Cyprus: Chairman of Anorthosis Being Investigated

[QPR Report]

Anorthosis chairman being probed for embezzlement

NICOSIA, Cyprus (AP) -The chairman of Anorthosis Famagusta is being investigated over allegations of embezzlement, Cyprus' police chief said Friday.

Chief Iakovos Papakostas said a complaint was lodged by other board members against Anorthosis chairman Andreas Panteli.

"It is something that has literally shocked public opinion,'' Papakostas told the Cyprus News Agency, adding that the chief of the Criminal Investigations Department had taken charge of the probe because of the seriousness of the allegations.

Anorthosis chairman Andreas Panteli said in a written statement earlier Friday that he is "shocked and disappointed'' over a "whispering campaign'' against him and of the stance that "certain management colleagues'' had taken toward him.

Panteli denied any financial wrongdoing and said all transactions were completed in the knowledge of other board members.

"I tried to head off certain things and I warned that with such behavior they are committing a crime not only against me, but also the club, and the damage could possibly be irreparable,'' Panteli said.

State-run CyBC television said the allegedly embezzled funds could run into the hundreds of thousands of euros.

Anorthosis is the first Cypriot club to reach the group stage of the Champions League. It is third in Group B with six points, two behind Inter Milan and one back from Panathinaikos.

Anorthosis has to win away against Panathinaikos in the final group match next month to advance to the second round.

[cpr]

Leave that for cyprusmel h!

[cyprusmelsince58]

Saurdays local paper the Cyprus Mail carries very little of the story, all it mentions is a private disagreement between members of the board over the management of the clubs finances became public this week forcing club president Andreas Panteli and coach Temuri Ketsbaia to make a statement about the issue but what statement and what issue it doesn't say.

[cyprusmelsince58]

Found out a bit more of the story, state television reported that the irregularities involved the alledged theft of E500,000 and another E1 million in cheques. Panteli said in his written statement that in the five years he was at the club there has never been an issue over the financial management. The accounts and audits were submitted to the General assembly at the end of each year and everyone was aware of their contents, he said.