GOLD Magazine Issue 64 First 10 pages

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ISSUE 64 JUly 17, 2016 PRICE €2.00

Gold ISSUE 64 | july 17, 2016 | brexit: crisis or opportunity for cyprus?

CRISIS OR OPPORTUNITY FOR CYPRUS? The impact of the UK’s decision to leave the EU on key sectors of the island’s economy

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INVESTMENT Natasa Pilides on her role as cipa d-g

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FIDUCIARY SERVICES cfa presidents Christos Michael & George Savvides

INTERVIEWS

borys humeniuk george mountis richard spencer

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62 | GOLD | The Business Magazine of Cyprus

ISSUE 64 JULY 17, 2016

T H E

B U S I N E S S

| COVER STORY |

T

CRISIS OR OPPORTUNITY FOR CYPRUS? The impact of the UK’s decision to leave the EU on key sectors of the island’s economy

By John Vickers

here can be few people in Europe who, upon learning the result of the UK referendum on EU membership on the morning of June 24, were not shocked and concerned. First and foremost was the British Prime Minister himself – David Cameron had called the referendum early, such was his confidence in a “Remain” vote – but it has been suggested that even those leading the “Leave” campaign were not actually expecting to win. If ever the saying “Be careful what you wish for” was appropriate, it was about what happened on June 23, 2016. or months, business leaders, economists, foreign heads of state and other high-profile figures had been warning the British people that a vote to leave the EU would have possibly disastrous short-term consequences for the country and an uncertain, quite likely negative long-term impact on their standard of living and the UK’s economic future.

52% of voters chose to ignore them but within days, the pound had fallen to a 30-year low, share prices were plummeting, the Conservatives were involved in replacing David Cameron and almost all the Parliamentary Labour Party had expressed the desire for their own leader, Jeremy Corbyn, to resign. Two of the Leave campaign’s most visible advocates

also found themselves out of the picture – Boris Johnson, previously expected to replace Cameron, was deserted by Michael Gove who stood for the post himself (and lost), and Nigel Farage, whose entire political life had been based on getting the UK to leave the European Union, announced that, having achieved his aim, “I want my life back”. Not surprisingly, they were both castigated by European Commission President JeanClaude Juncker, who described them as “retro-nationalists, not patriots”, adding that “A patriot would not leave the boat when the situation becomes difficult.”

He also noted that the Leave campaigners “had no plan of where to go on from here.” ncertainty is the buzzword these days as it was not only those in the Leave camp who had not planned for the day after a win for their side; the Government had not drawn up any contingency plans either. David Cameron has said that Britain will not invoke

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result on this country. There seems to be a consensus that, for the time being, little or nothing will change. The weaker pound sterling may dissuade some Britons from choosing Cyprus as their summer holiday destination in 2017 and thereafter and it may make them spend less than they might otherwise have done on the island in the coming months but they have already paid for their accommodation and, in many cases, have booked an “all-inclusive” package, which essentially means that they don’t need to spend a single euro if they don’t want to. ne area in which Cyprus may keenly feel the absence of the UK around the EU table concerns tax matters. Many of the big players in the EU are in favour of various forms of tax harmonisation, including a Common Corporate Tax Base (CCTB). This is not a development that Cyprus supports, not least because one of the island’s key selling points to investors is its low 12.5% rate of corporation tax. In this, Britain was w a strong wa ally allly and many observers have ob pointed to po the th he fact that, wit without its support, it will be harder for Cyprus to ‘stand up’ to pressure on the issue. It is noteworthy that, in one of his first comments after the referendum result, Chancellor George Osborne announced that he intended to propose a reduction in the UK’s corporation tax rate from 20% to 15%. n terms of trade, the UK and Cyprus have longstanding and close economic ties. Cypriot exports to the UK comprise 10% of the country’s total while trade in services between the two countries represents 20%. It is thought that the UK’s decision to leave the EU will certainly affect Cyprus’ exports in both the long and short term, although everything will ultimately depend on what kind of deal the UK concludes with the EU and

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Article 50, which will start the exit process, until it has a new Prime Minister, whose name will be announced on September 9 but the EU has responded by saying that no talks can begin until Article 50 is triggered. Until then, it would appear that market and currency chaos is going to be the norm, followed by two years of negotiations conducted in an atmosphere that cannot be predicted at this moment. s a member of the EU, Cyprus will be affected by Britain’s exit in the same way as its 26 partners but what, precisely, does that mean? On the following pages, you can see what two leading economists have told us, as well as the views of several others with a direct interest in the impact of the UK referendum

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COVER

STORY

I

www.goldnews.com.cy | GOLD | 31

26 | Brexit: Crisis or Opportunity for Cyprus?

The possible impact of the UK’s decision to leave the European Union on key sectors of the island’s economy.

M A G A Z I N E

O F

C Y P R U S

CONTENTS 6 | EDITORIAL 8 | BUSINESS BRIEFING

Economic & Business Highlights of the past month.

12 | MY WAY

Petros Livanios’s management style.

13 | FIVE MINUTES WITH… Charalambos Samir

16 | THEY SAID WHAT?

A selection of the month’s more memorable utterances by Cypriots in the public eye.

OPINION 40 | Brexit: The Aftermath

By Michalis Economides

FEATURES 18 | Cyprus Fiduciary Association I

Interview with outgoing President George Savvides.

22 | Cyprus Fiduciary Association II

Interview with incoming President Christos Michael.

34 | Getting Used to the New Normal

Interview with Borys Humeniuk, Ukraine’s Ambassador to Cyprus.

40 | AntiCIPAting Investment Opportunities

40

46

Natasa Pilides on her new role as DirectorGeneral of the Cyprus Investment Promotion Agency.

44 | No Retirement Plan

Ninos Hadjirousos FCA has no intention of stopping work yet.

46 | Interesting Times

Interview with George Mountis, Managing 7HY[ULY VM +LSÄ 7HY[ULYZ *V

60

50 | Wishful Thinking or Real Potential?

Cyprus needs to do more if it is to become a major player in the global fund Industry, says Christopher Stuart-Sinclair.

76

52 | €21 Trillion and Counting...

EFAMA Director-General Peter De Proft on Europe’s thriving fund industry.

54 | International Funds Summit Photos from the event.

58 | One Year On

62 | Reinventing the

Accounting Profession Interview with Richard Spencer, Head of Sustainability, ICAEW.

65 | The Importance of

Substance Dr. Christoforos Hadjikyprianou, CEO of By Constantinos ,\YVWLHU <UP]LYZP[` *`WY\Z VU [OL ÄYZ[ Katchamis year of the Microsoft Innovation Centre.

68 | IN GOOD COMPANY 60 | Learning never Ends Fuelling the talent engine CIM Deputy Director-General Yangos at Staroil.

Hadjiyiannis on two new courses.

4 | GOLD | The Business Magazine of Cyprus

82

71 | BUSINESS CLASS Natalia Rudakova

72 | MY COLLECTION

Roger White and his ‘self WYVWLSSLK ÅV^LYZ»

75 | BOOKSHELF

Five of the best new business titles.

76 | LUNCH WITH GOLD Fiona Mullen, Director, Sapienta Economics.

80 | WHAT’S ON

Gold’s guide to the best cultural events of the coming month.

82 | A DAY IN THE LIFE Stelios Anastasiades.

6 | GOLD | The Business Magazine of Cyprus

| EDITORIAL |

GOLD

Going…Going…Gone

ISSUE 64 JULY 17, 2016 PPRICE PR RICE €2.00 €

CRISIS OR OPPORTUNITY FOR CYPRUS? The impact of the UK’s decision to leave the EU on key sectors of the island’s economy

INVESTMENT Natasa Pilides on her role as CIPA D-G

FIDUCIARY SERVICES CFA presidents Christos Michael & George Savvides

INTERVIEWS

Borys Humeniuk George Mountis Richard Spencer

PLUS

Business BYPLÄUN WOH[»Z 6U BVVRZ Opinion & More

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PUBLISHED BY IMH ISSN 1986 - 3543

MANAGING DIRECTOR

George Michail

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GENERAL MANAGER

Daphne Roditou Tang

hen 17,410,742 people state that they want something, it would be foolish to ignore their wishes. On the other hand, what should be done about the 16,141,241 who have stated the opposite view? In a democracy, the size of the majority does not matter and, in theory, a single vote would still have won the day for the Leave campaign in the UK’s June 23 referendum on whether to remain in the European Union or to leave it. It is probably just as well that the difference was more than a million votes, though a recent poll has already suggested that 1.7 million people now regret their decision to support Leave.

Following the unexpected turn of events regarding the successor to David Cameron and a new Prime Minister being installed in 10, Downing Street on July 13 instead of the planned September 9, Theresa May has made it clear that she is determined to make the best of the situation created by the vote to leave the EU and that there is, essentially, no turning back.

The result of the referendum was of considerable interest to Cyprus, given the island’s historical, cultural and commercial ties with the UK and the fact that a sizeable British expatriate community exists here (you may even belong to it). It was, therefore, perhaps inevitable that this issue’s cover story would deal with the so-called Brexit, despite the fact that any ideas about its potential effect on Cyprus are obviously premature. We sought the views of two economists, as well as those of others with links to both countries, and we present them on pages 26-33. You will also see that, in several of this month’s interviews, we could not resist asking the subjects for their opinion about the vote, which appears to have taken everyone by surprise.

It’s not all Brexit in this issue of Gold. Indeed, there is far more about Limassol in the extra publication that you will have received with the magazine. But in addition to interviews there with Mayor Andreas Christou and LCCI President Costas Galatariotis, the main part features an extensive discussion with Ukrainian Ambassador Borys Humeniuk (page 34), the outgoing and incoming Presidents of the Cyprus Fiduciary Association, George Savvides and Christos Michael respectively (pages 18-24), with Natasa Pilides, the newly appointed Director-General of the Cyprus Investment Promotion Agency (page 40), veteran accountant and parliamentarian Ninos Hadjirousos (page 44), the Managing Partner of Delfi Partners, George Mountis (page 46) and many more.

Plus, you have two magazines for the price of one – and a new John Vickers, lower price at that. And it has nothing to do with Brexit! Enjoy your Chief Editor summer. john@imhbusiness.com

6 | GOLD | The Business Magazine of Cyprus

MEDIA MANAGER

Elena Leontiou EDITOR-IN-CHIEF

John Vickers JOURNALISTS

Artemis Constantinidou, Voula Loizou CONTRIBUTORS TO THIS ISSUE

Michalis Economides, Christos Karaolis, Constantinos Katchamis, Fiona Mullen, Savvas Savouri, ART DIRECTION

Anna Theodosiou

SENIOR DESIGNER

Alexia Petrou

ASSISTANT DESIGNER

Stephanie Andreou PHOTOGRAPHY

Emma Louise Charalambous, Jo Michaelides, Andreas Loucaides MARKETING EXECUTIVE

Kevi Chishios

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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

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BUSINESS BRIEFING

NPLS ARISTO REPAYS â&#x201A;Ź283 MILLION

â&#x201A;Ź32 Million Loan for UCY Campus Extension

EDUCATIO N

The University of Cyprus has been granted a â&#x201A;Ź32 million loan by the Council of the Europe +L]LSVWTLU[ )HUR *,) [V Ă&#x201E;UHUJL [OL ZLJVUK HUK Ă&#x201E;UHS WOHZL VM P[Z KL]LSVWTLU[ -YVT to 2023, the university will be expanded and modernised. The loan will enable upgrades to campus infrastructure. â&#x20AC;&#x153;The science and innovation centre will be designed, the energy centre for YLUL^HISLZ ^PSS IL Ă&#x201E;UHSPZLK HUK [OL HU[PZLPZTPJ Z`Z[LT ^PSS IL PTWYV]LK š 9LJ[VY *VUZ[HU[PUVZ *OYPZ[VĂ&#x201E;KLZ L_WSHPULK HKKPUN [OH[ Z[\KLU[ HJJVTTVKH[PVU ^PSS HSZV IL L_WHUKLK ;OPZ PZ [OL ZLJVUK *,) SVHU [V [OL <UP]LYZP[` VM *`WY\Z ;OL Ă&#x201E;YZ[ VM Ă TPSSPVU ^HZ NYHU[LK PU MVY [OL previous phase of the campus development.

Aristo Developers Ltd has announced the completion of an agreement with the Bank of Cyprus for the full repayment of all the Groupâ&#x20AC;&#x2122;s loans to the Bank, amounting to â&#x201A;Ź283 million. Through a debt-for-assets swap arrangement, Aristo Developers has transferred properties to the Bank, which amounted to at least Ă TPSSPVU ZPNUPĂ&#x201E;JHU[S` V]LY JV]LYPUN [OL KLI[ ( ZPNUPĂ&#x201E;JHU[ WHY[ VM [OL SHYNL scale Venus Rock Golf Resort project has been included in the exchange, the implementation potential of which is now increased and accelerated.

,<96-(:; (5+ *004 1605 -69*,: Eurofast and the Cyprus International Institute of Management (CIIM) recently signed a Memorandum of Understanding to seal their cooperation. Both organisations have agreed to develop a relationship, helping CIIM students and graduates develop their employability skills by gaining experience. CIIMâ&#x20AC;&#x2122;s Undergraduate and Graduate Programmes include an internship as an option to help

students gain relevant work experience and have a realistic opportunity for on-going employment. Eurofast will host CIIM students for a period of three to six months. Over the years, Eurofast has been cooperating with educational institutions in Cyprus and in other countries creating a network of future job candidates who have experience working with the company.

ONEWORLD Acquires Freemont Group

Ceremony Postponed C P d The 5th CIPA International Investment Awards ceremony hosted by Gold, which was due to be held on 23 June 2016, was postponed by the Cyprus Investment Promotion Agency (CIPA) and Gold magazine due to that weekâ&#x20AC;&#x2122;s tragic events caused by forest fires in Cyprus, The event will now take place at the Presidential Palace, Nicosia, on Wednesday. 7 September 2016.

FIDUCIAR Y

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CO-OP CO OP NPLS BELOW â&#x201A;Ź6 BILLION

The Cooperative Credit Institutions (Coops) have stepped up the pace of restructurings, reducing their non-performing loans to below â&#x201A;Ź6 billion, some six months before the target date. Cooperative Central Bank CEO Nicolas Hadjiyiannis said, â&#x20AC;&#x153;We are well within our targets for a loan restructuring of over â&#x201A;Ź1 billion in 2016 and we are very pleased with the huge progress achieved,â&#x20AC;? he said, adding that the Co-op sector has achieved restructurings totalling â&#x201A;Ź1.4 billion or 13,000 accounts in the past 12 months.

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TOURISM

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The returning British High Commissioner, Matthew Kidd, presented his credentials to President Anastasiades VU 1\UL /L ZHPK! ¸([ the heart of my second mission will be support MVY [OL LɈVY[ [V HJOPL]L a settlement of Cyprus’ own division.” Kidd served as BHC from 2010-2014.

*(7; ,),9/(9+ KOCH

The Maritime Academy Cyprus has appointed Capt. Eberhard Koch, Chairman of the ÖL Shipping Group, as its Chairman. Capt. Koch is a dedicated advocate of Cyprus and enthusiastic about “giving back” to the island that has been his home for almost 20 years.

LARNACA AIRPORT HONOURS GLAFCOS CLERIDES

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n the occasion of the celebrations for the tenth anniversary of Hermes Airports President Nicos Anastasiades unveiled a plaque in the terminal building in honour of the late President Glafcos Clerides. Meanwhile, Larnaca Airport was highly commended as the Best European airport in providing services for people with disabilities, during the 12th General Assembly of the Airports Council International (ACI) – EuYVWL OVZ[LK PU ([OLUZ VU 1\UL ;OL OPNOS` commended airport for the Accessible Airport

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CYPRUS EXPECTS 3 MILLION TOURISTS THIS YEAR

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Qualco Group, a leader in the development of software and the provision of services for the Credit and Debt Portfolio Management, has appointed Andreas *OY`ZHÄZ HZ *V\U[Y` Manager for Cyprus.

He will be responsible for developing and implementing commercial strategies for the local market.

Close to 3 million tourists are expected to visit Cyprus in 2016, according Yiorgos Lakkotrypis, Minister of Energy, Commerce, Industry and Tourism who noted that, although occupancy OHK YLHJOLK PU ZVTL OV[LSZ PU 1\UL [OL [V\YPZ[ ZLHZVU ULLKLK [V IL prolonged gradually by a few weeks in March and November, in order to maintain the momentum. He was speaking before the result of the UK referendum, which many observers ILSPL]L ^PSS HɈLJ[ )YP[PZO ]PZP[VY U\Tbers from next year.

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Award was also recognised for “the positive travelling experience it gives to people with disHIPSP[PLZ HZ ^LSS HZ MVY P[Z NYLH[ LɈVY[Z [V JVTWS` with accessibility standards”.

Cyprus raised €120 million in revenue this year from civil marriages that took place on the island, with couples mainly arriving from the UK, Israel, Lebanon, Russia, and other Eastern European countries. According to (U[PNVUL 2HWVKPZ[YPH H ZLUPVY VɉJPHS of the Cyprus Tourism Organisation (CTO), it is a market that has not been taken seriously in the past. The number of civil marriages is around 8,000 year, with anything between 10 and 60 additional guests staying on the island for the wedding celebrations.

ECONOMIDES KRANOS CHAMBERSFIELD IN ISRAEL

he International Law firm Economides Kranos Chambersfield has announced its global expansion through a new physical presence in Israel.

The firm now has offices in Cyprus, the UK, Singapore, Albania, Bahrain and Israel.

Founder and CEO, lawyer Michalis Economides,

a member of the Cyprus Bar Association and a Barrister of the United Kingdom, said that the objective of Economides Kranos Chambersfield law firm is to form a global presence that will provide a full range of integrated litigation and corporate solutions, tailor-made to each customer, that will enable them to perform

effectively in any jurisdiction.” The firm, through its subsidiary corporate provider company, KnightsWorth, now offers corporate and fiduciary services in more than 20 jurisdictions. Economides Kranos Chambersfield follows a customer-driven philosophy, based on the notion “Think globally but act locally”.

www.goldnews.com.cy | GOLD | 9

BUSINESS BRIEFING IN THE NEWS

AVIATION *OHYSPL (PYSPULZ

Charlie Airlines, the Cyprusbased subsidiary of Russiaâ&#x20AC;&#x2122;s : HPYSPUL OHZ WHPK [OL .V]ernment â&#x201A;Ź1.2 million to use the brand name and logo of Cyprus Airways, which suspended operations at the ILNPUUPUN VM HM[LY years of existence. Charlie (PYSPULZ OHZ Ă&#x201E;SLK HU HWplication for a domestic air VWLYH[VY JLY[PĂ&#x201E;JH[L

BEST TALL BUILDING IN EUROPE

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Orion Airways is in the WYVJLZZ VM VI[HPUPUN Ă&#x2026;PNO[ and commercial licences with a view to starting Ă&#x2026;PNO[Z MYVT 3HYUHJH I` December 2016. Orion Airways is a Cypriot airline,

VM ^OPJO PZ V^ULK I` an international investment fund based in Switzerland, HUK OHZ VÉ&#x2030;JLZ PU 5PJVZPH and Larnaca.

ARCHITECTURE

ean Nouvelâ&#x20AC;&#x2122;s White Walls, home to EY Cyprusâ&#x20AC;&#x2122; Nicosia Office since November 2014, has been named the Best Tall Building in Europe 2016, by the Council on Tall Buildings and Urban Habitat (CTBUH). It was selected among 132 buildings due to its distinctive characteristics, including the natural flow of light, perforated walls, lofty balconies and the internal espaliered gardens. The 67metre-high building is one of the tallest structures in Cyprus. White Walls will now compete for the title Best Tall Building Worldwide, which will be announced in November 2016. The striking building was chosen in 2014 to house the new Nicosia head office of EY Cyprus, which occupies all eight floors of its office space. A company statement notes that the choice of Jean Nouvelâ&#x20AC;&#x2122;s tower was â&#x20AC;&#x153;in line with EYâ&#x20AC;&#x2122;s global operating model and the broader concept of a â&#x20AC;&#x2DC;Workplace of the Futureâ&#x20AC;&#x2122;, based on both its unique aesthetic and its enhanced functionality that encourages teaming, flexibility and collaboration.â&#x20AC;?

10 | GOLD | The Business Magazine of Cyprus

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Etihad Airways recently celLIYH[LK [OL [O HUUP]LYZHY` of its non-stop Larnaca-Abu +OHIP Ă&#x2026;PNO[Z SH\UJOLK PU 1\UL -SPNO[Z VWLYH[L every Monday, Wednesday HUK -YPKH` KLWHY[PUN MYVT (I\ +OHIP H[ ! HUK HYYP]PUN PU 3HYUHJH H[ ! ;OL YL[\YU Ă&#x2026;PNO[ KLWHY[Z MYVT 3HYUHJH H[ ! HYYP]PUN PU (I\ +OHIP H[ !

House Resolution on EU Russia :HUJ[PVUZ

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he House of Representatives approved a resolution on July 7 calling for the lifting of the sanctions imposed by the European Union on the Russian Federation. The resolution was approved by 33 votes in favour. The ruling Democratic Rally party DISY abstained. The resolution noted that â&#x20AC;&#x153;the sanctions imposed by the European Union against the Russian Federation have proved counterproductive and in no way have helped to solve the crisis in Ukraine.â&#x20AC;? Following the vote, a statement issued by the Embassy of Ukraine in Nicosia described the resolution as â&#x20AC;&#x153;definitely not favourable to the promotion of traditionally friendly and constructive Ukraine-Cyprus relations.â&#x20AC;?

NEW IN CYPRUS 0*7(* )VHYK VM +PYLJ[VYZ

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VSSV^PUN [OL [O (UU\HS .LULYHS TLL[PUN VM [OL 0UZ[P[\[L VM *LY[PĂ&#x201E;LK 7\ISPJ Accountants of Cyprus (ICPAC) on 1\UL H UL^ )VHYK VM +PYLJ[VYZ ^HZ LSLJ[LK HZ MVSSV^Z! Â&#x2039; +LTL[YPZ =HRPZ *OHPYTHU Â&#x2039; 4HYPVZ :RHUKHSPZ =PJL *OHPYTHU Â&#x2039; 4HYPH 7HZ[LSSVWV\SV\ :LJYL[HY` Â&#x2039; (UKYLHZ (UKYLV\ 4LTILY Â&#x2039; 5PJVZ *OPTHYPKLZ 4LTILY Â&#x2039; 6K`ZZLHZ *OYPZ[VKV\SV\ 4LTILY Â&#x2039; 7PLYPZ 4HYRV\ 4LTILY Â&#x2039; :[H]YVZ 7HU[aHYPZ 4LTILY Â&#x2039; 7OPSPWWVZ 9HW[VWV\SVZ 4LTILY Â&#x2039; :W`YVZ :W`YV\ 4LTILY Â&#x2039; +LTL[YPZ ;H_P[HYPZ 4LTILY Â&#x2039; (U[VUPZ =HZPSPV\ 4LTILY Â&#x2039; *OYPZ[VZ =HZPSPV\ 4LTILY Â&#x2039; 2`YPHJVZ AHUNV\SVZ 4LTILY

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,ULYN`5L^Z JVT J` ULYN`5L^Z JVT J` ^HZ VÉ&#x2030;JPHSS` SH\UJOLK VU 1\S` WYLZLU[PUN \W [V date energy-related news from Cyprus

and the rest of the world. The portal, which is the result of cooperation between the Cyprus ,TWSV`LYZ 0UK\Z[YPHSPZ[Z -LKLYH[PVU 6,) and IMH, aims to present well-rounded and objective information on all energy-related issues for businesses, professionals and consumers in Cyprus and to promote all the organizations, bodies and companies active in the broader energy sector.

In addition to daily rolling news, EnergyNews. com.cy sends out a weekly newsletter to thousands of recipients keeping them fully updated on energy-related developments.

Trust in Jordans wherever your business takes you Jordans Trust Company (Seychelles) can help your business thrive.

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Our professional team provide local insight and a full range of management, trust and director services.

All services are regulated by the Financial Services Authority (FSA) in the Seychelles.

Close links between all our -k!#1 ', 2&# -0" ,1 %0-3.A mean you have easy access to our services through our Cyprus -k!# ', '!-1' @ -,2 !2 -30 '!-1' 2# + 2-" 7@

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he first issue of the quarterly magazine Accountancy Cyprus to be published under a new collaboration between the Institute of Certified Public Accountants of Cyprus (ICPAC) and IMH will be available shortly.

Accountancy Cyprus is arguably the oldest magazine in Cyprus, having been published continuously by ICPAC since 1982 with the objective of keeping its members up to date with the latest developments in the accounting profession. ICPAC remains the publisher of the magazine while IMH is responsible for its editorial content, design, printing, distribution and commercial management. The cover story of the July issue of the magazine is â&#x20AC;&#x153;The Future of Cyprus as an International Business Centre.â&#x20AC;?

Jordans Trust Company (Cyprus) Limited T +357 22 767 294 E info@jordans.com.cy

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