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/

Top Stories

164 new cases, one death announced on Tuesday

 The Health Ministry announced the death of one person due to COVID-19. This raises the death toll from the virus in Cyprus to 176,...

Where to get antigen rapid tests on Wednesday

The Health Ministry announced the following antigen rapid test sites for Wednesday, 20 January 2021:   LIMASSOL Parking place Sklavenitis supermarket, Germasogia 08:30-16:30 Grigoris Afxentiou Square 08:30-16:30 Parking place...

Italy’s Mount Etna erupts at night time

Long streams of red-hot lava flowed down Mount Etna as Europe's tallest and most active volcano erupted again.   At 10,926 feet, Etna is the continent's...

Cyprus secures another 565,000 doses of Pfizer/BioNTech vaccines

Through additional procedures of the European Commission, Cyprus secured another 565,000 doses of Pfizer/BioNTech vaccines, increasing the number of orders from the specific company...

Everything ready for inoculations among enclaved Greek Cypriots and Maronites

All necessary arrangements have been made to start inoculating against COVID-19 the enclaved population and those who repatriated in the Karpas peninsula and the...

Taste

Squash soup

Ingredients: 1 kg pumpkin, cut into small cubes, approximately 5 cups 2 medium (400g) sweet potatoes, cut into cubes, approximately 2 ½ cups 1 chopped leek, only...

Mezedes

No visit to Cyprus is complete without enjoying the traditional meal of many small dishes known as ‘meze’. This large feast, which has been a...

Prawns with fried cheese, barley shaped pasta

Put the barley shaped pasta into a small pan with salted water, bring to a boil and when tender, drain. Peal the prawns leaving...

Salmon and shrimp sheftalies

Mix all ingredients for tabbouli in a bowl and keep to one side so flavours can combine. Prepare the sheftalies: wash and soak the casing...