Parliament scraps privatisation unit

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By Stelios Orphanides

Parliament on Friday passed a bill tabled by communist Akel dismantling the finance ministry’s privatisation unit, the Cyprus News Agency (CNA) reported.

The decision was taken with 26 votes in favour and 24 four against, CNA said.

The unit, set up after Cyprus signed a cash-for-reforms agreement with international creditors in March 2013, failed to privatise state telecom Cyta. It was on the other hand successful in finding a user for defunct Cyprus Airways’ logo and brand name for a 10-year period. Russia’s S7 airline, which now operates under the Cyprus Airways brand name, paid €2m.

The council of ministers appointed Constantinos Herodotou, who headed the unit, at the board of directors of the Central Bank of Cyprus in February.

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About Author

Stelios Orphanides is a journalist at CyprusBusinessMail.com. To contact Stelios Orphanides: [email protected]

  • Douglas

    Bailout via EU was with the condition of privatization taking place ?

    • Didier Ouzaid

      well, the money was disbursed, wasnt it?

      Exactly. That’s what matters here.

    • divadi bear

      Douglas
      No one seems to mind Monopolies here which is also against EU Rules !!!
      Let’s just say: Cyprus, the forgotten Island !

      • Douglas

        The EU remain a very weak organization in not being able to bring about change and remain intransigent to change.

    • divadi bear

      Douglas and others.
      Well speak out if you have any answers to that and NOT just oral agreements….Get it in writing !!!

  • Michael Fox

    Of course the EU money will be returned. Won’t it ?

    • divadi bear

      ROFLMAO !!! Michael F. They are just too dumb here to ask such a question !
      If they agree, get it in writing with 3 witnesses…..2 fold !!!

  • Eye on Cyprus

    Hopefully this will be swiftly followed by the dismantling and removal of all other government agencies, departments, ministries, officials and assorted hangers-on which are serving no useful purpose.

    • Mike

      Wishfull thinking my friend but what a lovely thought for the weekend ahead.

  • SuzieQ

    Note to self–“stop reading this type of article-you know it makes sense!”

    • Eye on Cyprus

      Note to SQ – “Ignore your own advice and embrace curiosity – you know it makes sense!”

      • SuzieQ

        But my blood pressure?

        • Eye on Cyprus

          Come and see Doctor Eye.

          • Douglas

            That could increase the blood pressure even more 🙂

  • JS Gost

    If the EU does not react to this, it shows how both the EU and Cyprus is. Something akin the the mad hatters tea party.

    • Douglas

      The EU just give away tax payers money first and do not follow up that the terms and conditions have been met,is there any wonder that the EU have not produced signed off audited accounts in the last (15) years, ‘Brexit’ is the only safe option to secure a sensible future for our grandchildren.

  • alexander reutersward

    another successful department that succeeded with the task given, the Troika should make a follow up 🙂

    • Douglas

      Troika is failed ineffective institution all employees being paid in excess €100,000 plus expenses per year,no wonder the EU have not produced any signed off annual audits in the last (15) years.

  • Philippos

    It is Parliament that should have been scrapped and the Privatisation Unit remain

  • divadi bear

    Suzie
    LOL wishful thinking !