Newsroom
The Audit Department of the Church of Cyprus has rejected allegations about the financial management of the Metropolis of Paphos, describing them as false and damaging.
The response follows statements by lawyer Eirinaios Antoniou Giakoumakis, representing former Metropolitan of Paphos Tychikos, who claimed that the Archbishopric had issued loans to the Metropolis at high interest rates.
According to the Church’s Audit Department, these claims misrepresent the financial situation and create unjustified impressions about how the Metropolis was run, particularly during the period when Archbishop Georgios of Cyprus led it as Metropolitan.
The statement explains that when Archbishop Georgios took over the Paphos Metropolitan seat in 2006, substantial debts were already in place. These loans had been arranged under his predecessor and totaled several million euros.
Those funds, the announcement says, were used to finance major projects, including the construction of more than 50 churches, as well as infrastructure works and other investments linked to the Metropolis’s religious, national, and charitable activities.
From 2006 onward, efforts focused on improving income, restructuring existing loans, and negotiating new terms with banks. These actions reduced the overall debt significantly over time.
The Audit Department adds that repayment would likely have been nearly complete by the end of 2022 if not for the financial crisis of 2013 and the impact of the pandemic.
Regarding the specific loan mentioned by Giakoumakis, the statement clarifies that it represents the final portion of a much larger borrowing, most of which had already been settled.
It also refers to a renegotiated agreement reached in November 2023. Under that arrangement, the Metropolis was required to repay €3,240,594.75 by mid-December of the same year. Missing that deadline would have led to serious financial consequences and increased obligations.
Because the Metropolis did not have sufficient liquidity or access to new bank lending, it sought assistance from the Archbishopric. The Archbishopric, together with Archbishop Georgios, secured a bank loan and provided the funds as temporary support.
Under the agreement signed on November 28, 2023, the Metropolis is responsible for repaying the amount to the Archbishopric, including any interest and related costs. At the same time, the Archbishopric remains accountable to the bank for the loan.
All steps taken were approved by the relevant committee of the Holy Synod.
The statement concludes by calling the lawyer’s allegations entirely unfounded and harmful, urging him to withdraw them and issue an apology, while warning that legal action will follow if he does not.
