POLICE yesterday seized computers and documents from the offices of Suphire, the company suspected of stealing around £9 million from the Electricity Authority (EAC) pension fund.
The investigations were stepped up, a day after the company’s CEO, Yiannis Andronikou, was arrested and remanded in custody for eight days in connection with the case.
His wife, who was also arrested on Sunday, was released after a court decided there were no grounds for her detention.
Police yesterday rejected charges that they had been dragging their feet, and announced that a criminal investigator with experience in such cases had been appointed to help the investigation.
It took around 10 days since the case was reported by the EAC until police raided the company’s offices and confiscated potential evidence.
Accompanied by Yiannis Andronikou, officers yesterday searched the company’s offices in Nicosia and reportedly seized around 15 boxes of documents and computer evidence.
Documents and computers were also confiscated on Sunday morning.
The Chief of Police, Tasos Panayiotou, would not rule out the possibility of more arrests.
“It is a very big, complex case; nothing can be ruled out,” he said.
Panayiotou could not set a timeframe for the completion of the investigation, adding that the force was prepared to appoint more investigators if necessary. Eight are currently working on the case.
The police chief rejected suggestions of police delays: “There was no delay on behalf of the police.”
The case was reported to the police two weeks ago and a large team began the investigation, he said.
“It is not a simple case that can be completed in a few hours or days,” Panayiotou said.
Meanwhile Trade and Industry Minister George Lillikas yesterday announced the appointment of a committee to carry out an internal investigation into the Suphire case.
The minister stressed that the main aim was to secure the return of the missing money, but added this would not mean the termination of the criminal procedure.
He said the committee would be up and running in two or three days and would look into possible imperfections, weaknesses and loopholes, as well as potential responsibilities in the affair.
Lillikas said Auditor-general Chrystalla Yiorkadji had been invited to participate but had declined, and that the EAC board was now looking at the alternatives.
The chairman of the EAC board, George Georgiades, said he had acted immediately as soon as he found out about the matter.
He said that within 12 hours, he had met with the Anronikou couple and within 24 hours requested a meeting with the deputy Attorney-general.
“With all due respect, it is unfortunate to say they knew for months,” Georgiades said.
Reports in the media have claimed that the board had known about the missing money since January.
Georgiades said that question would be answered by the committee, which would look into the affair, but he added that when the EAC found out about the discrepancy there was an immediate internal inquiry.
After the discrepancy was confirmed, the fund management committee was alerted and then the chairman, Georgiades said.
