Insider Business €160 million in NPLs at CCB for politically exposed persons

€160 million in NPLs at CCB for politically exposed persons

According to evidence shown to the Audit office and the Financial parliamentary committee, non-performing loans connected to politically exposed persons (both legal and natural) at February 28th 2018 have an overall value of more than €160 million.

This evidence include responses to questions asked to the administrators of the Cypriot Cooperative Banks during a meeting of the Audit Committee on March 22nd. CCB notes that according to their policy, non-performing loans of politically involved persons, were administered on the basis of approval steps set by the senior management of Non-performing loans and from January 2018 onwards by Altamire Asset Management Cyprus Ltd.

The report includes references to instances of disciplinary and criminal offenses within the cooperative banks. It is noted that CCB has shown zero tolerance in investigating the cases which have arisen during the examination of the NPLs.

Top Stories

Latest on the worldwide spread of the coronavirus

Last updated: 06/07/2020 08:53 Rising coronavirus cases in 39 U.S. states cast a shadow over the nation's Fourth of July celebrations as health experts worried...

Formula one drivers kneel

Formula One F1 - Austrian Grand Prix - Red Bull Ring, Spielberg, Styria, Austria - July 5, 2020 Mercedes' Lewis Hamilton, Ferrari's Sebastian Vettel...

A doorman with floral suit

A doorman in a floral-themed suit stands at the entrance to Annabel's club, after it reopened following the coronavirus disease (COVID-19) outbreak, in London,...

Kanye West will run for President

American rapper Kanye West, a vocal supporter of U.S. President Donald Trump, announced on Saturday that he would run for president in 2020 in an apparent...

What would Kanye West have to do to launch a late White House bid?

  If Kanye West is serious about running for president, the American rapper and fashion designer will face major obstacles to mount a serious campaign...

Taste

Cyprus sprouts with cream and prosciutto

In a big, deep frying pan, fry the prosciutto in the olive oil, on medium heat for 2 minutes. Add the onion and garlic...

Pork burger with sundried tomatoes, mozzarella and anchovies

Mix all the ingredients together with the mince in a bowl, and combine well. Divide into 4 balls and form the burgers. Warm a griddle/pan...

Sheftalies

Wash the lamb cauls with plenty of cold water and let them settle in water and vinegar for a little while. Soak the bread crumbs...

Loukaniko Pitsilias – Pitsilia Sausage

Pitsilia sausage is produced in the Pitsilia region from pork minced meat that is “cooked” ( matured) in the dry red wine of the...