Director loans at BOC, Menatep gets OBU license
New accounting regulations allowed for transparency in reporting for public companies revealed Bank of Cyprus directors had taken out privileged loans of CYP 20 mln, while new tax incentives worth CYP 38 mln passed through parliament, according to the issue 157, on April 10, 1996.
International accounting standards, introduced for the first time by public companies, revealed some interesting facts, including Bank of
Cyprus directors taking out loans of CYP 20.14 mln and their remuneration increased from CYP 196,000 to 220,000.
Russia’s giant Bank Menatep became the 28th to operate an offshore banking unit since the first OBU was licensed 14 years ago.
The House passed new tax reforms worth CYP 38 mln, with allowances for children in school and university, interest on loans, the blind and fgor large-member families. Income up to CYP 5,000 a year is tax-free, 20% on 5,001 to 8,000, 30% on 8,001 to 11,000 and 40% on over 11,000.
President Clerides attended the Louis Cruise Lines launch event for the Sapphire, dubbed a “floating palace” and acquired at a cost of $17 mln, that has already been chartered to Thomson for five years for cruises in the Mediterranean.
The Labour Party plans to setup a Cyprus branch to appeal to the growing number of 65,000 expats, with Interior Minister Dinos Michaelides saying the community will be helped so as to take part in future UK elections.
And former Polish President returned to the dockyards in Gdansk to his old job as electrician and in the UK, cabinet members were preparing to use voicecontrolled computers, multimedia conferencing and fingerprint security by the year 2000.