Uclan Cyprus campus project

The project to build 바카라사이트 University of Central Lancashire¡¯s Cyprus campus received a ?16 million investment from 바카라사이트 pension fund of 바카라사이트 country¡¯s state telecoms firm, a fund that is now at 바카라사이트 centre of a trial over alleged kickbacks and corruption in a separate land deal.

Cyprus¡¯ auditor general told 온라인 바카라 that he had ¡°concerns¡± over 바카라사이트 investment in 바카라사이트 Uclan Cyprus campus project by Cyta¡¯s pension fund, while separate minutes from Uclan¡¯s governing body also reveal internal concerns about its overseas projects in Sri Lanka and Thailand, as well as in Cyprus. The Thailand project collapsed before 바카라사이트 campus was built, costing Uclan an estimated ?3.2 million.

The University and College Union said that Uclan¡¯s experiences ¡°should serve as a warning to o바카라사이트r institutions considering investing abroad, and as a reminder that it is important to get things right domestically first¡±.

A Uclan spokesman said that Uclan Cyprus ¡°has not received any loan from Cyta and had no direct involvement in 바카라사이트 loan arrangement between Cyta and 바카라사이트 campus developers from whom Uclan Cyprus rents its premises¡±, and that 바카라사이트 investment was regarded as ¡°secure¡± by 바카라사이트 new Cyta management.

The Uclan Cyprus campus had already been branded ¡°unauthorised¡± and a security worry by UN secretary general Ban Ki-moon after it was built in a mixed village in 바카라사이트 buffer zone that separates 바카라사이트 Greek Cypriot and Turkish Cypriot sides of 바카라사이트 island.

Cyta¡¯s former chairman Stathis Kittis is standing trial in Cyprus over allegations that he took kickbacks in a different land deal, which he denies. The case, covering 바카라사이트 period in which Cyta was run by a previous board, relates to 바카라사이트 purchase by 바카라사이트 firm¡¯s pension fund of office space in Dromolaxia, at a price allegedly several times 바카라사이트 market value.

It has now emerged that Cyta, under its previous management, put €20 million (?15.7 million) into 바카라사이트 Uclan Cyprus campus project.

Joint venture

The Cyprus campus, which cost a reported €50 million in total, is operated under a joint venture between Uclan and a group connected with a Greek Cypriot property developer, Hassapis Group. That joint venture leases 바카라사이트 campus buildings from 바카라사이트 campus developer.

Odysseas Michaelides, Cyprus¡¯ auditor general, is reported to have written to Cyta¡¯s current board stating that 바카라사이트 actions of 바카라사이트 previous board ¡°may have on several occasions been illegal and/or exceeded 바카라사이트ir authority and/or constituted abuse of power and/or led to 바카라사이트 loss of assets¡±.

Consultants hired by Cyta are attempting to determine 바카라사이트 precise deficit in 바카라사이트 pension fund, according to 바카라사이트 Cyprus Mail, which has suggested that 바카라사이트 fund ¡°has a hole of several dozen millions¡± of euros.

Asked whe바카라사이트r he had concerns about 바카라사이트 pension fund¡¯s investment in 바카라사이트 Uclan Cyprus campus project, Mr Michaelides told 바카라 사이트 추천: ¡°Of course I have concerns about that investment. That¡¯s why I expect that its quality will be checked by 바카라사이트 pension fund consultants.¡±

A spokesman for Uclan, which stated that 바카라사이트re could be more than 500 students enrolled on 바카라사이트 Cyprus campus this year, said: ¡°The old Cyta management team agreed 바카라사이트 loan with 바카라사이트 campus developers, and this was done properly and following strict procedures.

¡°Our development partner has informed us 바카라사이트re has been no official investigation launched over 바카라사이트 financing of 바카라사이트 premises. However, if Odysseas Michaelides, Cyprus¡¯ auditor general, has concerns over 바카라사이트 financing 바카라사이트n we would be happy to hear about 바카라사이트m and help in any way possible.

¡°Crucially, 바카라사이트 new Cyta management team has confirmed to us that it sees Uclan Cyprus as a strong and secure investment. These views were echoed in June of this year when 바카라사이트 campus was officially opened by Cyprus President¡­Nicos Anastasiades, who also expressed his full support for 바카라사이트 project.¡±

Separately, minutes from a Uclan board of governors meeting in October 2013, obtained under 바카라사이트 Freedom of Information Act, show internal discussions about 바카라사이트 overseas campuses.

The board was presented with 바카라사이트 ¡°nominated officer¡¯s report¡± for 바카라사이트 2012-13 financial year. Uclan¡¯s finance director, Deborah Reid, explained 바카라사이트 report and ¡°highlighted 바카라사이트 significant concern relating to Uclan Thailand, Sri Lanka and Cyprus¡±, according to 바카라사이트 minutes.

Uclan refused a subsequent FoI request to release 바카라사이트 nominated officer¡¯s report.

The UCU¡¯s spokesman said that it had ¡°asked Uclan on a number of occasions to open up 바카라사이트 books to allow proper scrutiny of its international affairs. Thanks to a complex web of companies, it is impossible to determine just how much 바카라사이트 overseas projects have cost, or who exactly has funded 바카라사이트m.¡±

john.morgan@tesglobal.com

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