Nicosia, Cyprus. Wealth declarations for current and former government ministers were published on Monday, showing disparities in net assets. The filings cover ministers affected by the cabinet reshuffle last December, including those who entered and those who left.
Filing requirements
By law, new ministers, including deputy ministers, must file their wealth declarations within four months of assuming office. Departing ministers must do the same within four months of leaving office.
George Papanastasiou
Former energy minister George Papanastasiou reported personal net assets of €3.1 million and family net assets of €4.7 million. His assets include multiple properties, including a €740,000 apartment in Limassol, and savings in Cypriot and foreign banks.
His reported Bank of Cyprus account balance is €100,000, and he also lists savings with Eurobank and Lloyd’s International. He reported three vehicles—a Porsche Cayman, a BMW and an Audi—with a combined value of €97,000.
Klea Papaellina
Deputy welfare minister Klea Papaellina reported net assets of €1.17 million. She reported ownership of several properties, around 30, many located in Kyrenia, and also in Athens.
She reported bank savings totaling €1.118 million held in Cypriot and foreign banks.
Costas Fitiris
Justice Minister Costas Fitiris reported net assets of €1.26 million. He reported immovable property worth €1.34 million, including residences and land in Paralimni and Larnaca.
What do you think the publication of these declarations should change about how ministers’ assets are monitored?
