Insider Economy Taxpayers paid for CEO's new Jaguar, CCB investigating committee finds

Taxpayers paid for CEO’s new Jaguar, CCB investigating committee finds

Taxpayers paid for  a new Jaguar for the former CCB CEO Nicholas Hadjiyiannis, the committee of inquiry for the collapse of the bank found.

According to the committee’s findings, the bank’s management committee, in which Hadjiyiannis was acting chairman, approved a €28,800 fund for the purchase of a new JAGUAR FX for him.

“This move was necessary and provocative as Hadjiyiannis should not have performed executive tasks, for which the use of a vehicle is needed,” the report says.

In an internal memo to the governor of the Central Bank, senior officer Giorgos Ioannou said that Hadjiyiannis could have used one of the many CCB service vehicles and not buy a new one, while the bank was under state support.

Despite the fact that CCB received state support, between 2014-2018 14 vehicles – worth around €20,00-30,000 each – were bought for its needs, according to KEDIPES.

Also, there were no fixed internal rules to regulate whether the cars could have been used for personal as well as professional reasons.

The report also found that until August 31, 2018 fifty five individuals had commercial cards of the bank. The CEO had a credit limit of €7,500 per month, the senior manager of operations and administrative services had a limit of 5,000 per month, the chief financial officer had a limit of €4,000 per month, a department of land and surveys officer had a limit of €3,000, 18 individuals had a limit of €2,000 per month and 32 had a limit of €1,000 per month.

Read more:

https://in-cyprus.com/even-supervisors-were-threatened-by-ccb-top-management/

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