AS THE preliminary results of the Helios crash were published yesterday, the focus of media speculation centred on what political influences might have been at play when it came to the airline and its parent company Libra Holidays Group.
The speculation was prompted by Communications and Works Minister Haris Thrasou’s statements that he was trawling through Civil Aviation files to establish under what circumstances Helios had been granted a licence in 1999, and what might have led the then ministerial committee for air transport to override the objections of Cyprus Airways (CY).
The state-owned airline stated their objections were due to not being ready to handle air transport liberalisation at the time. CY were also upset two years ago when the cabinet decided to give the Luton route to Helios instead of to Eurocypria, the national carrier’s charter firm, which was expecting to be granted the destination.
Politis said on Sunday there appeared to be a web of political intrigue involved in the Helios affair, which yesterday prompted a storm of arguments and accusations by ministers, former ministers and political parties.
Helios is owned by Libra Holidays Group, one of the biggest UK-based operators, which brings hundreds of thousands of tourists to Cyprus every year. Libra bought Helios late last year.
Libra, which is listed on the Cyprus Stock Exchange, is headed by Christos Mavrellis, a lawyer who runs the Chrysses Demetriades law office. He is the group’s non-executive chairman.
The chief executive of the company is Andreas Drakos, appointed to the Board in 1996. Drakos was also the founder founder of Priceright Holidays in 1981 and Option Eurocongress Ltd in 1990.
In 2000, Options Eurocongress Ltd merged with IJ Cassoulides, a printing/publishing company to form Options Cassoulides Ltd, which is also listed in the Cyprus Stock Exchange.
He is also chairman of the board of Cyprint Public Ltd, executive vice president of D.H. Cyprotels Public Ltd and Director of the Boards of Excel Aviation UK, Excel Airways UK.
Other board members of Libra include Akis Kyprianou, the chairman of the UK-based Association of Greek and Cypriot Travel Agents (AGTA), Themis Drakou, Theodoros Antoniou, Victor Mantovanis and Andreas Pantzinakos, who was involved in the Health Ministry for many years, and was a member of several charitable organisations. Another board member is Tonys Yerolemou, a London-based restaurateur and businessman.
When Helios was taken over by Libra, the board members appointed were Andreas Drakou, Theodoros Antoniou, Themis Drakou, Akis Kyprianou, Victor Mantovani, and Takis Klerides. Klerides was Finance Minister from March 1999 until February 2003.
