans of persons who are still alive and had the positions of President of the Republic, Minister and Deputy, at any time between years 2008 and 2019 or were leaders of political parties during that period, were examined. The list includes 161 people.

(philenews)

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