Insider Business Paphos Municipality to report CCB over 'seized deposit'

Paphos Municipality to report CCB over ‘seized deposit’

Paphos Municipality has complained that €120,670 deposited at the Cyprus Co-operative Bank had been illegally seized by the CCB to pay off a loan of the Paphos football team that it had guaranteed. It said it would be lodging a complaint to the bank.

The municipality said the bank had unilaterally taken the sum of €120,670 which had been deposited at its account at the bank in order to pay off the last instalment of a €328,000 loan taken out by the Paphos football team from the Hellenic Co-op Savings Fund in 2012 and which was guaranteed by the municipality.

The municipality said this was illegal and arbitrary since Paphos mayor had written to the bank in July last year noting that the municipal council decision to guarantee the loan was an abuse of authority, since the law stipulates that municipal councils require cabinet approval to take out loans.

It added that the council has no authority to guarantee loans taken out by third parties. The bank should have known that the municipal council’s decision was illegal, it added.

The municipality will lodge a complaint against the bank and will ask police to probe possible criminal action by parties involved in the transaction, it added.

Top Stories

War fears in Karabakh as Armenia and Azerbaijan clash with civilian casualties

  Armenia declared martial law and mobilised its male population after clashes with Azerbaijan over the breakaway Nagorno-Karabakh region in which sources on both sides...

Government requests almost 3 million for additional Covid testing and contact tracing

  The Health ministry is seeking 2.9 million euro in additional funds to cover Covid-19 testing and subsequent contact tracing, urgently needed as virus infections...

EU Health Commissioner Kyriakidou in self-isolation after contact with covid case

  The Cypriot EU Health Commissioner has been in home self-isolation since yesterday, following close contact with a confirmed Covid-19 case. Stella Kyriakidou reported the story...

Macron says Belarus Lukashenko must go: paper

  Belarusian President Alexander Lukashenko must accept the logic of democracy and quit power, French President Emmanuel Macron told le Journal du Dimanche. Belarus, a former...

Driver under the influence of cannabis in Paphos

  A twenty nine year old has been arrested in Paphos for driving under the influence of cannabis as well as a series of traffic...

Taste

Sheftalies

Sheftalies, a very tasty dish from the charcoal grill, are minced meat shaped into small sausages and wrapped in “panna” (suet). Panna is a...

Spicy grilled soutzoukakia

Place all ingredients for soutzoukakia in a bowl and mix well, preferably using a food processor, until well combined. Using the mixture, form cigar-shaped...

Souvlakia

Pork souvlaki: Put the meat and all the other ingredients in a bowl (not metal) and mix well. Cover the bowl and keep in...

Pastelli (Carob Toffee)

The nutritional sweet of Pastelli is made with the syrup of carob pods, produced by boiling their pulp until it forms a thick, sticky...