Jail for Marangos bakery owners

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Jail for Marangos bakery owners
Added: 08-03-2018 01:45

More than two years after the closure of the Marangos bakeries, the owners were sentenced to jail by a Nicosia court according to Philenews (Φιλελεύθερος).

On Monday, Chrysostomos and Maria Marangos were sentenced by the Nicosia District Court to a ten-month and five-month prison sentence respectively, for three cases of failure to pay contributions.

In particular, they were accused of failure to pay contributions to the Social Insurance Fund, the Employee Benefit Fund and the Cohesion Fund, totalling more than EUR 455,000.

The Court, having been informed of the financial problems encountered by the company, which eventually closed on 25th September 2015, considered the offences serious enough to impose a custodial sentence. After convicting them, the two were taken to the Central Prisons for initial evaluation.

The Marangos bakery chain started in 1991 with a single store in Agios Dometios and at its peak had over 300 employees and 19 branches, most of which were in Nicosia.

Later, the chain faced severe financial difficulties, delayed paying employees or paid them in instalments. In 2013 the shops began to be closed and finally in 2015 the business ceased trading.


Author: NewsinCyprus.com
Additional: Philenews
Added: 08-03-2018


Jail for Marangos bakery owners


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