Two more arrests in TEPAK buildings scandal

By Evie Andreou
A 66-year-old man, the former director of Finance of the Cyprus University of Technology (TEPAK), and a 60-year-old businesswoman were arrested on Tuesday in connection with the mismanagement of funds.
The arrests concern three buildings rented by TEPAK for almost €16m.
A third arrest warrant was also issued against Zenon Achillides, 44, head of TEPAK’s property management service who is currently suspended as he already faces 22 charges in connection with mismanagement of funds concerning other buildings of TEPAK.
The three suspects face eight offences, conducted between 2005 and 2009.
Achillides and a 51-year-old contractor, Giorgos Hadjigeorgiou, were arrested two months ago in connection to the same case and are to appear before the Limassol Assize court on June 3 for the first hearing.
The pair face around 20 charges including conspiring to commit a felony, forgery, circulating a forged document and obtaining money through false pretences. Both have denied all charges.
The case of misappropriation of funds at TEPAK might even be bigger than the Paphos Sewerage Board (SAPA) scandal, Auditor-general Odysseas Michaelides has said, as the case includes shady contracts for around 60 buildings acquired to accommodate students, with the contracts estimated to be in the millions.

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