Talks on the draft law, which provides for the set-up of a state-owned hydrocarbon company via the Parliament, were postponed amid disagreements, complaints and disputes.

AKEL MPs asked for the postponement of the discussion for a week, with DISY Vice President, Averof Neophytou denouncing that Commerce Minister gave instructions to register the state-owned company of private law to the Companies’ Superintendent.

He argued that four contracts have already been sent for the appointment of executive directors for a period of five years with exceptionally high salaries.

The AKEL MPs opposed to the charges and it was finally decided to send a letter to the Minister of Commerce (on behalf of the House Commerce Committee) asking for the postponement of all procedures initiated by the government to register the state company to the Companies’ Superintendent ahead of the Committee’s session.