Daily Archives: July 17, 2012

Archives July 17, 2012 posted by

Banks may have misled investors


TOP BANKERS conceded yesterday that bank staff may have committed mistakes and omissions in their effort to push high-yield securities on ordinary investors who have since seen the value plummet as a result of the Greek debt haircut.

The admission came during an extraordinary session of the House institutions committee convened to examine whether the €1.4 billion worth of securities sold by banks was misrepresented to their investors. Depositors are claiming they were deceived by banks which had encouraged them to invest their deposits without having an authorised professional properly explain the risks involved.

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Our view: Political gripes over trivialities are a luxury we cannot afford

MEMBERS of the government and the AKEL leadership expressed outrage on Sunday because Archbishop Chrysostomos held a brief memorial service at the gravesides of 20 National Guard commandos who were killed participating in the 1974 military coup. 

‘Shame’ read yesterday’s front-page banner headline in government mouthpiece Haravghi, which wrote that the service, on the anniversary of the coup, was an affront to all those who fell defending democracy and freedom. It was an outrage that the Archbishop, EVROKO and DISY honoured those who fought to destroy the Republic, it said. 

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Suspended sentences for doctors in clinic's baby deaths case

FOUR doctors implicated in the deaths of three newborn babies from Legionnaires’ disease at the Hippocration private hospital in Nicosia in 2008 were yesterday sentenced by Nicosia District Court to three months’ imprisonment suspended for three years.

They were also issued fines: €8000 for Constantinos Kastanos, former general manager of the hospital and €1800 for three maternity ward doctors of the hospital implicated in the case; Odysseas Athanatos, Vasilios Makris and Christos Riris.

The charges related to the hospitalisation of 11 infants and the death of three, all born at the clinic in December 2008.

They had pleaded guilty to failing to follow maintenance regulations, leading to the water distribution system becoming infected with the deadly bacteria.

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BoC's Russian shareholder seeking to increase stake

RUSSIAN billionaire Dmitry Rybolovlev is interested in increasing his already sizeable stake in the Bank of Cyprus (BoC), reports in the local press have said.

The Russian businessman, former owner of fertiliser maker OAO Uralkali, has discussed increasing his stake in the island’s largest lender with the Cypriot government, daily Alithia reported yesterday without identifying its sources. 

The move could take Rybolovlev’s holding above 9.9 per cent, requiring permission from the Central Bank.

Rybolovlev’s Odella Resources Ltd. currently owns 5.01 percent of Bank of Cyprus, according to the lender’s website. Rybolovlev is behind Odella, a British Virgin Islands-registered company.

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Russian warships at Limassol port

RUSSIAN NAVY warships docked at Limassol port over the weekend for the first time in at least ten years. 

The Russian frigate Smetlivy docked at Limassol port on Sunday at 9.30am to re-supply with food and water and rest its crew before heading off in the afternoon at 5.30pm.  

Yesterday, a Russian tug boat Shakhter also docked at Limassol port at 7.56am and is due to leave today. 

Both ships are part of the Black Sea Fleet and according to reports, are on their way to Syria. 

Russia has a naval base at the Syrian port of Tartus, the only naval facility outside of the former Soviet Union. 

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Mari six plead not guilty

TWO FORMER ministers and four fire officers yesterday pleaded not guilty to charges in relation to the deaths of 13 sailors and fire fighters in the Mari naval base blast last year.

All six have been charged with causing death by want of precaution, and homicide by gross negligence in relation to events leading to an explosion of nearly 100 containers of munitions.

The containers had been stacked for over two years – without a cover – at Evangelos Florakis naval base near Mari village in Larnaca.

Charges were read out at Larnaca criminal court during a 30-minute-long hearing in the presence of relatives of both the victims and the accused, and several police officers.

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Online casinos ponder suing state over gambling ban law

THE NEW gambling law is discriminatory, disproportionate and in violation of EU laws, according to one company that has had to close down 16 shops providing online casino and slot machine services. 

A lawyer for the Cyprus-registered AA Crown Bet Ltd which represents the interests of a number of big gaming companies in Ireland and Malta said the company is considering suing the Cyprus Republic, reporting it to the European Commission and appealing to the European Court of Justice (ECJ) over the new law recently implemented. 

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Israeli PM: held suspect planned tourist attack

THE FOREIGN national arrested here on suspicion of planning possible terrorist attacks against Israeli targets had arrived via England, the Cyprus Mail has learned.

Authorities here are declining to give any details about the case, calling it “a delicate political issue”.

But government sources yesterday did offer that the 24-year-old entered the Republic on a flight from London’s Heathrow Airport.

On Sunday, Israel explicitly accused Lebanon’s Hezbollah guerrillas and Iran of plotting to attack its citizens in Cyprus after police took the man into custody.

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Temperature at a seasonal high

TEMPERATURES hit an all-time high for the year yesterday, reaching 43 degrees Celsius in Nicosia, seven degrees higher than the average. 

Electricity consumption also reached a year’s maximum, registering 983MW by lunchtime, exceeding predictions that demand would reach 940MW. 

The Labour inspection department yesterday issued a yellow warning level, the first of three levels designated for extreme high temperatures, before orange and red and denoting “potential danger”.

The department warned employers not to expose staff to direct sunlight between 12pm and 4pm, noting that any outdoor work should be done in shaded areas with adequate water supply while wearing light clothing.

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Heat fails to deter fitness lovers

NOT EVERYONE visiting the beach on Sunday afternoon was doing so to escape the heat which has now reached a seasonal high.

Over the weekend hundreds descended on Atlantida Beach in Yeroskipou for the third annual beach aerobic and fitness  marathon, ‘Active Paphos’, in which participants took part in demonstrations and classes. The free event, which aimed to encourage the Paphos community to participate in physical activities, also raised funds for charity.

During the event participants in the fitness drive were sprayed with water hoses to help keep them cool as temperatures soared.

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