Although the movement had as its basic principle its anthropocentric role and then belonged to the people, its leadership had a tendency to show off, a fact that was evident from the plans of its officials at the time. More specifically, during the administration of Erotokritos Chlorakiotis at the Central Cooperative Bank, a luxury mansion costing 27 million euros was planned, which would house the central offices of the Bank's management.
In 2012, the former Cooperative Central Committee commissioned architects to design the building, while the then Superintendent Konstantinos Lyras gave approval for its construction. The "palace", which was intended to house the headquarters of the Central Cooperative Bank, would be erected opposite the church of Apostolos Barnabas on Athalassa Avenue in Nicosia. But now it will be a bad memory on paper, as the new Committee of the sector decided to reverse the decision and terminate all relevant proceedings. In fact, the new Commission is trying to find ways to use the land intended for the cooperative "mansion", with an area of about seven plots (about 11.000 square meters).
A representative of the Central Cooperative stated that for the specific plots, which are the property of the Cooperative, only the models and the planning permits are left. Those in charge of the sector, while focusing on the sale of the plots, found that due to the situation in the real estate market, it would not be possible to carry out an operation of this size. Therefore, they are looking for other ways to use them and one of the options that comes to the table is to rent the plots to be used as parking lots.
The then administration of the Co-operation, headed by Mr. Chlorakiotis, intended to create a mansion with luxury that could compete with foreign buildings. According to the architectural plans, which were left in the drawers, the building would have offices, a conference center, cafes and green gardens to create a pleasant environment for its employees and customers. As for its outer casing, it would consist of horizontal strips of marble, which would act as blinds to block direct radiation inside the cabinets. At the same time, the horizontal marble strips would allow the employees to look outside, while part of the roof of the lower volume of the building, which would host the Bank branch, would be planted with greenery.
Car € 100 thousand.
Just remember that luxury was not limited to buildings. For the former director of Central Cooperative, a luxury car worth over 100 thousand euros was bought, which in the end was sold as a used car for around € 25 thousand.
Building € 14,5 million
In the meantime, the Bank has completed the construction of a building that will house its subsidiary, Computer Cooperative Company (SEM). The building is in the final phase and the 130 employees of SEM are estimated to enter within 12 months. The building, according to a representative of the Central Cooperative Bank, cost € 14,5 million and the competent Cooperation Committee considered that the movement needed it in order to cover its business structure. The Commission also raised issues related to the safety of SEM staff, as it has been housed in prefabricated facilities on the roof of the Bank's headquarters for many years. The decision for the construction of this building had been taken for many years under the administration of Erotokritos Chlorakiotis, however, shortly before the current Committee took over, its first phase had just been completed. Therefore, the current Committee was asked to decide whether to proceed with the second phase of construction of the building. Given the need to house SEM staff and install the sector's computer servers in a secure location, the green light was given. From the side of Co-operation, it is mentioned, it was judged that the building is necessary for the smooth operation of the movement, while an issue was also raised for a contractual obligation of Co-operation. At the same time, as we were told by a representative of the sector, through the construction of the building value is created in the Co-operation, as due to its size it will be able to host servers from other countries with the undamaged.
It is worth noting that the amount of € 7 million had been covered for the first phase of the construction of the building, so the new Committee will be asked to pay the rest. The item will be covered by the SEM whose accounts are consolidated with the Bank as its subsidiary.
Scandals and mismanagement
And all this at the same time that the mismanagement in the organization gave and took and the control was deficient, as shown by the scandals that have come out and continue to come to light and concern, among other things, cases of lending on favorable terms and without the necessary collateral. Based on what followed in the sector and its need for recapitalization with state resources, at that time the financial crisis had already begun to show its teeth in the Co-operation.
Source: Liberal