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Cyprus Mail: Press Review in English, 99-09-23

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From: The Cyprus Mail at <>

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Thursday, September 23, 1999


Job Centre



/ 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 their positions.

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 August.

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 been cleared.


_ 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 proximity talks.

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 Clinton.

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

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