Cyprus News Agency: News in English (AM), 98-08-18

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From: The Cyprus News Agency at <http://www.cyna.org.cy>

CONTENTS

[01] Rouble - Cyprus - Offshore companies

[02] Spokesman - Missing

1300:CYPPRESS:01

[01] Rouble - Cyprus - Offshore companies

Speaking to CNA today, Assistant Manager of the Banking Supervision Department at the Cyprus Central Bank, Spyros Stavrinakis, said Moscow's decision is expected to have a positive impact on Russian offshore companies exporting Russian goods.

As a result of the new, wider trading band for the rouble, Russian goods will be more competitive, he explained.

On the other hand, he added, the decision will negatively affect Russian offshore companies importing foreign goods to Russia.

The Central Bank official pointed out that the main incentive for Russian offshore companies to chose Cyprus as their operating base is the existing agreement between the two countries for the avoidance of double taxation.

As long as that incentive exists Cyprus will constitute a favourable base for Russian offshore companies, Stavrinakis added.

According to Finance Minister, Christodoulos Christodoulou, 20 to 25 billion US dollars are invested in Russia through Cyprus every year.

The Russian Federation is pressing for a revision of the avoidance of double taxation agreement, following relevant IMF recommendations.

According to the Central Bank's 1997 Annual Report, the cumulative number of permits issued for the registration of offshore companies reached 31.739.

The same report says the total foreign exchange revenue from offshore and shipowning companies reached 178,2 million Cyprus pounds in 1997, which represents around 4,1 per cent of the island's GDP (one Cyprus pound is equal to 1,9 US dollars).

CNA GG/MA/1998

ENDS, CYPRUS NEWS AGENCY

1445:CYPPRESS:02

[02] Spokesman - Missing

"The government has decided to proceed with the exhumations, irrespective of developments in the Turkish occupied part of Cyprus, with a view to identifying those buried in graves marked unknown persons," Stylianides said.

The Spokesman stressed that the government is at the stage of forming the teams of experts who will work on this task.

"The presence of experts is essential for the process of exhumation and the identification of remains through DNA," he added.

Describing the issue of missing persons as "very sensitive and exceedingly crucial," he said the forthcoming period will mark the start of developments on this issue.

The Spokesman's comments on the issue of the missing came in the light of Monday's attempt by two wives of missing persons to dig up a grave they believed it contained the remains of their husbands, still listed as missing.

More than 1,600 persons, including women and children, are listed as missing since the 1974 Turkish invasion of Cyprus.

So far one only person (an American citizen of Cypriot descent) was identified as dead through scientific means, when his remains were located in the Turkish occupied part of the island.

CNA EC/MM/MA/1998

ENDS, CYPRUS NEWS AGENCY

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