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.
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