The major issue of the financial press today is the company "Global Consolidator Ltd" (ex L.K Globalsoft) and the arrest of its president, Lykourgos Kyprianou, a development that has led CSE council to suspend company's titles from today's trading session.
The newspaper "Simerini" deals with the issue at its front page.
The "Economy" inset of newspaper "Phileleftheros" under the titles "Red light to G. Consolidator" and "Company's titles off the trading floor" mentions that GLC condemns police actions, claiming that these were based on the grounds of expediency. The newspaper also quotes the statements of the president of the CSE Council, Pavlos Savvides, according to which there was, no agreement between the Council and the Police to delay the arrest for after the end of the trading session.
The report also highlights that during yesterday's CSE session - and before the arrest - the performance of "Global Consolidator Ltd" was noticeable, gaining 8.11% and closing at 8 cents.
Elsewhere, the newspaper refers to the statements of the Head of Economic Study and European Union, Andreas Charalambous, to Stockwatch. Mr. Charalambous noted that its is fairly significant the fact that according to EU's Statistical Service (Euro stat) Cyprus' standard of living is considerably high with reference to GNP of the candidate countries for the period ended on March 2002.
The newspaper "Simerine" under the title "Lykourgos' scandal" refers to the arrest of GLC’s president, Mr. Lykourgos Kyprianou. According to the report, the investigations against Mr. Kyprianou concern "fraud conspiracy and the obtaining of a document from the Central Bank with the purpose of exporting currency with false representations". The arrest of Mr. Kyprianou was based on two points (out of seven): 1) The company has not presented satisfactory information confirming that sales of LK Globalsoft.com (North Africa) Ltd. were bina fide and that these were based on normal commercial practice (arms length) and as a result to substantiate sufficiently sales and profits for the year 2000 and 2) The company has not presented satisfactory evidence confirming that acquisitions of the Bulgarian subsidiaries Express Consult JSC and Comsyst AD were bona fide and that these were based on normal commercial practice (arms length).
The "Economy" inset of newspaper "Simerini" deals with the scandal of Pafos' Savings Department. The newspaper mentions that the Secretary of the Department lays the blame to the president of the Department and MP, Nikos Pittokopites.
The newspaper "Alithia" under the title "L. Kyprianou arrested" points out that the investigations against Mr. Kyprianou concern fraud conspiracy and the obtaining of a document from the Central Bank with the purpose of exporting currency with false representations.
The "Economic" inset of the same newspaper highlights CSE's decision to suspend Company's titles for today’s trading session, as well as Company's announcement, which condemns police investigations. The report also contains SEC's announcement against GLC.
Elsewhere, the newspaper quotes that the Minister of Finance, Takis Klerides, believes that the political parties should support the adoption of the Blue-Print.
The newspaper "Simerini" deals with the issue at its front page.
The "Economy" inset of newspaper "Phileleftheros" under the titles "Red light to G. Consolidator" and "Company's titles off the trading floor" mentions that GLC condemns police actions, claiming that these were based on the grounds of expediency. The newspaper also quotes the statements of the president of the CSE Council, Pavlos Savvides, according to which there was, no agreement between the Council and the Police to delay the arrest for after the end of the trading session.
The report also highlights that during yesterday's CSE session - and before the arrest - the performance of "Global Consolidator Ltd" was noticeable, gaining 8.11% and closing at 8 cents.
Elsewhere, the newspaper refers to the statements of the Head of Economic Study and European Union, Andreas Charalambous, to Stockwatch. Mr. Charalambous noted that its is fairly significant the fact that according to EU's Statistical Service (Euro stat) Cyprus' standard of living is considerably high with reference to GNP of the candidate countries for the period ended on March 2002.
The newspaper "Simerine" under the title "Lykourgos' scandal" refers to the arrest of GLC’s president, Mr. Lykourgos Kyprianou. According to the report, the investigations against Mr. Kyprianou concern "fraud conspiracy and the obtaining of a document from the Central Bank with the purpose of exporting currency with false representations". The arrest of Mr. Kyprianou was based on two points (out of seven): 1) The company has not presented satisfactory information confirming that sales of LK Globalsoft.com (North Africa) Ltd. were bina fide and that these were based on normal commercial practice (arms length) and as a result to substantiate sufficiently sales and profits for the year 2000 and 2) The company has not presented satisfactory evidence confirming that acquisitions of the Bulgarian subsidiaries Express Consult JSC and Comsyst AD were bona fide and that these were based on normal commercial practice (arms length).
The "Economy" inset of newspaper "Simerini" deals with the scandal of Pafos' Savings Department. The newspaper mentions that the Secretary of the Department lays the blame to the president of the Department and MP, Nikos Pittokopites.
The newspaper "Alithia" under the title "L. Kyprianou arrested" points out that the investigations against Mr. Kyprianou concern fraud conspiracy and the obtaining of a document from the Central Bank with the purpose of exporting currency with false representations.
The "Economic" inset of the same newspaper highlights CSE's decision to suspend Company's titles for today’s trading session, as well as Company's announcement, which condemns police investigations. The report also contains SEC's announcement against GLC.
Elsewhere, the newspaper quotes that the Minister of Finance, Takis Klerides, believes that the political parties should support the adoption of the Blue-Print.
3287.99
1275.09
