Insider Business Co-op's Hadjiyiannis under fire as committee of inquiry begins probe

Co-op’s Hadjiyiannis under fire as committee of inquiry begins probe

A committee of inquiry set up to probe the collapse of the co-op launched public hearings on Friday with the two first witnesses both criticising the role of  current CEO Nicholas Hadjiyiannis when he was chairman of the board between 2013 and 2015.

George Strovolides, a former non-executive member of the board of the CCB expressed his disagreement with members of the board taking on executive duties, particularly Hadjiyiannis.

And Marios Clerides, who was CEO from January 2014 to September 2015 said that he felt that  he was constantly being undermined by then chairman Hadjiyiannis and this led him to resign.

Strovolides said that while the board was supposed to focus on issues of strategy, from 2013 when the new board was appointed it meddled in executive issues with Hadjiyiannis installing himself in the offices of the CEO — the position was vacant at the time — negotiating his pay and arranging for a company car. When Clerides was appointed CEO, a different office was found for the new CEO.

He said the co-op had poor corporate governance while internal audits were poor.

For his part, Clerides said he had not resigned for personal reasons but because he felt he was being undermined by Hadjiyiannis while the board had taken on an executive role. He said he had been asked in Frankfurt whether Hadjiyiannis was fit and proper to be appointed CEO and said that he may not have the qualifications. 

He also referred to the appointment of Yiannis Stavrinides as an assistant to Hadjiyiannis only to become a ‘super executive’ with super powers within the co-op.

The committee will continue its hearings on Monday.

Top Stories

T/C members of the Technical Committee on Culture resign

All Turkish Cypriot members of the Technical Committee on Culture submitted their resignation saying that the outcome of the “presidential elections” does not comply...

More than 900 signatures against Asphalt factory in Tseri

Online signing of petition for the suspension of work of a non-authorized industrial unit of asphalt located at the municipal boundaries of Tseri. The...

Private hospital postpones regular operations

Private Hospital Evangelismos in Paphos announced that due to increased demand, the number of cases provided by the framework of cooperation with the Health...

Expert expects reduction of COVID-19 cases due to measures

Even if there is a drop in the number of COVID-19 cases, this will not mean that the danger has been overcome and that...

Limassol Bishop: Holy Synod must be convened

The Bishop of Limassol Athanasios told the CNA that he is displeased with the decision of Archbishop Chrysostomos B’ to recognize the autocephaly of...


Squash soup

Ingredients: 1 kg pumpkin, cut into small cubes, approximately 5 cups 2 medium (400g) sweet potatoes, cut into cubes, approximately 2 ½ cups 1 chopped leek, only...


No visit to Cyprus is complete without enjoying the traditional meal of many small dishes known as ‘meze’. This large feast, which has been a...

Prawns with fried cheese, barley shaped pasta

Put the barley shaped pasta into a small pan with salted water, bring to a boil and when tender, drain. Peal the prawns leaving...

Salmon and shrimp sheftalies

Mix all ingredients for tabbouli in a bowl and keep to one side so flavours can combine. Prepare the sheftalies: wash and soak the casing...