A FINALISED ‘take it or leave it’ rescue plan for Orphanides Supermarkets is to be put to suppliers sometime in the next few days, and its rejection could spell the demise of the debt-ridden company.
A draft of the plan, drawn up by the company’s external auditors KPMG, was yesterday presented to the chain’s suppliers and to representatives of the Bank of Cyprus.
KPMG’s sustainability report is said to envisage the continued operation of the company for one to two months, by which time it should become apparent whether an “administrative restructuring” can keep the chain afloat.
Under the plan, priority would be given to repaying suppliers, with the rest of the revenues going toward paying salaries, the electric bill and other essential services.Read More
IF THERE’S one thing Turkish politicians are not short of, it’s chutzpah.
Turkey’s minister for Europe, Egeman Bagis, sparked off an internal row on the Greek Cypriot side yesterday by raising the issue of a four-party conference on the Cyprus problem but that in itself – and the parties’ reactions – are nothing new. They need something else to focus on as election fever heats up.
But it was Bagis’ comments on Cyprus’ financial crisis that provided a bit of light relief. Turkish press quoted him as saying that the economic situation in Cyprus did not make Turkey happy and that to ‘hit a country when it was down’ has no place in Turkish culture.
Then he went ahead and did just that.Read More
RUSSIA does not intend to grant Cyprus an interstate loan because the associated risks are too great to be assumed by any single creditor, Russia’s deputy finance minister has said.
“We have no specific plans or instructions to do so,” Sergei Storchak said in a December 24 interview with news agency Bloomberg in Moscow.
“It’s obvious that no single creditor can work with Cyprus alone,” he added. “Anyone who steps up on an individual basis to finance that country’s government or to help recapitalise its banks would be taking an enormous risk.”Read More
THE CENTRAL BANK is today expected to announce the name of the consultancy selected to verify a due diligence of Cypriot banks carried out by investment company Pimco.
Pimco has already released an interim review; its full report is scheduled to be delivered by January 15, six days before the next meeting of euro-area finance ministers. The interim report was submitted to a steering committee comprising potential lenders and Cypriot authorities.
In the meantime the Central Bank, a member of the steering committee, asked that a consultancy review and verify the methodology used by Pimco.Read More
WHEN PRESIDENT Demetris Christofias leaves office next February, he will do so confident that history will vindicate his decisions, despite feeling bitterness for the “harsh and unfair” criticism levelled against him in the last five years, he told Haravghi newspaper in a two-part interview.
The first part was published on Christmas Day, where Christofias bemoaned the “harsh and unfair attacks” he had to endure during his tenure.
“The class, ideological, factional and social hatred of the president was so great that it reached the point where some were calling the president a murderer,” Christofias told Haravghi.Read More
THE 26-year-old drunk driver who hit and killed a domestic worker while she was sweeping the pavement outside her workplace last Saturday will be charged on three counts, said police yesterday.
The 28-year-old Filipino domestic worker was killed at around 6.40am on December 22 in Limassol when she was sweeping the pavement in between two parked cars after a drunk driver hit one of the cars, throwing her onto the other vehicle.
The driver, a 26-year-old Cypriot man, was three times over the alcohol consumption limit, with a final breathalyser test showing 72 microgrammes of alcohol per 100 millilitres, although the legal limit is 22 microgrammes, police said.Read More
A 62-YEAR-OLD former policeman is due to stand trial for the premeditated murder of his wife, aged 56, who was found dead in the couple’s living room in early December.
Larnaca district court has referred the 62-year-old to criminal court where he is due to appear on February 14, facing premeditated murder charges.
On December 10, the man’s next-door neighbour in the Larnaca district called the police after the 62-year-old knocked on his door at about 10:30pm to tell him he had found his wife shot dead in the living room, Larnaca police spokesman Christos Andreou told the Cyprus Mail.Read More
SAVVAS Xenophontos, the Greek-Cypriot man who was involved in a car chase and shootout with the police on Christmas Eve, was killed by a bullet from a firearm according to state pathologist Eleni Antoniou.
Xenophontos was in a car with two Greek Pontians that had failed to stop at the police’s insistence in the early hours of December 24.Read More
GANGS of animal rustlers are targeting livestock in areas close to the UN-controlled buffer zone according to police.
Most recently, livestock from the areas of Dali, Lympia, Potamia and Athienou have been stolen.
“The police are looking into the case and the possibility that the gangs cross over from the north although nothing has been confirmed,” police spokesman Andreas Angelides said.
The most recent incident, according to police, involved five young people, between the ages of 20 and 22 who stole around 40 sheep at gunpoint in the village of Athienou at 9pm on Christmas Day.Read More