Helector may need to give back excessive profits


April 22, 2016





April 22, 2016




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


Fossil fuels returned as top energy source in EU power generation in 2021

01 July 2022 - Among renewable sources, the biggest increase in 2021 was seen in electricity produced from solar energy, 13%,

Floating wind farm project unites fishermen, investors in Ireland

01 July 2022 - A joint 2 GW floating wind farm project is the first cooperation in the world between the two opposing sectors.

Voltalia breaks ground Albania biggest solar park Western Balkans Karavasta

Voltalia breaks ground in Albania for biggest solar park in Western Balkans

01 July 2022 - The site for the Karavasta solar park spans 196 hectares in Fier county in Albania's west. The planned capacity is 140 MW.


Serbia’s power utility EPS posts Q1 net loss of EUR 254 million

30 June 2022 - The state-owned power utility is blaming the poor result on a drop in output, electricity imports, and capped prices for end-consumers