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CB annoyed, asking explanations from the Russian SEC

21/03/2003 15:30
The Central Bank of Cyprus is particularly annoyed with the recent statements of the Chairman of the Federal Russian SEC (OEK) that the Central Bank of Cyprus reveals to OEK all information concerning the shareholders of Russian companies based in Cyprus.

CB Supervision Manager of International Activities, Spyros Stavrinakis told “SW” that the statements of the Russian Chairman are either false or misinterpreted, stressing that the Central Bank expects further clarifications, since it has accepted a number of calls from Russian executives of off-shore companies based in Cyprus.

Mr. Stavrinakis refused to comment on whether the Russian newspaper “Kommersant” serves particular interest s and expediencies, but noted that this is not the first time that the particular newspaper undermines the relation between the two countries.

Mr. Stavrinakis clarified that the Central Bank respects and abides all the relevant provisions of the banking secrecy as to the data and information it possesses.