Officials arrive for Pimco discussions

2013-01-15

MEMBERS of a steering committee tasked with overseeing the due diligence on bank portfolios were expected on the island yesterday to iron out differences with Cypriot authorities over the methodology used.
The due diligence will determine the capital needs of the financial sector in line with a preliminary bailout agreement.
The results of the review, carried out by US-based investment management firm Pimco, are expected on Friday.
“The members of the steering committee will be in Cyprus to discuss some elements of Pimco’s methodology for which there is disagreement,” Central Bank spokeswoman Aliki Stylianou said yesterday.

Lillikas says he and his wife worth a combined €4m

2013-01-11

PRESIDENTIAL candidate Giorgos Lillikas earned around €115,000 last year, while he and his wife are worth a combined €4m, figures disclosed by his election staff show.
According to a statement released yesterday – signed by accounting firm G. Josephakis Audit Ltd – Lillikas’ income was €19,500 in 2009, €72,704 in 2010 and €115,923 in 2011.
The 52 year-old has no deposits in banks. His assets include a residence and plot of land in his home village of Panayia, Paphos, with a market value (1980 prices) of €1,879 and €34, respectively.
In the statement, Lillikas urged his fellow candidates to publish details of their finances “in the interests of transparency.”

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.