News

Helector may need to give back excessive profits

Published

April 22, 2016

Comments

comments icon

0

Share

Published:

April 22, 2016

Comments:

comments icon

0

Share

Cyprus News Agency (CNA) said it learned the authorities initiated the procedure to be reimbursed with up to EUR 40 million from Helector from excessive profits in connection to embezzlement in waste management in Marathounda and Koshi. The Greek company, responsible for the construction and operation of the facilities, is thought to have bribed various officials with over EUR 1.16 million to overcharge municipalities for years.

Judicial and executive institutions plan to send the documentation about Koshi to European Union’s Directorate General for Competition, according to the information reported by Cyprus Mail. In the meantime, a new tender should result in the introduction of a different waste operator.

High-profile arrests include Larnaca mayor Andreas Louroudziatis and former Paphos mayor Savvas Vergas, also serving a six-year sentence for the role in the separate case, the article adds. Helector is a subsidiary of Ellactor, Greek construction giant owned and run by Bobolas family. Earlier, the Council of Appeals Court in Greece requested from Cyprus to provide additional information on Leonidas Bobolas, head of Helector, before he can be extradited. The panel will reconvene on May 6.

 

Related Articles

Horius exclusive distributor PupinEnergy chargers Serbia

Horius becomes exclusive distributor of PupinEnergy chargers for Serbia

25 April 2025 - Horius signed an exclusive agreement and became the authorized distributor of PupinEnergy AC electric vehicle chargers in Serbia

romania ccgt power plants entso mintia burduja

Romania’s plan to install 2.15 GW of gas power plants isn’t viable

25 April 2025 - The evaluation is part of ENTSO-E’s annual assessment of Europe’s security of electricity supply for the ten years ahead

Project Albania first gas power plant enters next stage

Project for first gas power plant in Albania enters next stage

25 April 2025 - Greece-based GEK Terna and DEPA Commercial are preparing to build the first gas power plant in Albania, with local partner Gener 2

catl Naxtra Battery sodium ion lithium

CATL: World’s first mass-produced sodium ion battery is here

25 April 2025 - Naxtra breaks resource constraints and strengthens the foundation of the new energy industry, according to CATL