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Next Previous EY: Overpayment of € 9.1 million for loans guaranteed by SKT HOME • INSIDER • CYPRUS • EY: Overpayment of € 9.1 million for loans guaranteed by SKT
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Overpayment of € 9.1 million when repaying loans with government guarantee to the Cooperative Central Bank, the Audit Office finds in a Special Report on “Audit of General Accounting”. & nbsp;
< p> The most important findings of the audit as reported in the report:
We have identified cases where the provisions of the laws and directives/circulars of the General Assembly regarding the documentation and control of receipts and payments have not been fully complied with .
We suggested the full observance of the laws and instructions/circulars or their modification, where necessary.
We suggested the inclusion of relevant information in the financial statements of KD.
The laws on memorandum deductions in the salaries of Judges hired after the enactment of these laws were not implemented. We found that, during the repayment of loans with government guarantee to the Cooperative Central Bank, an overpayment of € 9.1 million was made, due to the fact that no audit was carried out. The bank, based on the opinion of its legal advisers, did not accept that there is an overpayment and the matter is before the Legal Service.
We suggested that the efforts to find a solution be intensified and, if this is not possible, that legal proceedings be initiated.
We found that the Central Bank of Cyprus imposes a negative interest rate on the Republic's cash and deposits from court cases that are in the possession of the Republic, but do not belong to it.
We suggested that, for the amounts that do not belong to the Republic, the possibility of discussing the matter with the Judicial Service should be considered and, if appropriate, it should be clarified that the relevant costs will be borne by the parties.