InsiderBusinessAG appoints 3 member committee of inquiry into co-op

AG appoints 3 member committee of inquiry into co-op


Attorney general Costas Clerides on Thursday appointed a three member committee of inquiry into the co-op.

The committee will be chaired by former Supreme Court and EU Court judge Giorgos Arestis. The other members are Giorgios Charalambous, economist, a former Central Bank and Bank of Cyprus banker as well as a former chairman of the Cyprus Securities and Exchange Commission and Giorgos Giorgiou, former CEO of Alpha Bank Cyprus.

The committee of inquiry is charged to investigate all the events relating to the situation in which the co-op credit system of Cyprus now finds itself. The committee has the authority to call in any expert to advise it.

Details of the terms of reference of the issues to be investigated by the committee of inquiry will be given in the relevant decree that will be published in the official gazette in the next few days,  once all the necessary preparatory work is carried out so that the committee can start work immediately after the publication of the decree.

It is up for the committee to decide on the period its inquiry will cover.

The committee will be asked to submit a report within three months of the issue of the decree, as provided by law, but reserves the right if necessary to extend this for another three months.
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