WELCOME back, Zacharias Koulias, not because we are short of a nut-case or 10 in the legislature but none of them have the mighty, moustachioed midget’s panache and style.
The zany Zach had not gone anywhere but belonging to no party after his expulsion from DIKO for his heroic stance not to vote for Garoyian in the election of House speaker he is rarely given the opportunity to display his great oratory. And the threat of a Cyprob settlement, which always gets his bash-patriotic juices flowing, does not exist.
But he found a worthy cause to promote this week, even though, for unknown reasons, he did not receive the publicity his compassionate initiative deserved. Once again he showed that unlike his colleagues he does not just churn out words but is a man of action.
On Thursday the mighty midget submitted a private bill that would protect the ‘primary car’ from repossession by the bank when the buyer defaulted on car loan repayments. As the cool Koulias explained “the car constitutes a necessary means of transport for a person and this is why its protection is necessary.”
His bill would protect the car used by a debtor for work and for his family’s (but not for his mistress’) transport for six months, after which, the bank would be able to take it and sell it. The big question is whether the bill has a provision protecting the primary car of a person that is single and unemployed and therefore does not need it to transport his family or go to work?
And if a family has three cars who will decide which one is the primary car? Would a Bentley or a Porsche qualify as a primary car protected by Zach’s law?
And what about the ‘primary Harley or Vespa someone might use to go to work and take his child to school on? Speaking of schools shouldn’t there be a law protecting the primary school as well?
ON THE SAME day this pioneering bill was submitted the Cyprus Securities and Exchange Commission (CySEC) announced the unprecedented fines it had imposed on former directors and senior executives of Laiki and Bank of Cyprus for failing to provide adequate information in their prospectuses about the purchase of Greek government bonds.
The total fines were in excess of seven million euro, the highest of €705,000 being imposed on Laiki’s Andreas Vgenopoulos who wasted no time in announcing that the decision was the “result of bias and hostility”, and said he would appeal the decision in court and sue the CySEC boss Demetra Kalogirou in a Greek court.
We hate it when bullies like Vgen attack and try to intimidate the Republic’s prettiest official, even if her decision underlined her ineffectiveness. Why had the fines been imposed more than 30 months after the haircut of the bonds and two years after it became obvious to everyone except CySEC that the two banks were under-capitalised and in big trouble?
Personally, I would forgive a woman with such a pretty face anything – even the fact that she was appointed to her post by AKEL – but there are less forgiving people who would claim that Demetra fined the bankers now for publicity and to cover up her inadequacy as a supervisor. I repeat this is not our establishment’s view.
Shameless populist Demetris Syllouris was quick to take the credit for the fines. He argued that it was thanks to his farce of an investigation that Demetra felt obliged to look into the bonds issue and fine the bankers, a couple of years too late. I would not be surprised if he was telling the truth.
YOU HAD to laugh seeing pictures in the papers of Prez Nik sitting and chatting in his office with Marios Garoyian. All papers carried reports about the meeting, during which Nik briefed the former DIKO leader about the Cyprob and the state of the economy. Since when does the prez invite individual deputies to brief them about anything?
If he was seeing the DIKO loser, who is still taking his state allowance for two secretaries he does not need or use, as a friend the meeting should have been treated as private and no photographers should have been there. But, I suspect Marios, who has gone back to being a nobody-deputy after being a party leader and House president, wanted to feel important and Nik did him the favour.
At least he arrived at the palace like someone important, in his state-provided, chauffeur-driven limo with his bodyguards. I doubt the issue that the taxpayer would be paying for a limo, bodyguards and secretaries for as long as Garoyian is alive came up at the meeting. Much more important issues needed to be discussed.
WHEN NIK was not wasting his time making Marios think he was still a somebody, he was tweeting that he had not attended the birthday bash thrown for his daughter by the billionaire Russian Dmitry Rybolovlev on his privately-owned island Scorpios.
Rybolovlev, who recently paid his former wife a divorce settlement of about €3b, was a BoC shareholder and a client of the Andreas Neocleous law office. He is also the owner of Monaco football club and last year bought Scorpios from the Onassis estate.
Some websites reported that our prez would be at the party, obliging him to tweet, “I am obliged to deny the reports alleging that I am in or heading to Scorpios. I am in Cyprus…”
The prez was invited to the billionaire’s bash, by one of Rybolovlev’s sidekicks, Andreas Hadjikyriakos, who had served as Nik’s advisor in the past, but decided not to accept the invitation as it would not have done his public standing any good.
It would have been Marie Antoinette behaviour, for the prez of a bankrupt, impoverished country to be partying with billionaire Russians flaunting their wealth. Some Cypriots attended the birthday bash, according to Greek TV reports, but no names were given. Perhaps Syllouris could carry out an investigation and make the names public.
THINGS had not turned out as planned for the new chairperson of Hellenic Bank Irena Georgiadou who, it appears will be receiving only a third of the 150 grand annual pay that she had been promised, at least at present.
The issue was clarified by the outgoing chairman Andreas Panayiotou, who explained the annual remuneration of the new chairperson would be the same as he had been receiving – €55,000. Hellenic’s big shareholder – Russian firm Wargaming – that chose Irena was not aware of the procedure for changing the chairperson’s remuneration.
The 150 grand had to be approved by the shareholders, but it was not on the agenda of the bank’s recent AGM that also chose the new board. Poor Irena will have to wait for the next AGM to get the money she was promised, assuming the shareholders would approve such a huge amount for a part-time job, for someone with zero banking experience.
WHAT she is lacking in experience she more than makes up for with an astonishing level of confidence. She told one TV presenter that the chairmanship of the bank was “tailor-made for me”, a boast you could swallow from someone with a successful track record in business, if not banking.
Irena was chosen, not because of her achievements in business but because she was a close associate of the finance minister, having served as his parliamentary assistant when he was a deputy and subsequently as his advisor at the finance ministry.
The foreign shareholders of Hellenic are more than likely to have chosen her because of her close ties with the finance minister and the under-secretary to the president, very useful officials for big bank shareholders to have access to.
Confused? John Hourican
OVER AT BANK of Cyprus the CEO and the board continue to pursue completely different objectives. In a report published in the Financial Times last week, John Hourican was quoted as saying that he was looking to sell the B of C’s Russian bank Uniastrum.
“The Bank of Cyprus has no role being a retail bank in Russia as it doesn’t really help us at our main Cyprus bank,” he was quoted as saying by the FT. A day later, the BoC issued an announcement refuting what the CEO had said and saying that no decision to sell Uniastrum had been taken by the board.
“The timing of any exit, by the group, from its Russian operations will be determined at a future date by the board of directors, after considering options that would enhance value for the group’s shareholders,” said the statement.
Will Hourican give up his search for a new owner for Uniastrum, or will he carry on regardless of what the board thinks? From what I hear even the FT was confused by the conflicting positions and sought clarifications from the bank.
OUR WARM congratulations to fellow neo-liberal Demetris Georgiades on his appointment as head of the fiscal council, the new body that will have the responsibility of supervising the state budget and ensuring there is no over-spending and unmanageable deficits.
The government’s appointment of Georgiades, who was the business writer at Politis, did not go down well with the AKEL, which expressed its displeasure through its spokesman Giorgos Loucaides. He said the “choice of Georgiades was problematic because he systematically belittled institutions and the House,” in his articles.
If AKEL does not approve if him, he must be the right man for the job.
Incidentally, Demetris, is no relation to the finance minister Haris, who is no relation the Hellenic Bank chairperson Irena. I am beginning to wonder whether I should change my surname to Georgiades in order to improve my chances of landing the recently vacated post of Commissioner for Public Sector Reform.
UNDER pressure from the media, the government finally issued regulations restricting Business Class travel to just 17 state officials, including the 11 members of the Council of Ministers. This meant party leaders and deputies will have to travel with the riff-raff when going abroad on official business. The new arrangement did not go down well with the Representatives of the people, but they should look on the bright side.
Travelling abroad in economy class will allow them to spend more quality time with the voters, which has to be a good thing.
THE PANCYPRIAN Council of Peace, a satellite AKEL organisation set up during the glory days of the Soviet Union held a march on Wednesday to show its “solidarity with the Ukrainian people who face the intervention of the imperialists”.
The demonstration was given broad coverage by Haravghi, its report under the headline “Fascism must not pass.” According to this ridiculous group, all the Ukraine’s problems were caused by the EU, US and NATO.
There was no mention in the Haravghi report about the annexation of Crimea, and neither was there any in the speech by the president of the Council of Peace.
Instead the Council “condemns the violation of international law by the crude intervention of the US and the EU as well as the strengthening of NATO in the Baltics and Poland.” You’d think it was the EU and US that annexed Crimea, hearing to these sad Stalinist relics.