Finance Minister, Markos Kyprianou, said that the government will soon decide on the replacement of the members of the Board of Directors of Cyprus Airways, following the meeting with the Board Chairman, Charis Loizides, that ended up with a temporary compromise. Mr. Kyprianou said that the Company’s operations will be carried out normally, until the government decides on the issue.

The Minister also said that the cabinet will examine the issue shortly and stressed that the government is the major shareholder of Cyprus Airways (67%) and has the right to replace the Board members.

Cyprus Airways Board Chairman, Charis Loizides, said that the Company’s operations will not be affected by the latest developments and added that the Board of Directors need first to a) examine the renewal of the staff’s union contract and, b) elaborate the action plan approved by the Board of Directors against the impacts from a possible war in Iraq.