Allegations of centralized management of non-performing loans in Cyprus

Journalist Makarios Drousiotis has publicly questioned the management of five major non-performing loan portfolios in Cyprus, which he claims exceed half of the country's GDP. Drousiotis highlighted the repeated involvement of KKP Law Secretarial Ltd as a service provider for these portfolios between 2019 and 2023, including entities like Altamira, Gordian, and Themis. He specifically linked these observations to the career of Kyriakos Kousios, who served as government spokesman, deputy minister to the president, and minister of labor under the administration of former President Nicos Anastasiades. Kousios was previously a senior partner at KKP Law. Drousiotis described Kousios's initial appointment as government spokesman in 2019 as unusual due to his lack of prior communication experience. The journalist questions whether there is a specific reason for the centralized coordination of these loan portfolios managed by the same secretarial firm. No formal criminal charges have been filed, but the claims suggest a potential lack of transparency in the administration of assets significant to the national economy. The allegations have prompted public discussion regarding potential conflicts of interest and the concentration of influence within state institutions during the previous administration.