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Attorney General Costas Clerides has confirmed that a paper trail suggests that Cyprus’ two biggest parties benefited from undeclared financial contributions totaling a combined €1.48 million from Greece but said it did not constitute a criminal offence.

Speaking to reporters on Wednesday, Clerides said that current ruling party Disy appeared to receive a cash injection – both directly and indirectly – from several companies – including Focus Maritime Cooperation totaling around €600,000 while opposition party Akel may have benefited, indirectly, from a cash contribution of €881,430.

The payments are alleged to have been made in the run-up to the 2008 Presidential Elections in Cyprus which was ultimately won by Akel-backed Demetris Christofias.

“It should be noted that these transactions do not constitute a criminal offence,” said Clerides. “The probe was conducted to satisfy the public interest whilst there was also a need for transparency. The case is not closed.”

The money, the attorney general added, appeared to have been primarily used to fund the air travel of Cypriot students from Greece to Cyprus to vote in the elections.

When commenting about the alleged contributions to Akel, Clerides said, “The only link that Akel benefited from this money is from the police statements from a handful of passengers that were tracked down from a passenger list.”

One person implied that Akel paid for the ticket while others mentioned that it was paid for by Akel-affiliated student group Proodeftiki. But there was no hard evidence to implicate Akel which has always denied the allegations.

Vgenopoulos contribution?

Clerides also mentioned the statement by well known developer Miltiades Neophytou – a former friend of Christofias before the two had a public falling out over financial differences – who was on the fund-raising election campaign committee for Christofias. Neophytou claimed that controversial banker Andreas Vgenopoulos  gave Akel a €2 million contribution.

Other committee members – including two Akel MPs – declined to give a statement but denied any connection between the campaign and Vgenopoulos or Focus.

Rumours of money funnelled to the two most influential political parties in Cyprus by Focus Maritime – with the implication that Vgenopoulos of defunct Marfin Laiki Bank was behind the donations in order to secure favourable treatment from the political establishment – have been circulating since December 2013.

Ruling party Disy have admitted they accepted donations from Focus to cover 2008 presidential election expenses, but opposition party Akel are adamant the party received no Focus funds.

In a statement on Wednesday Disy said it had done nothing wrong and never tried to hide the fact it had received contributions.

Vgenopoulos as well as other bankers including ex-Laiki strongmen Efthymios Bouloutas and Kyriakos Mageiras and his firm MIG are facing criminal charges – including abuse of authority and criminal negligence – for their alleged rolein the collapse of the island’s banking sector several years ago.

All men have denied any wrongdoing with Vgenopoulos shifting the blame onto the government and accusing them of simply seeking a scapegoat in order to cover up their own failings.

Courtesy of in-cyprus