NewsLocalMillions in state subsidies for Cyprus Rally could have been mismanaged

Millions in state subsidies for Cyprus Rally could have been mismanaged

Over €10 million of tax payer’s money could have been mismanaged by the current organizers of the annual Cyprus Rally, Philenews reported on Friday.

In fact, Finance Minister Constantinos Petrides who has requested an investigation into how the subsidized money was allocated described the organization as irrational.

The Cyprus Rally is currently organised and run by the Cyprus Automobile Association – a private entity – but the state covers almost the entire cost of the event.

Addressing the House Audit Committee on Thursday Petrides said: “I received a phone call from the head of  of the Association asking me if the Ministry would ask for an explanation over how €100,000 needed for some actions as part of the organisation of the rally would be allocated.”

He added: “I told him we cannot allocate money just like that without knowing whether it was actually allocated for the purpose for which it was supposed to be allocated.”

Given this state of affairs, Petrides suggested the event should instead come under the control of the Cyprus Motorsport Federation which is part of the Cyprus Sports Organisation (KOA).

However, socialist Edek MP Marinos Sizopoulos censured Elam MP Sotiris Ioannou – who had tabled the matter for discussion – of failing to invite the Cyprus Automobile Association so that it might defend itself.

Sizopoulos, who used to be member of the board of the Association, said this was deliberate and that the real purpose behind the proceedings was to target him personally.

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