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.


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