The House ethics committee in Cyprus is set to probe into the details of a €200,000 sponsorship provided by OPAP to the Cyprus Olympic Committee (KOE), as announced by the committee’s chair, Demetris Demetriou. The inquiry aims to clarify the utilization of the funds and ensure transparency within the institution.
During a recent meeting, the ethics committee scrutinized KOE’s role and its potential for enhancement. It was revealed that a special committee, formed after the receipt of OPAP’s donation, had not convened. This raised questions about the management of the funds, which prompted further investigation.
Demetriou highlighted that the sponsorship amount was conspicuously absent from KOE’s budgets for 2021 and 2022. In response to the committee’s inquiries, KOE president George Chrysostomou clarified that the sum was not directly received by KOE but was allocated for other needs, such as athlete payments and promotional activities.
The ethics committee, however, noted that accounting standards and the auditor-general’s report necessitate a record of such transactions. Concerns were also raised regarding potential tax exemptions for OPAP and whether the sponsorship amount was indeed disbursed as claimed.
To address these issues, the House ethics committee has decided to reach out to the Treasury for further explanations regarding the €200,000 sponsorship. This move underscores the committee’s commitment to ensuring ethical practices and financial accountability within Cyprus’ sporting institutions.
The investigation into this matter is ongoing, and stakeholders await the Treasury’s response for a clearer understanding of how sponsorship funds are managed and reported within KOE. The Cyprus Mail continues to provide updates on this developing story.
