Deputies get two weeks to examine market fiasco reports

THE House Watchdog and Finance Committees will meet in two weeks to decide on the conclusions submitted by the two experts working on the stock exchange fiasco, DISY deputy Christos Pourgourides said yesterday.

Speaking after a closed door meeting of the two committees, the Watchdog Committee Chairman said the experts’ notes would be given to deputies to study and after two weeks they would meet again to decide on what action to take.
Pourgourides said the issue concerning one of the experts, Costas Mavrides, was not discussed during the meeting.

The Cyprus Mail revealed a conflict of interest last week regarding Mavrides’ role as a stock exchange expert for the House, since he is currently being sued by a financial house for the non-repayment of investment loans taken out during 1999.

Asked whether the experts’ report on the 1999 fiasco would still be used despite the new revelations, Pourgourides replied, “These are completely separate issues”, and highlighted, “our concern is for the two committees to do their work effectively”.
The timing of the final report on the investigation into the stock market bubble will depend on the decisions taken at the next meeting in two weeks of the two committees, he added.

The Cyprus Mail is the only English-language daily newspaper published in Cyprus. It was established in 1945 and today, with its popular and widely-read website, the Cyprus Mail is among the most trusted news sites in Cyprus. The newspaper is not affiliated with any political parties and has always striven to maintain its independence. Over the past 70-plus years, the Cyprus Mail, with a small dedicated team, has covered momentous events in Cyprus’ modern history, chronicling the last gasps of British colonial rule, Cyprus’ truncated independence, the coup and Turkish invasion, and the decades of negotiations to stitch the divided island back together, plus a myriad of scandals, murders, and human interests stories that capture the island and its -people. Observers describe it as politically conservative.