6
T H
ANNIVERSARY ISSUE
ISSUE 72 MARCH 19, 2017 PRICE €2.00
INTERVIEWS John Botham *UHJRU\ 'HOODV Michael van Gestel
PHARMA Dr. Andreas Pittas on 40 years of Medochemie
INNOVATION Riley Newman and the spectacular rise of Airbnb
PLUS %XVLQHVV %ULHÀQJ :KDW·V 2Q 7LPH 2II Books & more
JUSTICE
DELAYED
IS JUSTICE 5 2 91 29 5 0 00 57 7
00001 >
DENIED
CHRONIC PROBLEMS IN CYPRUS’S LEGAL SYSTEM ARE DAMAGING THE COUNTRY’S EFFORTS TO BE CONSIDERED A SERIOUS INTERNATIONAL BUSINESS CENTRE
CO N STA N T I N O S THE FIRST NAME IN GOOD MANNERS
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ISSUE 72 MARCH 19, 2017
T H E
B U S I N E S S
M A G A Z I N E
O F
C Y P R U S
| COVER STORY |
E
very presentation or promotional activity aimed at attracting foreign investment to Cyprus is guaranteed to include what are invariably described two of the country’s key competitive
advantages over other jurisdictions: the attractive tax regime and the legal system, based on English Common Law principles. Most observers would agree that the 12.5% corporate tax rate and other incentives do, indeed, make this an attractive location for setting up a company. Unfortunately, the legal system, far from being “business-friendly and effective” as the Cyprus Investment Promotion Agency (CIPA) describes it, appears to be the weakest link in the infrastructure supporting the island’s longstanding efforts to establish itself as a regional business centre. Since 2002, the World Bank has
been publishing its annual Doing Business report, in which it looks at business regulations and their enforcement across 190 economies around the world. By gathering and analyzing comprehensive quantitative data to compare business regulation environments across economies and over time, Doing Business encourages states and governments to compete towards more efficient regulation and offers measurable benchmarks for reform. In the 2017 edition of the Doing Business report, Cyprus ranks 45th overall out of 190 economies, a position which one might think
THERE IS A ONE-YEAR PROBATION PERIOD FOR NEWLY APPOINTED JUDGES BUT, IN PRACTICE, THERE IS NO SUPERVISION BY SENIOR JUDGES is satisfactory in this competitive world. However, the country would be much higher on the list were it not for the fact that, in one of the categories – the ease of enforcing commercial contracts – Cyprus is ranked 139th. This lowly position has been determined by following the evolution of a payment dispute and tracking the time, cost, and number of procedures involved from the mo-
Illustrations: World Bank Doing Business Report 2017 34 | GOLD | The Business Magazine of Cyprus
139
49
33
1 (Korea, Rep.)
Enforcing Contracts (DTF Score)
48,59
48,59
65,09
73,17
50,19
54,79
68,87
84.15 (Korea, Rep.)
Time (days)
1100,0
1100,0
564,0
499,0
1580,0
1120,0
580,0
164.0 (Singapore)
INDICATOR
Enforcing Contracts (Rank)
139
16 | -867,&( '(/$<('
17
GREECE DB2017
TURKEY DB2017
STORY
TA B L E O F C O M PA R AT I V E I N D I C AT O R S BEST PERFORMER GLOBALLY DB2017
By Artemis Constantinidou
COVER
judgement appears to be meaningless. According to the Cyprus Constitution, the Supreme Court has exclusive jurisdiction over reforming the civil procedure but the procedural rules have not been renewed in decades. This is not surprising, as the Supreme Court judges are engaged in trying a huge backlog of cases. The enormous number of cases is indeed the main cause of delays
ITALY DB2017
Reforming and enhancing the Cypriot legal system
GERMANY DB2017
DENIED
CYPRUS DB2017
IS JUSTICE
CYPRUS DB2016
DELAYED
ment a plaintiff files the lawsuit until actual payment is made. It is well-documented that the average time for a civil case to be determined, including an appeal in the District Court of Nicosia, is 9-12 years while civil appeals for minor offences experience take an average of 4-5 years. This results in the ineffective enforcement of judgements and, in many cases, obtaining a court
BULGARIA DB2017
JUSTICE
133
108
Cost (% of claim)
16,4
16,4
23,8
14,4
14,4
23,1
Quality of judicial processes index (0-18)
8,0
8,0
10,5
12,0
12,0
13,0
,6 -867,&( '(1,(' The Cyprus justice system is in crisis. :LUPVY VMÄJPHSZ ¶ 4PUPZ[LY VM 1\Z[PJL Ionas Nicolaou, Attorney-General, Costas Clerides and the President of the Cyprus Bar Association, Doros 0VHUUPKLZ HTVUN V[OLYZ ¶ WYLZLU[ their own views, recommendations and potential solutions to the WYVISLTZ HMÅPJ[PUN [OL ^H` Q\Z[PJL is dispensed in Cyprus.
24,9
9.0 (Iceland)
13,0
15.5 (Australia)
www.goldnews.com.cy | GOLD | 35
CONTENTS 6 | EDITORIAL 8 | BUSINESS BRIEFING Economic & Business Highlights of the past month.
10 | MY WAY Frixos Savvides’ management style.
12 | FIVE MINUTES WITH… Yvonne Tsanos
14 | THEY SAID WHAT? Some of the fascinating remarks made by well-known Cypriots over the past month.
OPINION 40 | MULTIPLE CHALLENGES = UNIQUE OPPORTUNITY By Liakos M. Theodorou.
SPECIAL PROMOTIONAL FEATURES 45 | Regulatory Compliance Interview with Sophie Ioannou of Infocredit, and eight leading firms present their compliance services.
69 | THE RISE OF ARTIFICIAL INTELLIGENCE By Charis Mountis
FEATURES 32 | UNPREDICTABLE
;OL KPMÄJ\S[` VM HU[PJPWH[PUN [OL PTWHJ[ VM \UL_WLJ[LK WVSP[PJHS L]LU[Z VU ÄUHUJPHS THYRL[Z Interview with John Botham of Invesco.
77 | Aviation
Interviews with Eleni Kaloyirou and Dinos Kakkouras, and five related companies present their services.
34 | PROMOTING GENDER EQUALITY Andreas Avraamides, Talent Leader at EY Cyprus, on recruiting, retaining and advancing women.
34
12
36 | GOING DOWN Cyprus slips again on the Corruption Perception Index.
41 | BREXIT AND THE LONDON
PROPERTY MARKET Michael Tannousis, Head of Business Development at Consulco, talks about the current state of the London real estate market
42
42 | MEDICINE MAN Interview with Dr. Andreas Pittas, Executive Chairman and Founder. Of Medochemie.
100 64 | BUILDING A GLOBAL COMMUNITY
9PSL` 5L^THU ^OV QVPULK (PYIUI HZ P[Z ÄYZ[ data scientist, talks about the company’s meteoric rise.
66 | A NEVER-ENDING GAME Michael van Gestel on how government agencies and companies around the world are seeking help in spotting fake identity documents.
70 | SHIPPING FORECAST SUMMIT Photos from the event organised to launch the Bank of Cyprus’ Shipping Finance Department. 4 | GOLD | The Business Magazine of Cyprus
72 | NEW POST BUT NO CHANGE OF
DIRECTION Interview with Gregory Dellas, newly appointed Director, Wealth & Markets at Bank of Cyprus.
76 | NICOSIA ECONOMIC
CONGRESS 2017 Looking ahead to next month’s event.
90 | BOOKSHELF Six of the latest business titles.
92 | IN GOOD COMPANY How Baker Tilly’s employees climb the management ladder.
106 95 | BUSINESS CLASS SS Charalambos Samir
96| TIME OFF Wing Chun and Ice Cream.
100 | LUNCH WITH GOLD Spyros Yiassemides 104 | WHAT’S ON GOLD’s guide to the best cultural events of the coming month. 106 | A DAY IN THE LIFE Andrie Penta
1f y0u c4n r34d 7h15 y0u 5h0uld 4pply f0r 4 j0b w17h KPM6! KPMG Cyber Security - Never a dull moment kpmg.com.cy
©2017 KPMG Limited, a Cyprus limited liability company and a member firm of the
KPMG| network of independent member firms affiliated with KPMG International 90 | GOLD The Business Magazine of Cyprus Cooperative (“KPMG International”), a Swiss entity. All rights reserved.
| EDITORIAL | 6
Not Fit For Purpose
T H
ANNIVERSARY ISSUE
ISSUE 72 MARCH 19, 2017 PRICE â&#x201A;Ź2.00
INTERVIEWS John Botham *UHJRU\ 'HOODV Michael van Gestel
PHARMA Dr. Andreas Pittas on 40 years of Medochemie
INNOVATION Riley Newman and the spectacular rise of Airbnb
PLUS %XVLQHVV %ULHĂ&#x20AC;QJ :KDW¡V 2Q 7LPH 2II Books & more
JUSTICE
DELAYED
IS JUSTICE 5 291295 000577
00001 >
DENIED
CHRONIC PROBLEMS IN CYPRUSâ&#x20AC;&#x2122;S LEGAL SYSTEM ARE DAMAGING THE COUNTRYâ&#x20AC;&#x2122;S EFFORTS TO BE CONSIDERED A SERIOUS INTERNATIONAL BUSINESS CENTRE
PUBLISHED BY IMH ISSN 1986 - 3543
MANAGING DIRECTOR
George Michail
GENERAL MANAGER
â&#x20AC;&#x153;Law and order exist for the purpose of establishing justice and when they fail in this purpose they become the dangerously WXVYGXYVIH HEQW XLEX FPSGO XLI Ă&#x201A;S[ SJ WSGMEP TVSKVIWW Âś 1EVXMR 0YXLIV /MRK .V
T
he Cypriot legal system, based on English Common Law principles, is frequently cited as one of the countryâ&#x20AC;&#x2122;s key advantages over its competitors when it comes to attracting companies to establish offices and individuals to take up residence here. And itâ&#x20AC;&#x2122;s true. However, a system that doesnâ&#x20AC;&#x2122;t work is a bit like a Rolls Royce with a Trabant engine under the bonnet â&#x20AC;&#x201C; it looks great but it wonâ&#x20AC;&#x2122;t take you very far. You may wonder why a foreign company, interested in taking advantage of the islandâ&#x20AC;&#x2122;s low tax regime, should be too bothered if court cases take years to complete but you need look no further than the latest edition of the World Bankâ&#x20AC;&#x2122;s Doing Business report, in which Cyprus is ranked 139th out of 190 countries in the category â&#x20AC;&#x153;ease of enforcing commercial contractsâ&#x20AC;?. The report calculates that, in Cyprus, the evolution of a payment dispute from the moment a plaintiff files the lawsuit until actual payment is made will take 1,100 days. Compare this to Singapore, a country that is often proposed as a model that Cyprus should try and emulate, which takes 164 days for the same process. So why would a company choose to take a risk here, knowing that if anything goes wrong, it could go on for years and cause untold losses in revenue? It is often said about Cyprus that it takes a real crisis to make the Government, parliament and other authorities take action and correct chronic problems â&#x20AC;&#x201C; we saw what happened in 2013 with the economy and the banking sector â&#x20AC;&#x201C; and for many years, lawyers and others have been urging changes and reform to the justice system, where delays are gradually making it completely dysfunctional. For this issueâ&#x20AC;&#x2122;s cover story, we asked several key officials involved in the Cyprus justice system â&#x20AC;&#x201C; Minister of Justice Ionas Nicolaou, Attorney-General Costas Clerides and the President of the Cyprus Bar Association, Doros Ioannides, among others â&#x20AC;&#x201C; to present their own views, recommendations and potential solutions to the problems afflicting the way justice is dispensed in Cyprus. Many of the issues concern the appointment and quality of judges and, as you will see, the Supreme Court has made an effort to identify the problems and correct them but, until this happens, the countryâ&#x20AC;&#x2122;s long-held ambition of being taken seriously as an international business centre remains far from being achieved. This is Issue 72 of GOLD, meaning that we are celebrating our 6th anniversary. Thanks to all of you â&#x20AC;&#x201C; readers, advertisers and contributors â&#x20AC;&#x201C; for your valuable support. May it continue for many more years! 6 | GOLD | The Business Magazine of Cyprus
John Vickers, Chief Editor john@imhbusiness.com
Daphne Roditou Tang MEDIA MANAGER
Antonis Antoniou EDITOR-IN-CHIEF
John Vickers JOURNALISTS
Artemis Constantinidou, Voula Loizou CONTRIBUTORS TO THIS ISSUE
Charis Mountis, Liakos Theodorou ART DIRECTION
Anna Theodosiou SENIOR DESIGNER
Alexia Petrou ASSISTANT DESIGNER
Stephanie Andreou PHOTOGRAPHY
Emma Louise Charalambous, Jo Michaelides, Christos Tsekouras MARKETING EXECUTIVE
Kevi Chishios SALES MANAGER
Neofytos Constantinou SALES EXECUTIVE
Stavros Epifaniou OPERATIONS MANAGER
Voulla Nicolaou SUBSCRIPTIONS
Myria Neophytou PRINTERS
Cassoulides Masterprinters CONTACT 5 Aigaleo St., Strovolos 2057, Nicosia, Cyprus Mailing address: P.O.Box 21185, 1503, Nicosia, Cyprus Tel: +357 22505555, Fax: +357 22679820 e-mail: gold@imhbusiness.com subscriptions: goldsubscriptions@imhbusiness.com www.imhbusiness.com
BUSINESS BRIEFING
MILESTONES
AWARDS
FILEMINDERS
Wilbur Ross Resigns from BoC Board
Logicom Begins 30th Anniversary Celebrations
On March 1, Wilbur L. Ross Jr. submitted his resignation from his position as Member and Vice-Chairman of the Board of Directors of BoC Holdings and Bank of Cyprus Public Company Limited, Following his appointment as U.S. Commerce Secretary, the Board of both BoC Holdings and the Bank expressed their warmest [OHURZ MVY 9VZZ» ]HS\HISL JVU[YPI\[PVU [V [OL Group which he has served since 2014. They decided to appoint James B. Lockhart III as a member of the Board of Directors on each of these Boards. Lockhart is Vice Chairman of WL Ross & Co. LLC in New York.
Logicom Public Ltd is celebrating a major mileZ[VUL [OPZ `LHY HZ THYRZ P[Z `LHYZ PU [OL [LJOUVSVN` PUK\Z[Y` :PUJL P[Z PUJLW[PVU PU it has grown to become a respected leader in P[Z ÄLSK HUK [VKH` 3VNPJVT 7\ISPJ 3[K PZ HU international group of companies, listed on the Main Market of the Cyprus Stock Exchange, and a member of the FTSE/CySE20 index. It emWSV`Z TVYL [OHU WYVMLZZPVUHSZ HUK ZLY]LZ TVYL [OHU J\Z[VTLYZ PU JV\U[YPLZ Managing Director, Varnavas Irinarchos said, ¸0 SVVR MVY^HYK [V TVYL `LHYZ VM L_JLSSLUJL alongside everyone in the Logicom family.”
Fileminders Ltd has been awarded Investors in People Gold Accreditation, becoming one of the few gold accredited organisations in Cyprus. Paul Devoy, Head of Investors in People, said, “Investors in People accreditation is the sign of a great employer, an outperforming place to work and a clear commitment to success. Fileminders should be extremely proud of their achievement.” Andrea Antoniou, CEO of Fileminders said, “We feel proud of our unique culture and we promise to keep creating a creative environment, to inspire our people and help them ÄUK H ^H` [V PUUV]H[L HUK L]VS]L 6\Y WLVple are our strength.”
MICHALIS ECONOMIDES
Cyprus-Jordan Business Association
My Cyprus Insider celebrates 2nd Anniversary
The Cyprus Chamber of Commerce and Industry (CCCI) recently announced the inauguration of the Cyprus-Jordan Business Association. Its stated aims are to promote, expand and encourage economic and trade relations and crossborder investments between the two countries, to propose to both governments ways through which trade and economic relations can be further improved and to create and maintain communication among Cypriot and Jordanian business people. George Pantelides was named the (ZZVJPH[PVU»Z ÄYZ[ 7YLZPKLU[ OLHKPUN H TLTber Board of Directors. The Ambassador of Jordan to Cyprus, Mohamad Elfayez, was named HZ HU L_ VɉJPV TLTILY VM [OL )VHYK
My Cyprus Insider (mycyprusinsider.com), the travel portal owned by Action Global Communications Group, recently celebrated its second anniversary. Chief Editor, Zoe Christodoulides explained that, “From the onset, one of the main missions of the website, has been to help boost tourism and alternative travel on the island and to encourage visitors from all corners of the globe to explore L]LY`[OPUN *`WY\Z OHZ [V VɈLY IL`VUK Q\Z[ Z\U HUK ZLH ¹ ;OL ^LIZP[L»Z Z\JJLZZ HJYVZZ Cyprus and beyond is largely attributed to its wholly unique content, written by local experts ^P[O ]HS\HISL ºPUZPKLY» RUV^SLKNL WYV]PKPUN great insights into life on the island.
Arthur Andersen Returns
T
ACCOUNT ING
hrough a French initiative, Arthur Andersen has been reconstituted, with 26 offices in 16 countries, including Cyprus, and a Cypriot is among the senior executives. Christos S. Christodoulou, founder and managing director of the accounting firm CSC Christodoulou, is Chair of the Ethical Compliance and Governance Committee in charge of the network in Greece and in Cyprus. The committee will be dealing with issues concerning the operating rules and ethics of its members. Arthur Andersen was once one of the biggest accounting firms in the US but, in 2002, it voluntarily surrendered its licenses to practice after being found guilty of criminal charges relating to the firm’s handling of the auditing of the Texas-based energy corporation Enron. 8 | GOLD | The Business Magazine of Cyprus
Michalis Economides, CEO and Founder VM *OHTILYZÄLSK ,JVUVTPKLZ 2YHUVZ OHZ been recognised by the renowned Global Law Experts international network as a Recommended Attorney and Firm for Commercial Practice in Cyprus. ;OL ÄYT KLHSZ ^P[O HSS SLNHS HUK JVYWVYH[L practice areas and has a physical presence PU ZL]LU JV\U[YPLZ ^OPSL WYV]PKPUN ÄK\JPHY` and corporate services in more than 21 jurisKPJ[PVUZ ¸>L ILSPL]L [OH[ H ÄYT KPɈLYLU[PH[LZ from its competition through the added value P[ VɈLYZ PU P[Z J\Z[VTLY YLSH[PVUZOPWZ ;OLYLfore, our aim is to develop long term relationships with our clients and not short-term transactions, said Economides.
BAKER TILLY IN SOUTH EAST EUROPE President Nicos Anastasiades presented the Special Export Services Award 2015 to Baker Tilly in South East Europe at the ceremony at the Presidential Palace last month. The ÄYT»Z *,6 4HYPVZ ( 2SP[V\ JVTTLU[LK that, “This award recognises the quality of our services, as well as the dynamism demonstrated by our people to achieve exJLSSLU[ YLZ\S[Z PU V\Y LɈVY[Z [V WYVTV[L V\Y own services and those of our country as an international business centre”. The annual Export Awards recognize and reward Cypriot companies for exceptional achievement in the export of goods and services.
TELECOMMUNICATIONS REAL ESTATES
Aristo Developers
A
risto Developers announced that more than 500 new title deeds have been secured and 630 title deeds were transferred in 2016. Furthermore, 1,300 title deeds are now ready for transfer to owners. Aristo was recently honoured with the “Best Cyprus Property 2017” accolade and “Best Real Estate Developer Cyprus 2016” award by International Finance magazine.
Satlink–Inmarsat Agreement
Leptos Estates
L
eptos Estates continues to enrich its property portfolio in Limassol with its latest new development, Leptos Limassol Park, described as “offering the luxury of sub-urban living in a safe enclosed environment where life`s small but precious pleasures can be enjoyed.” Over 75% of the area is landscaped gardens and green areas around two large swimming pools.
CAPITAL INTELLIGENCE RATINGS JOINS THE ECBC
A
ccording to its preliminary Financial Results for 2016, Bank of Cyprus posted a profit after tax of €64 million. CEO John Hourican said, “We are pleased to have delivered a modest profit in 2016 and to have started 2017 with the full repayment of ELA, a successful
Marlink CG
arlink is to enter into a joint venture with the satellite connectivity business of the Greece/Cyprus-based TNL Group, enabling it to launch a brand new maritime satellite communications expert, Marlink CG. It will deliver a wide portfolio of innovative Marlink VSAT (Very Small Aperture Terminal) services, Inmarsat FleetXpress, Inmarsat/Iridium MSS (Mobile Satellite Services) and integrated business critical solutions for customers in Southern Europe.
M
BANKING
return to the debt capital markets and the successful listing of our shares on the London Stock Exchange.” He added that, in 2016, the Bank achieved a €3.0 billion reduction (27%) in 90+ Days Past Due (DPD) and a €2.9 billion reduction (21%) in Non-Performing Exposures. “These are very pleasing reductions and we expect continued progress,” he said.
62,611
S
FINANCE
Capital Intelligence Ratings, the Limassol-based international credit rating agency, has joined the European Covered Bond Council (ECBC), a platform bringing together covered bond issuers, analysts, investment bankers, rating agencies and a wide range of interested stakeholders. “As part of our international expansion strategy, the ECBC membership \UKLYZJVYLZ *0 9H[PUNZ» LɈVY[Z [V ILJVTL [OL YH[PUN HNLUJ` VM JOVPJL for both issuers and investors in the markets we cover,” it said in a statement. “In addition to current coverage, CI is also strongly committed to bringing forward the concept of covered bonds to new frontier markets,” explained Zafer Diab, Managing Director of the company.
BANK OF CYPRUS
atlink Satellite Communications Ltd, a member of The Tototheo Group, a world leader in satellite communication and technical services, has entered into a new agreement with Inmarsat to integrate the Fleet Xpress Global Xpress maritime solution into :H[SPUR»Z L_PZ[PUN ZLY]PJL WVY[MVSPV Through the agreement, Satlink will bring more than 1,500 vessels to the Fleet ?WYLZZ ZLY]PJL V]LY H Ä]L `LHY WLYPVK
Cyta Opens New Data Centres
yta has launched two new Tier KH[H JLU[YLZ PU 5PJVZPH HUK Limassol respectively. The data centres, designed for businesses that wish to ensure geographical redundancy, both have two independent power supply circuits, double generators, uninterruptible power supplies and air conditioning systems. The equipment is connected to two electrical outlets, which ensures continuous power supply even in maintenance periods.
C
THE NUMBER OF TOURIST ARRIVALS IN CYPRUS IN JANUARY 2017. IT REPRESENTS AN INCREASE OF 28.8% ON LAST YEAR’S FIGURE. SOME 53% OF THE VISITORS WERE HERE ON HOLIDAY, 22.5% CAME FOR BUSINESS AND 24.3% ARRIVED TO SEE FRIENDS AND RELATIVES. MOST WERE AGED 20-44 AND WERE 53% MEN AND 48% WOMEN. www.goldnews.com.cy | GOLD | 9
MY WAY
Frixos Savvides
Managing Director Hive Management Services Ltd
HAVING FOUNDED HIS OWN ACCOUNTANCY FIRM IN THE PRIVATE SECTOR AS WELL AS SERVING AS A GOVERNMENT MINISTER, FRIXOS SAVVIDES KNOWS ALL ABOUT GOOD MANAGEMENT AND EFFECTIVE LEADERSHIP. HE BELIEVES IN LISTENING TO THE OPINIONS OF OTHERS, WHILE TAKING ULTIMATE RESPONSIBILITY FOR CRUCIAL DECISIONS, AND IN LEADING BY EXAMPLE, A PRINCIPLE HE SAW IN PRACTICE DURING HIS CLOSE WORKING RELATIONSHIP WITH FORMER PRESIDENT GLAFCOS CLERIDES. HE ALSO RECOGNISES AND APPRECIATES THE VALUE OF HAVING THE SUPPORT OF COLLEAGUES AT WORK AND FAMILY AT HOME.
I
would describe my management style as democratic â&#x20AC;&#x201C; after discussion and, perhaps, arguments to formulate principles. But in the end, the decision must be taken by the person who has ultimate responsibility.
T
The object of my professional admiration is the late President of Cyprus, Glafcos Clerides. I consider myself fortunate â&#x20AC;&#x201C; almost blessed â&#x20AC;&#x201C; to have been given the opportunity to serve such a great man, who was the personification of the principle â&#x20AC;&#x153;lead by exampleâ&#x20AC;?.
M
y leadership style has been influenced most by the principle â&#x20AC;&#x153;The higher you climb, the more humble you should becomeâ&#x20AC;?. Anyone who doesnâ&#x20AC;&#x2122;t follow this principle will lose touch with the environment and, invariably, end up alone.
I
have been helped throughout my career by the fact that I had good people around me, on whom I could rely to carry on the business, and my wife and children to support me at home.
A
chieving a healthy balance between life at work and at home is very difficult. It is very important to have the support of your family and to feel that your home provides relaxation and peace of mind, serving as a sanctuary of sanity, away from the hectic business life.
M
y greatest professional achievement was addressing the United Nations General Assembly in New York in 2002. It was an unbelievable experience which will stay with me for life.
10 | GOLD | The Business Magazine of Cyprus
T
he biggest mistake that managers make is to think that they are infallible. I call it â&#x20AC;&#x153;the sickness of the chairâ&#x20AC;? â&#x20AC;&#x201C; where you are convinced that you cannot make mistakes and that whatever you do is right. In other words, you donâ&#x20AC;&#x2122;t listen to anybody and eventually you pay the price.
I
relax over coffee and playing the card game Pilotta with my friends. Itâ&#x20AC;&#x2122;s a game that re-laxes me, tests ts my memory and gives me an opportunity to let offf steam. I also enjoy good football and a good film. Good food and good wine always help too!
Frixos Savvides is a Fellow of the Institute of Chartered Accountants in England and Wales. He set up his S[R EYHMXMRK Ă VQ 4/* 7EZZMHIW
'S 0XH MR FYX VIWMKRIH EW 1EREKMRK 4EVXRIV ]IEVW PEXIV SR FIMRK ETTSMRXIH 1MRMWXIV SJ ,IEPXL E TSWMXMSR LI LIPH YRXMP %X TVIWIRX LI WIVZIW EW 'LEMVQER SJ 8VYWX -RXIVREXMSREP Insurance (Cyprus) Ltd. and of World Trade Center Cyprus as well as running ,MZI 1EREKIQIRX Services Ltd.
26
ACCOUNTANCY CYPRUS
Building a strategy today can empower your tomorrow
'HOLYHUHG E\ $RQ +HZLWW
Multi-Employer Aon Hewitt Provident Fund :HEVLWH ZZZ PDS IXQG _ (PDLO FRQWDFW#PDS IXQG _ 7HOHSKRQH
FIVE
MINUTES WITH
H
ow did ÖL Shipping Group perform in 2016 and what changes are expected in 2017? We performed quite well, despite a volatile market for certain sectors. In fact, we had almost 100% days of operation for the 10th consecutive year, beating the Moore Stephens industry average operating expense benchmarks without affectingg the high standard and quality of our services. As for 2017, we hope for an improved year with a better supply and demand balance, after strong scrappings in 2016 and no new buildings, with sustainable freight rates. This year, we shall be offering employment opportunities to our young colleagues – the Cadets from the Cyprus Maritime Academy, who are passionate about the shipping industry – for onboard practical experience and will be supporting their entry into the shipping world. What do you see as the main challenges currently facing the local shipping industry? There are five simple answers to this question: (1) To set up the Under-Secretariat for Shipping the soonest; (2) To upgrade the Department of Merchant Shipping now; (3) To press for the lifting of the Turkish embargo on Cyprus-flagged vessels; (4) To maintain and enhance the tax system (one of the main reasons why Cyprus is a base for shipping operations; and (5) To maintain and enhance the continuous promotion of the Cyprus flag. Bank of Cyprus, International Banking, Wealth & Markets Division has just launched a new Shipping Finance Department. Do you believe this can fulfil an important need of the shipping industry in Cyprus? Since the banking institutions have tradition-
12 | GOLD | The Business Magazine of Cyprus
YVONNE TSANOS
ally excluded shipping from their portfolios, having these facilities on our own doorstep is a welcome and long overdue breath of fresh air. When Bank of Cyprus and others are up and running for this purpose, the Cyprus Maritime Cluster will become even tighter and the country deemed a full one-stop shipping centre of true excellence.
General Manager, ÖL Shipping Group & Secretary-General, WISTA Cyprus
In your capacity as Secretary-General of WISTA Cyprus, in what ways does this organisation contribute to the shipping sector? WISTA Cyprus aims at being a major player in attracting more women to the industry and in supporting women in management positions. Focusing on networking, education and mentoring, we believe we can enhance our members’ competence, empower their career success and, as multitaskers, achieve the desired
results. WISTA Cyprus holds regular meetings, seminars and social gatherings throughout the year, on occasion in conjunction with other highly recognised local and international associations. What benefits does WISTA Cyprus offer to women inC volved in the maritime indusv try? t Why should one become a member of the organisation? t The T benefits of membership are numerous; WISTA is a worldn wide w networking organisation in which the members get to know each other, learn from each other, become friends and e discover opportunities that, d ultimately, can – and do – u generate new business locally, g regionally or globally and this r is i certainly encouraged. Members b participate in high-calibre workshops, seminars and conferences as well as offering their own mentoring services. We advocate the sharing of best practices and ideas in support of growth, success and progress. And it’s not all work! I have had the pleasure of attending two WISTA International AGMs, the latest in November 2016, which was held on board the beautiful Holland America cruise vessel MS Koningsdam on its maiden Caribbean cruise from Fort Lauderdale to the Bahamas. Almost 400 delegates from around the globe attended the meeting, which was addressed by high-profile industry executives.