Di­rec­tor loans at BOC, Me­natep gets OBU li­cense

Financial Mirror (Cyprus) - - FRONT PAGE -

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

BOC loans:

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.

Me­natep OBU:

Tax

re­forms:

Louis

Sap­phire:

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.

Labour move:

Lech Walesa

John Ma­jor’s

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