17/03/2005 12:28
The Cyprus Airways funds are empty. The Company announced on Thursday that it is unable to pay the compensation to the employees that have been dismissed by the national carrier as redundant. The 130 former employees are agitated with the latest developments and are expected to protest outside the Cyprus Airways Staff Department in Nicosia on Friday.
Same sources reveal that the Finance and Transport Ministers are making efforts together with the new management to secure a loan with the government’s guarantee. At the same time, trade unions’ representatives stated that the state as the major shareholder of Cyprus Airways is open to the public opinion. “The government’s reliability is open to criticisms and all redundant employees have already consulted their legal advisors”, the representatives told StockWatch. It is worth noting that all five trade unions have sent protestation letters to the Labour Ministry and the Company’s Management, which make clear that the government is obliged to submit the compensation to the dismissed staff.
Same sources reveal that the Finance and Transport Ministers are making efforts together with the new management to secure a loan with the government’s guarantee. At the same time, trade unions’ representatives stated that the state as the major shareholder of Cyprus Airways is open to the public opinion. “The government’s reliability is open to criticisms and all redundant employees have already consulted their legal advisors”, the representatives told StockWatch. It is worth noting that all five trade unions have sent protestation letters to the Labour Ministry and the Company’s Management, which make clear that the government is obliged to submit the compensation to the dismissed staff.
Related Articles
