Investigation urged as state contracts lead to €6.4M payout

In a recent address, Deputy Dipa Alekos Tryfonidis called attention to questionable agreements, urging an investigation into the responsible parties behind a contract resulting in a hefty 6.4 million euros compensation payout.

He emphasized the necessity for the Republic of Cyprus to seek reimbursement from those who endorsed the incomplete contract, urging the current government to launch a thorough inquiry into the matter.

Independent MP Andreas Themistocleous echoed Tryfonidis's concerns, condemning the sudden transformation of a state monopoly into a private entity overnight. Themistocleous highlighted exorbitant costs per container, stressing that justice would only be served if those culpable for the agreement faced legal repercussions, even suggesting imprisonment for those involved.

Furthermore, Themistocleous underscored the alarming revelation that individuals involved in the negotiation swiftly assumed leadership positions within the company mere days after finalizing the deal. He likened the situation to a breach of trust, emphasizing that in any jurisdiction upholding the rule of law, such actions would lead to the downfall of a government.

The budget proposal for the year 2024 presented by ALK reveals a surplus, signaling robust financial health for the organization. With projected expenditures totaling €34,407,606 and revenues estimated at €35,116,200, ALK anticipates a prosperous fiscal year ahead.

The primary sources of revenue include income generated from port operations amounting to €14,406,000, rental income from Limassol and Larnaca ports totaling €15,200,000, contributions from European funds totaling €2,790,200, and additional revenue streams from investments, bank interest, and miscellaneous financial activities summing up to €2,000,000.

Breakdown of anticipated expenses delineates regular costs amounting to €16,306,046, primarily allocated towards staff remuneration (€9,654,516), office operational expenses (€1,135,500), maintenance costs (€1,576,010), and other operational expenditures (€3,860,000). Capital expenses are projected at €17,101,560, with allocations earmarked for land acquisition, building improvements, marine infrastructure, machinery procurement, and office/computer equipment upgrades. Additionally, provisions for unplanned expenses and reserves amount to €1,000,000, ensuring financial flexibility amidst unforeseen circumstances.

[With information sourced from CNA]