Paneuro­pean takeover, row over fi­nan­cial data

Financial Mirror (Cyprus) - - FRONT PAGE -

Deal-maker Ni­cos Sha­co­las is about to be crowned In­sur­ance King af­ter Paneuro­pean took con­trol of Phi­liki in a deal worth CYP 7.5 mln, while for­mer Pres­i­dent Ge­orge Vas­sil­iou and Fi­nance Min­is­ter Christodoulous Christodoulou are at odds over the fi­nan­cial fig­ures that may be ex­ag­ger­ated, ac­cord­ing to the is­sue 107, on April 19, 1995.

In­sur­ance deal:

Paneuro­pean In­sur­ance said that it has ac­quired a con­trol­ling stake in Phi­liki in a deal worth CYP 7.5 mln, with the buy­out ne­go­ti­ated by Ni­cos Sha­co­las, Chair­man of Paneuro­pean, CTC and FW Wool­worth. Hav­ing se­cured the 32% owned by Strongy­los, El­li­nas and An­to­ni­ades, Sha­co­las se­cured an­other deal with Phi­liki founder Doros Or­phanides and part­ners Petrides and Watts for a fur­ther 25% stake. For­mer Pres­i­dent Ge­orge Vas­sil­iou was ex­pected to call a press con­fer­ence af­ter he pub­licly ac­cused Fi­nance Min­is­ter Christodou­los Christodoulou of giv­ing out false fi­nance fig­ures. A few days ear­lier Pres­i­dent Glaf­cos Clerides said the

True lies:

public deficit had been low­ered from 5.8% of GDP dur­ing 1991-92 when Vas­sil­iou was in of­fice, to 2.2% of GDP that was within Maas­tricht Treaty deficit guide­lines. Vas­sil­iou said that it had ac­tu­ally in­creased to 3.2% in 1995 from 1.9% in 1992.

Cyta will raise the charge for di­rec­tory en­quiries from 5.2c to 18.2c a call, in or­der to stop sub­si­dis­ing cer­tain ser­vices, said the telco’s Chair­man Micha­lakis Zi­va­naris.

Turk­ish Cypriot leader Rauf Denk­tash is ex­pected to win the sec­ond round of the ‘pres­i­den­tial elec­tions’ in the north af­ter se­cur­ing 40% in the first round. But his main ri­val will be for­mer faces pres­sure to pro­ceed with peace talks and he could be chal­lenged by for­mer Dervis Eroglu who got 24% of the votes in the first round.

‘192’ charges up:



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