THE OWNER of the IMC building, Andreas Kaisis, said yesterday he would never have bothered negotiating the Stock Exchange move to his premises if had known the controversy the move was to generate.
The CSE plans to leave its cramped quarters on Grivas Dhigenis Avenue in central Nicosia and head for the spacious Strovolos site, but the move has been an uphill battle dogged since January by controversy and legal disputes.
“Yes the CSE move brings my building prestige, but all these problems are not worth it. The IMC building is the most prestigious commercial building in Cyprus anyway. If I weigh up the benefit and the loss and the five months of fighting, and if I had known what I know now six months ago, then I won’t have bothered,” Kaisis told the Cyprus Mail.
Nicosia mayor Lellos Demetriades and the technology chamber ETEK have condemned the move, citing “illegal” breaches in planning regulations. In addition, Demetriades is furious that one of the nation’s principal financial institutions is leaving the city centre.
But Kaisis yesterday hit back at the mayor’s anger. “The Central Bank is in Strovolos, so is the Ministry of Justice and the new General Hospital. They’re building the new Electricity Headquarters over the road as well,” he pointed out. “As mayor, I understand his work, but there are 18,000 citizens in the old centre, compared to 130,000 living in greater Nicosia,” Kaisis added.
But aside from location quibbles, the major row has been over the suitability of the IMC building, which Kaisis argues is the most sophisticated and up-to-date commercial construction on the island.
Demetriades, however, is claiming that the standards have not been met, a statement Kaisis says in “not true”. Kaisis has spent £700,000 on renovating the building to meet the specific requirements laid out by the Council of Ministers, decking it out with the most modern infrastructure. And he has spent an extra £40,000 to bring the roof down, getting rid of a “mini-floor” not in line with the licence arrangements.
A peculiarity in the legislation, he claims, would allow him to later re- construct the level, but he has decided to get rid of it now to quell discontent from his opponents. The final green light for the move is expected any day.
The draft was not presented today as expected. The Council of Ministers has inspected the premises and approved them down to the letter, Kaisis told the Mail. He said conditions at the current Stock Exchange building were Third World.
The CSE has branded its Grivas premises as wholly inadequate and cramped. “Here we’ve got lots of space. All the machinery and equipment is in place. There’s a standby energy unit 10 times more powerful, and 120 km of digital structuring cable,” he added. He said the facilities were world class.
Brokers are hoping that the IMC building will boost the credibility of the CSE in the eyes of foreign investors. After all the delays, that is a hope shared by Kaisis. Demetriades has appealed to the Supreme Court over the move and a hearing is expected next month. FINANCE Minister Takis Klerides yesterday announced that a special committee would meet regularly and continuously to discuss problems related to the Cyprus Stock Exchange.
He made the announcement after a meeting with political parties, and agreed to set up the special committee to meet regularly to discuss Stock Market problems. The first meeting will be on Monday at midday. A foreign expert recruited by the government to assess the CSE predicament is arriving tomorrow.
