Stock Market report lands on minister’s desk

THE final report from the investigation into the 1999-2000 stock market fiasco was yesterday handed to Finance Minister Makis Keravnos by the Investigating Committee of the Cyprus Stock Exchange (CSE).

Keravnos told journalists the report was 1,300 pages long and separated into six volumes. He said the Ministry of Finance would closely examine the report then inform the government, which would in turn decide how to handle the situation.

Asked by journalists as to when the report would be handed to President Tassos Papadopoulos, Keravnos replied: “I have only just now received the report and I will decide with the president as to when it will be handed in.”

Keravnos added that only after the report had been reviewed would the Ministry know if the interests of justices had been served, with the chairman of the Investigating Committee of the CSE Yiannis Papadopoulos concurring: “I hope that the report will satisfy the cause of justice”

Answering whether there had been embezzlement of investors in 1999-2000, Papadopoulos said: “Of course there was. It is common knowledge and is also mentioned in the report. It still needs to be reviewed.”

Intervening, Keravnos added: “It is known that in one night there was redistribution of national revenue.”

Thousands of small investors lost their life savings in the stock market bubble which saw the exchange rising 800 per cent in mere months before collapsing.

Papadopoulos said charges could be brought against certain people and did not rule out the possibility of politicians being mentioned in the report. Keravnos again intervened saying: “Just because a politician’s name is mentioned in the report, it doesn’t necessarily mean that he or she has committed a crime.”

Keravnos concluded: “The government will not be pressured on this issue. The government will conduct the correct measures in accordance with correct procedures in conjunction with the Attorney-general and other various officials.”

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