Apostolos Tomaras
Cyprus' political parties are voicing strong support for the examination of bank accounts linked to the failed Vasilikos LNG terminal as part of an ongoing investigation by the European Public Prosecutor’s Office (EPPO). The probe, which has been quietly underway for about a year, has now gained public momentum following a front-page report by Sunday’s Kathimerini.
Across the political spectrum, parties agree: the investigation must run its course, and if wrongdoing is found, those responsible should face justice. The consensus is that the Vasilikos project represents a serious scandal that warrants full scrutiny and that the EPPO is the right body to handle it.
A key objective of the banking review is to track where these funds actually ended up, and whether they were used according to plan.
The investigation is examining the financial trails of individuals directly involved in all phases of the project, from tender preparation and awarding of the contract to the Chinese consortium to the construction phase and eventual cancellation of the deal. The accounts under review include not just politicians but also contractors, consultants, and subcontractors. According to sources familiar with the probe, investigators are sifting through data with the help of financial experts in both Cyprus and Luxembourg.
The Cypriot Attorney General’s office is not involved in the investigation and, according to a reliable source, has not been informed of its progress.
Political reactions
AKEL called for the investigation to go deep and hold individuals accountable, politically and otherwise, if evidence of wrongdoing emerges. In a statement to Kathimerini, MP Andreas Pasiourtidis said any discovery of illicit political funds must be prosecuted: “Those whose accounts are found to contain black political money must be brought to justice and made to answer for it.”
From DISY, MP Onoufrios Koullas said his party respects the EPPO’s ongoing work and will wait for the outcome before commenting further, stating only that full transparency is essential.
DIKO MP Panikos Leonidou also stressed the need for a thorough and swift investigation. He said recent developments confirm long-standing concerns about the procedures surrounding the Vasilikos terminal project.
What’s being investigated?
According to Kathimerini, the financial investigation is wide-ranging. Bank accounts under scrutiny include those of political figures and individuals who were involved in various capacities with the project. As one source put it, “Everyone is presumed innocent until proven otherwise.”
Investigators are reviewing banking data tied to the tendering, awarding, and construction phases, focusing especially on whether EU funds were misused. The financial audit began with the accounts of the National Authority, which manages EU funding for Cyprus.
To date, Vasilikos has received:
€101 million in EU grants, of which about €68 million has been disbursed,
A €150 million loan from the European Investment Bank (EIB),
And another €87 million from the European Bank for Reconstruction and Development (EBRD).
A key objective of the banking review is to track where these funds actually ended up, and whether they were used according to plan.
Spotlight on subcontractors
Investigators are paying special attention to the accounts of the Chinese consortium and subcontractors who were awarded portions of the project. Authorities are checking whether payments made align with the terms of the contract and whether any funds were diverted to third parties, political or otherwise.
Even if no legal violations are ultimately found, sources say the EPPO will continue to examine the financial data of key individuals who played a role in the project from its inception to its collapse.
This investigation is far from over, and could mark the beginning of a broader reckoning over how EU funds are handled in Cyprus.
*This article was translated from its Greek original
