Posts by tag: Cyprus

Archives April 30, 2013 posted by

Study to determine overlap between DEFA and KRETYK

A STUDY is underway to assess the respective roles of the Natural Gas Public Company (DEFA) and the Cyprus National Hydrocarbons Company(KRETYK) and ensure there is no overlap, the energy and trade minister said yesterday.
Giorgos Lakkotrypis was speaking to newsmen shortly after meeting with the President. The minister confirmed they discussed the “future” of the two entities.
Quizzed on whether the government was thinking about merging the two entities – as widely rumoured in the local media – Lakkotrypis said the Attorney-general’s office, assisted by Norwegian legal consultants, has initiated a study into “the institutional framework and jurisdictions of each organisation, which ought to be distinct.”

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Archives April 30, 2013 posted by

Land registry scandal grows

THE INTERIOR minister yesterday ordered the suspension of a land registry official who joins a growing number of his colleagues under disciplinary and/or criminal investigation in relation to corruption.
“One more employee was suspended, who was working as a real estate agent while being a land registry official,” Interior Minister Socrates Hasikos told reporters yesterday.
A court had already ordered the official to stop working in real estate if he were to continue working for the state’s land registry, he said. “He was working as a real estate agent while having available at his disposal the land registry’s entire infrastructure.”
 “One has to wonder at such gall?” Hasikos said.

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Archives April 30, 2013 posted by

Man beaten

A 34-YEAR-OLD Indian man was beaten on the head with a bat by an unknown man outside a convenience store in Limassol at around 6.15pm on Sunday. The Indian man was taken to the Limassol general hospital and treated for a head injury. Due to the seriousness of his condition he was transferred to Nicosia general hospital where he underwent surgery. Police are investigating the motive for the attack.

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Archives April 30, 2013 posted by

Minister apologises over teargas incident

JUSTICE Minister Ionas Nicolaou yesterday apologised on behalf of the police after they fired teargas to quell violence but inadvertently harmed fans when it drifted into the stadium on Saturday.
Nicolaou also pledged that hooligans responsible for the trouble before, during and after the APOEL vs. AEK Larnaca match on Saturday afternoon at the GSP stadium would be arrested.
He was speaking after a meeting with Police Chief Michalis Papageorgiou.

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Archives April 30, 2013 posted by

Bike fire

A MOTORBIKE parked in a kindergarten car park in Nicosia caught on fire at around 1am yesterday. The fire, which was extinguished by fire department, destroyed the vehicle. The cause of the fire is being investigated by Nicosia CID.

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Archives April 30, 2013 posted by

CBC defends chief over "simplistic" government allegations

THE Central Bank of Cyprus (CBC) yesterday defended its governor from “simplistic” government allegations, saying he had prevented the disorderly bankruptcy of the island’s second-largest bank and thereby of the state itself, now in line for a bailout.
The government has taken Central Bank Governor Panicos Demetriades to task for allowing Popular Bank, also known as Laiki Bank, to receive emergency liquidity assistance (ELA), only to be wound down in a chaotic bailout last month.
The central bank rejected the allegations, however.

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Archives April 30, 2013 posted by

Canteen fire

A FIRE broke out in Acropolis primary school’s canteen in Nicosia at around 7.30pm on Sunday, causing damage to the door and window. After the blaze was extinguished by the fire department, tests showed it has started in a fireplace outside the canteen.

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Archives April 30, 2013 posted by

BoC converts portion of uninsured savings to equity

BANK of Cyprus (BoC) said on Sunday it had carried out a conversion of uninsured cash deposits in the bank into equity, one of the conditions of international lenders to offer the cash-starved island financial aid.
The process, known as a ‘bail-in’, made depositors in the bank pay for its recapitalisation, after the institution was hit by massive losses from its exposure to debt-crippled Greece.
The island’s largest bank, said it had converted 37.5 per cent of deposits exceeding €100,000 on March 26, into “class A” shares – nominal value €1 — with an additional 22.5 per cent held as a buffer for possible conversion in the future.
Any loans or other financial obligations had been deducted before the conversion, the lender said.

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Archives April 30, 2013 posted by

School arson

A FIRE was set in the Technical school in Nicosia after vandals broke in on Sunday at around 10.30pm, police said yesterday. The perpetrators broke into an office, set fire to a couch and coffee table and also stole a computer. They also broke into a classroom, took chairs and plastic bins which they later set fire to. The Lykavitos police station is investigating.

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Archives April 30, 2013 posted by

Kazamias called to account

FORMER finance minister Kikis Kazamias yesterday denied downplaying or misrepresenting the severity of the economic outlook during his brief stint in the previous administration.
He highlighted also the poor interpersonal relations between former President Demetris Christofias and ex-central banker Athanasios Orphanides, adding that the feelings were “mutual.”
Kazamias was testifying before the committee of inquiry probing the circumstances that led the economy to the brink of bankruptcy and to the ‘haircut’ decision of March this year. The panel is currently focusing on fiscal/governmental policies and decisions, most of which fall within the term of the previous administration.

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