Paneuropean takeover, row over financial data

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:

Denktash

trouble: