CYPRUS - The Electricity Authority of Cyprus (EAC) has reached a tentative out-of-court deal with a stockbroker charged with embezzling CYP£8m (US$18.1m) from the company's pension fund.
But employees voiced concerns they could be left with nothing should the deal "turn sour".
EAC have defended the decision, and claimed that pursuing a court battle would be too risky.
EAC chairman Charilaos Stavrakis said it was "the best arrangement" under the circumstances.
Stavrakis added: “This scam was perpetrated under the term of the previous board [of directors]. The present board is trying to salvage what it can.”
Yiannos Andronikou, who had been given the mandate to invest EAC’s funds, has already paid back CYP£2.5m and will make the rest up by selling three million shares in public company Blue Island to EAC.
The Environment Agency Pension Fund (EAPF) has joined a coalition of 88 investors to demand companies disclose more information on environmental impact.
The cross industry guaranteed minimum pension (GMP) equalisation working group has formed five sub-committees to each work on a key component of the guidance.
KAS Bank has launched an end-to-end cost transparency solution for defined contribution (DC) schemes to assist in the delivery of chair's statements.