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

Excavators clear debris from ruined Beirut port

The destroyed port of Beirut lays covered in debris on Thursday, over a week on since a deadly blast ripped through the city. The August...

Research vessel Oruc Reis re-enters Greek waters

The Turkish research ship Oruc Reis with its two auxiliary vessels Ataman and Cengizhan accompanied by a naval force of Turkish warships is moving...

Police report 11 premises and 21 individuals for noncompliance with measures

Cyprus police conducted 1,030 checks reporting 11 premises and 21 individuals in various Districts of Cyprus for not complying with measures aiming to contain...

Research vessel Oruc Reis back in Turkey’s continental shelf

Turkish research vessel Oruc Reis left on Wednesday evening an area that falls within the Greek continental shelf and entered the Turkish continental shelf,...

France to bolster Mediterranean military presence over Turkish prospecting

France will increase its military presence in the eastern Mediterranean, President Emmanuel Macron said on Wednesday, calling on Turkey to halt oil and gas...

Taste

Octopus ‘Kathisto’ (or Octopus braised in Wine)

Ingredients: 1/2 cup Greek extra virgin olive oil 2 medium onions, chopped fine 1 large octopus, about 2kg (cleaned and kept whole) 3/4 cup dry red wine 1/3 cup...

Homemade lemonade

Ingredients: 1 cup lemon juice 1 cup sugar Method: Thoroughly wash the lemons with soap and warm water. Roll each lemon with the palm of your hand, pressing...

‘Striftaria’ mini cheese pies

Ingredients 1 ½ cup milk 2 tbsps. flour 4 tsps. of butter 3 eggs, slightly beaten + 1 extra with 1 tbs. of milk for spreading 1 pack of...

Mini potato canapes baked on salt

Ingredients Serves: 12 1kg small Cypriot potatoes rock salt, as needed 250g salted butter 300ml full fat cremé frâiche 1 pot cod or salmon roe Method Prep:20min › Cook:35min › Ready in:55min Take...