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CyTA bosses accused of committing business violations

Two high-ranking officials of the Cyprus Telecommunications Authority (CyTA) have been accused by Auditor General Odysseas Michaelides of violating business ethics, according to sources of Phileleftheros.

The officials in question are Deputy Chief Executive Officer at CyTA and acting CEO, Michalis Achilleos, and Antigone Modestou, who is the chief internal auditor for CyTA and CyTA Subsidiaries.

With regards to Achilleos, Michaelides’ report points to “a possible conflict of interest, abuse of authority and business ethics abuse” mainly due to his alleged connection to Greek company ‘Synapsecom’.

CyTA sister company ‘CyTA Global Hellas’ had reportedly purchased shares from ‘Synapsecom’ and had invested in the company which later turned out to have suffered financial losses.

Achilleos, who had been previously head of Cyta Hellas, had told Phileleftheros that the previous CyTA board had found now wrongdoing or conflict interest over the position he had held in Greece.

With regards to Modestou, the auditor general also claimed that there was the possibility that “a conflict of interest and a violation of business ethics” had occurred due to her connection with a project involving KPMG – where Modestou’s daughter works.

Modestou has also denied any wrongdoing although Michaelides’ report also points to “a possible criminal element” to what is being investigated.

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