Pierides to pay back loan with art

THE FOUNDER of the Pierides Foundation will pay off his £1.3 million loan to the Bank of Cyprus (BoC) in the form of works from his collection, reports said yesterday.

Politis, which broke the story of the loan to Demetris Pierides, who was also a member of the BoC board, said the money would be paid back through the acquisition of works from the Foundation.

Pierides, a member of the board since 1992, tendered his resignation last week on the same day Politis reported the story. Pierides is a prominent name in Cyprus’ cultural circles: he is a distinguished art collector with a string of cultural foundations and museums bearing the family name.

In 1995, he reportedly took out two separate loans with the bank. A sum of £950,000 was personally given to him, with the rest loaned to his cultural foundation.

He is believed not to have kept up with his repayments over the last year.

According to the initial reports it was decided, after top-level negotiations, that Pierides would pay back the money using funds he would receive from the sale of several pieces in his art collection.

The Central Bank of Cyprus was also asked for its input on the matter. They reportedly gave the green light to the proposed settlement through the art works but at least until last week, it had not materialised.
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