13/01/2015 11:02
Minister of Finance Harris Georgiades will submit on Wednesday a proposal to the Cabinet in order to explore the prospects of operating a new local airline that will bear the logo and brand name of Cyprus Airways, as the Minister told the Cyprus News Agency (CNA).
The Minister described the prospects of establishing a new company, with the involvement of the private sector, as important
"My intention is to brief the Ministers, who will take the decisions or guide the process of this significant, in our view, perspective, to establish a new local company bearing the brand name and logo of Cyprus Airways," Georgiades told CNA.
The Cabinet`s decision will enable the process of the appointment of the consultant, who will undertake the procedure for the use of the logo and the brand name of Cyprus Airways, through the establishment of a new company.
In a written statement Cyprus President Nicos Anastasiades said that the government will do everything possible for the reinstatement of most of Cyprus Airways employees once a new local airline is established.
Anastasiades pointed out that the employees will be paid all the salaries they are entitled to receive as well as their money from the Provident Fund, and that the government will cover the deficit of the Provident Fund created during the last years.
Meanwhile, the government will focus its power, into creating, through open and transparent procedures, a new airline, working with the private sector, that will bear the name and logo of Cyprus Airways, he noted, adding that "we will do anything in our power to ensure that most of the CY employees are hired by the new company.”
The President expressed his sorrow for the turn of events, noting that the government had done everything in its power to avoid shutting down Cyprus Airways.
On Friday evening ailing national air carrier Cyprus Airways stopped its operations following a European Commission decision that the company has to pay back €66 million of state aid it had received in the past.
The Minister described the prospects of establishing a new company, with the involvement of the private sector, as important
"My intention is to brief the Ministers, who will take the decisions or guide the process of this significant, in our view, perspective, to establish a new local company bearing the brand name and logo of Cyprus Airways," Georgiades told CNA.
The Cabinet`s decision will enable the process of the appointment of the consultant, who will undertake the procedure for the use of the logo and the brand name of Cyprus Airways, through the establishment of a new company.
In a written statement Cyprus President Nicos Anastasiades said that the government will do everything possible for the reinstatement of most of Cyprus Airways employees once a new local airline is established.
Anastasiades pointed out that the employees will be paid all the salaries they are entitled to receive as well as their money from the Provident Fund, and that the government will cover the deficit of the Provident Fund created during the last years.
Meanwhile, the government will focus its power, into creating, through open and transparent procedures, a new airline, working with the private sector, that will bear the name and logo of Cyprus Airways, he noted, adding that "we will do anything in our power to ensure that most of the CY employees are hired by the new company.”
The President expressed his sorrow for the turn of events, noting that the government had done everything in its power to avoid shutting down Cyprus Airways.
On Friday evening ailing national air carrier Cyprus Airways stopped its operations following a European Commission decision that the company has to pay back €66 million of state aid it had received in the past.
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