Audit boss gives thumbs up to EAC corporate culture

first_imgThe corporate culture at the state-run power company is a “healthy one” overall, even though the EAC can do a lot more to trim costs, auditor-general Odysseas Michaelides said on Thursday.He was presenting to MPs his report on the EAC for the year 2016.“Despite its large size, with a budget of around €600 million, in theory there is scope for skullduggery at the EAC, but the culture is a good one and is not a culture of corruption,” Michaelides noted.In 2016, the electricity utility posted pre-tax profits of €77.1 million. After taxes, and adjusting the cost of the early retirement scheme according to revised accounting standards, the company sustained losses of €42.6 million.Up until December 31, 2016, the total value (without interest) of electricity provided to the north was calculated at €272 million.During 2016, the value of electricity provided (but not paid for) to the village of Pyla came to €300,000.At the same time, the auditor-general said, the EAC’s board should consider doing away with or at least cutting back on the slew of benefits and allowances given to employees.One perk that was “unacceptable,” Michaelides said, was granting EAC employees interest-free loans for their children’s college studies, meaning the taxpayer is effectively subsiding these individuals’ education.Speaking in parliament, EAC chairman Andreas Marangos said the EAC used to have 42 allowances; of these, 24 were scrapped, two suspended, six reduced and 10 remained as is.The EAC leadership planned to raise the matter of the allowances during the negotiations for the renewal of the collective agreements, he added.At end-2016, consumers’ total arrears to the EAC for electricity consumption was €101 million, of which €33 million concerned unrecorded consumption.Municipalities and local communities collectively owed the EAC some €1.2 million, compared to €1.7 million at the end of 2015.You May LikeFigLeaf Beta AppTake Online Privacy on a whole New levelFigLeaf Beta AppUndoDr. Marty ProPower Plus Supplement3 Dangerous Foods People Feed Their Dogs (Without Realizing It)Dr. Marty ProPower Plus SupplementUndoYahoo Search | Search AdsJoint Pain Treatments That Might Surprise You. Research Joint Pain ReliefYahoo Search | Search AdsUndo Pensioner dies after crash on Paphos-Polis roadUndoTurkish Cypriot actions in Varosha ‘a clear violation’ of UN resolutions, Nicosia saysUndoRemand for pair in alleged property fraud (Updated)Undoby Taboolaby Taboolalast_img

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