/ New twists in Louis saga
EVERY day there seems to be a new twist to the Louis Cruise Lines (LCL)
share saga which keeps it on the front pages, competing for space with the
diplomatic efforts in New York for Cyprus.
_ gave prominence to comments by the Akel press spokesman Nicos Katsourides,
who suggested that people in key posts who had received LCL shares on
private placement, should either surrender their shares or be removed from
Katsourides was quoted as saying: "For people who are in key posts and have
a vested interest in businesses to take decisions that affect these
businesses and organisations is unacceptable." He also welcomed President
Clerides' decision to sack public officials who secured shares on private
placement, although it came far too late.
_ said the controversy surrounding the LCL shares, instead of dying down,
was taking on bigger dimensions all the time. The paper said there was
uproar within the ranks of the Cyprus Tourism Organisation (CTO) after the
revelations that its chairman, Andreas Erotocritou, had also been on the
LCL private placement list, something which could undermine the credibility
of the board.
So furious were members of the CTO board with the behaviour of their
chairman that, in protest, they refused to attend a board meeting,
scheduled for last Monday. Members of Diko were also furious with
Erotocritou, who is party general secretary, because he had been assigned
to buy shares for the party, but also bought some for himself.
_ reported accusations made against public companies by deputies during a
House Finance Committee meeting. Edek deputy Doros Theodorou had described
the stock exchange as "a rigged vehicle for fraud", and demanded that he be
given lists of all the transactions involving the banks for July and
Akel deputy George Lillikas referred to "insider dealing by owners of
public companies," while the chairman of the Securities Commission said
that an investigation into a specific case of insider dealing was currently
under way. It also said it was doubtful that the Stock Exchange would open
on Monday because of the backlog of 78,000 transactions only 15,000 had
_ said the US and Britain had decided that the procedural formula used in
the Camp David peace talks would be adopted in the case of Cyprus as well.
Reliable sources claimed that, given the Turkish side's intransigence,
London and Washington seemed to favour the procedure to start with
The idea is to invite Clerides and Rauf Denktash to West Point military
academy at the end of October. Mediators would have separate meetings with
each side, discussing all issues, and when there is agreement on an
important point, there would be direct talks. Proximity talks would act as
a "preface" to intensive negotiations.
_ said there was "intense diplomatic haggling" in New York about the Cyprus
issue, but the holding of talks would depend on what is decided at the
meeting between Turkey's Prime Minister Bulent Ecevit and President
The Turkish side's demand for recognition and negotiations between "two
states" has caused "a major headache" for the UN Secretary-General Kofi
Annan. He is still expected to send out invitations to talks to the two
leaders, after assurances from the US and Britain that they would actively
support his efforts.
_ claimed that the world had been shocked by news of the "horrific crime"
by Turkish satanists who sacrificed a 21-year-old woman in order to
exorcise the earthquakes. The woman had been stabbed and shot in the head
before being raped by the leader of the Satanists.
© Copyright Cyprus Mail 1999