A former governor of Cyprus’s Central Bank was sentenced to five months in jail on Monday on charges of evading tax on earnings following his retirement.
Christodoulos Christodoulou, who led the Cypriot central bank for five years prior to his departure in 2007, had pleaded guilty to failing to declare revenue of a consultancy he jointly owned with his daughter.
He was charged with failing to report in a timely manner a revenue of 1 million euros from a Greek businessman. He said the sum was an up-front payment for consultancy services, and tax on the amount was later paid following a formal investigation.
Christodoulou worked his way through the ranks of the Cypriot civil service and was finance minister between 1994 and 1999. As interior minister, he earned the moniker ‘Mother Teresa’ for giving poor people state handouts with TV cameras in tow.