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CyTA to sue members for Dromolaxia investment scandal

The Cyprus Telecommunications Authority CyTA Board of Directors has made an initial decision to proceed with civil lawsuits against the management committee of the Authority’s pension fund as well as the Investment Advisory Committee.

The civil lawsuits will primarily be against Stathis Kittis, former president of the Management Committee as well as Charalambos Tsouris, Nicola Georgiades, Antonis Antoniou, Giorgos Tsakkiatou and Giorgos Harris as well as the then CEO Fotis Savvides and their involvement in sinking millions into an investment in Dromolaxia.

The Board of Directors has decided not to proceed with lawsuits against the then deputy president of the Management Committee, Loizos Papacharalambous. If any action will be taken against then Committee member Stelios Americanos will be decided at the Board’s emergency meeting on Friday.

The Board has also moved to sue three of the four members of the Investment Advisory Committee; Stathis Kittis, Giorgos Harris and Charalambos Tsouris – also members of the Management Committee- for negligence.

Suits will also be filed against Board member Christakis Antounas, and four serving members of the Advisory Committee –Giorgos Koufaris, Marios Karatzias which left the Authority some time ago as well as the current Finance Manager, Maria Damalou.

Friday also sees the Supreme Court making its decision on the appeal submitted by Stathis Kittis, Charalambos Tsouris, Venizelos Zannetos, Oresti Vasiliou and Gregoris Souroulas regarding the investments in Dromolaxia.

The Dromolaxia investment deal in question involved the purchase by CyTA’s pension fund of office space in Dromolaxia, near Larnaca airport, for €20 million at a price reportedly several times the going market value.

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