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Cyta is the ‘worst example’ of how to manage public funds

State-run Telecommunications authority Cyta is the worst example of how to handle public money, according to top auditor Odysseas Michaelides.

He said the organisation has a “bad management culture” and represented the biggest waste of public funds unlike the electricity authority.

Non-profit Cyta’s surplus was down €27.6 million in 2016 and its reserves reduced by €144 million because of bad decisions and strategy, said the island’s top auditor.

He claimed that the utility was frittering away tax payer’s money while the pension fund also received a massive €180 million hit.

Other ventures that are loss making include subscription TV channel Ctyavision and Greek subsidiary Cyta Hellas.

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