In September 2021, CySEC wanted to see off Demetra Kalogerou with an expensive party, CyprusMail reported. The farewell party was to cost the Cypriot taxpayer €10,000. However, the Auditor General’s office raised the red flag over a farewell do for a public official that would have cost the taxpayer that much money. Now Demetra and the CySEC team have said goodbye at a private New Year’s Eve party as she posted on her LinkedIn page.
The costs of the farewell party are thus likely to have been paid privately by Demetra and the participants. On LinkedIn, Demetra is shown being presented with the farewell gift by new Chair George Theocharides.
Demetra Kalogerou has been served as CySEC Chair for about 10 years between 2011 and 2021, during which time she was instrumental in making Cyprus the Israeli financial center in the EU. Under her tenure, CySEC was known for its very relaxed supervision of the many investment companies (CIFs) controlled by Israeli entrepreneurs. Whether Theocharides will continue this relaxed regulatory approach we do not know at this time.
