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Scandal in Coop at £500 thousand

02/12/2003 13:52
Cooperatives Banks Commissioner, Erotokritos Chlorakiotis said on Tuesday that the total sum misappropriated by the secretary of Kapedes Cooperative amounts to half a million pounds. Mr. Chlorakiotis said that the employment of the secretary has been terminated, while the Cooperatives Audit Service is currently carrying out an investigation. The Cooperative continues its operation normally.

On the question whether the successive misappropriations for the past three years require the conduct of an investigation to all Cooperatives, Mr. Chlorakiotis stated the Independent Audit Service is carrying out a strict investigation, aiming at the “minimization and elimination of the phenomenon”.

Responding on the question whether Cooperatives in small communities should close, Mr. Chlorakiotis said that this is not the solution to the problem. “Cooperatives are necessary even in the smallest communities. We do, however, attempt to proceed to mergers in order to upgrade the services”, he concluded.