08 January 2014 15:53

Tax payers are set to foot a €40 million bill left behind by the recently closed down Kofinou slaughterhouse, Minister of Finance Haris Georgiades confirmed on Tuesday.
Georgiades reminded that the abattoir in the Larnaca district officially closed down in late October after loosing millions of euros over the years and failing to keep up with its debt and tax obligations.
"The slaughterhouse has left behind debts of 40 million euros which will be paid off with state funds accumulated through the country's financial programme."
The minister also questioned how the abattoir was allowed to continue operation for so many years while it continued to mount huge debts - mainly in unpaid VAT.
"It is remarkable that a state organisation was not settling its tax obligations."
Prior to the abattoir's closure the Ministry of Finance said it had been operating at a loss of around €3.5m per year.
Employees of the slaughterhouse have staged several protests since its closure over the non-payment of their wages for the last two months of their employment.
A series of bad management decisions have been blamed for the abattoir's decline and eventual closure. Several efforts to save the slaughterhouse from financial ruin through restructuring plans failed.


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