ISSUE 65 AUGUST 21, 2016 PRICE €2.00
PRESENTS
140+ Leading Lawyers 70 Leading Law Firms
THE
LAW
ISSUE Recognising
LEGAL
00001 >
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5 29 12 95 0 00 57 7
INTERVIEWS
Conny Lenneberg George Stylianou TOLVÄSVZ XLUHRV\KPZ
EDUCATION
How LLPJLZ[LY FC OHZ HɈLJ[LK \UP]LYZP[` HWWSPJH[PVUZ
REFORM
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ForexTime (FXTM) is an international online forex broker offering financial services in forex, spot metals and CFDs. ForexTime Limited is regulated by the Cyprus Securities and Exchange Commission (CySEC) under license number 185/12. There is a high level of risk involved with trading leveraged products such as forex and CFDs. You should not risk more than you can afford to lose. It is possible that you may lose more than your initial investment. You should not trade unless you fully understand the true extent of your exposure to the risk of loss. When trading, you must always take into consideration your level of experience. It is the responsibility of the Client to ensure that the Client can accept the Services and/or enter into the Transactions in the country in which the Client is resident. If the risks involved seem unclear to you, please seek independent advice. 34 | GOLD | The Business Magazine of Cyprus @2016 FXTM
62 | GOLD | The Business Magazine of Cyprus
ISSUE 65 AUGUST 21, 2016
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
CONTENTS 8 | EDITORIAL 10 | BUSINESS BRIEFING
Economic & Business Highlights of the past month.
14 | MY WAY
Christodoulos Damianou’s management style.
COVER
16 | FIVE MINUTES WITH…
STORY
28 | THE LAW ISSUE
;OLVÄSVZ ?LUHRV\KPZ
We shine the spotlight on 140+ leading lawyers, 70 leading law ÄYTZ WS\Z HU PU[LY]PL^ ^P[O Doros Ioannides, President of the Cyprus Bar Association.
18 | THEY SAID WHAT?
( ZLSLJ[PVU VM YLTHYRHISL YLJLU[ Z[H[LTLU[Z THKL I` *`WYPV[Z PU [OL W\ISPJ L`L
OPINION 22 | A POSITIVE POWER SIGNAL By Dr. Savvas Savouri.
FEATURES 20 | NEED FOR CHANGE
Melina Pyrgou on what Cyprus must do to PTWYV]L P[Z +VPUN )\ZPULZZ YHURPUN
26 | MARKET ABUSE REGULATION By Amalia Hadjipapa. 76 | A LITTLE LUCK
16 6
76 7
AND A LOT OF WORK Interview with Positiva Group CEO George Stylianou
SPECIAL ADVERTISING SUPPLEMENT 47 | Leading Law Firms in Cyprus
Fourteen firms present their services in detail. + Interview with Prof. Achilles Emilianides, Head of the Law Department, School of Humanities, Social Science & Law, University of Nicosia.
80 | THE LEICESTER CITY FACTOR
Applications to De Montfort University have soared since Leicester won the Premier League.
84 | THE ART OF EFFECTIVE
26
CORPORATE COMPLIANCE P Preview of the 2nd International Compliance Forum. C
108 86 | MERGERS & ACQUISITIONS IN
96 | IN GOOD COMPANY
By Sophocles Tvmvios.
How Delema McCann Inspires energy and passion among employees. 100 | BUSINESS CLASS Dmitry Popov
108 | LUNCH WITH GOLD Carmel Bonello, Director, 7\ISPJ 9LSH[PVUZ VM )7* International Ltd.
92 | FINDING GOOD IN A
102 | BOOKSHELF
112 | WHAT’S ON .VSK»Z N\PKL [V [OL ILZ[ cultural events of the coming month.
THE SPOTLIGHT The 12th CFO Management Forum.
88 | WHAT MAKES A GREAT CFO? BAD WORLD Interview with World Vision International’s Regional Leader, Middle East and Eastern Europe, Conny 3LUULILYN
4 | GOLD | The Business Magazine of Cyprus
;LU VM [OL ILZ[ [P[SLZ MVY Z\TTLY YLHKPUN
104 | MY COLLECTION
Stavros Agathangelou and his video games.
114 | A DAY IN THE LIFE Gregory Dellas
114
MARIA
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76 | GOLD | The Business Magazine of Cyprus
82 | GOLD | The Business Magazine of Cyprus
www.goldnews.com.cy | GOLD | 83
| EDITORIAL |
GOLD ,668( _ $8*867
Long Hot Summer
ISSUE 65 AUGUST 21, 2016 PRICE €2.00
PRESENTS
_ THE LAW ISSUE
140+ Leading Lawyers 70 Leading Law Firms
THE
LAW
ISSUE Recognising
LEGAL
00001 >
E Expertise
5 291295 000577
INTERVIEWS
Conny Lenneberg George Stylianou TOLVÄSVZ XLUHRV\KPZ
EDUCATION
How LLPJLZ[LY FC OHZ HɈLJ[LK \UP]LYZP[` HWWSPJH[PVUZ
REFORM
What C`WY\Z T\Z[ KV [V PTWYV]L P[Z I\ZPULZZZ ranking
PLUS
)\ZPULZZ BYPLÄUN Z\TTLY YLHKPUN >OH[»Z 6U HUK TVYL
PUBLISHED BY IMH ISSN 1986 - 3543
O
ne often feels that there is something almost immoral about complaining that it’s too hot in July and August, given that, in 2016, some three million people will have paid good money for a two-week taste of what we theoretically enjoy completely free for 350 days of the year, not to mention the fact that, over in the Gulf states, the temperatures can reach such unimaginable heights that it’s hard to understand how people lead their daily lives in such conditions. Nonetheless, complain we do and I have never heard the phrase “climate change” or engaged in so many conversations about “how we used to manage without airconditioning” as often as I have over the past three months. By the time you read these words, your summer holiday is probably coming to an end and we can all start looking forward to cooler and, frankly, more pleasant weather. Once September arrives in Cyprus, it feels much more like the start of a new year than it ever does in January and the last third of 2016 looks likely to be a very interesting ‘new beginning’. Will Messrs Anastasiades and Akinci work out an acceptable compromise solution to the longstanding Cyprus Problem? Will the Government’s reform programme stay on course? Will there be progress on the National Health Scheme? The next four months should bring answers to all these questions and many more. In this issue of Gold, we focus, not for the first time, on the legal profession, though this time our cover story spotlight shines first on the individuals (page 28) and second on the firms for which they work (page 42). We also have interviews with Doros Ioannides, President of the Cyprus Bar Association (page 30) and Prof. Achilles Emilianides, Head of the Law Department at the University of Nicosia (page 48) as well as an interview with lawyer Melina Pyrgou on what Cyprus needs to do if it is to rise up the rankings of the annual Doing Business report (page 20). In addition to interviews with people as diverse as Professor Dominic Shellard, Vice-Chancellor of De Montfort University (page 80), Conny Lenneberg, World Vision International’s Regional Leader, Middle East and Eastern Europe (page 92), and George Stylianou, CEO of the Positiva Group of Companies (page 76), we also offer our recommendations for your summer reading (page 102) and the best cultural events, from opera in Paphos to Wine and Beer Festivals in Limassol and Nicosia respectively (page 112), plus all the regular features that make up your favourite business magazine. John Vickers, Enjoy this issue and what’s left of the summer. It will soon be the Chief Editor time when we all start complaining about those windy days and cold nights that have arrived so unexpectedly! john@imhbusiness.com
8 | GOLD | The Business Magazine of Cyprus
MANAGING DIRECTOR
George Michail
GENERAL MANAGER
Daphne Roditou Tang MEDIA MANAGER
Elena Leontiou EDITOR-IN-CHIEF
John Vickers JOURNALISTS
Artemis Constantinidou, Voula Loizou CONTRIBUTORS TO THIS ISSUE
Amalia Hadjipapa, Savvas Savouri, Sophocles Tymvios ART DIRECTION
Anna Theodosiou
SENIOR DESIGNER
Alexia Petrou
ASSISTANT DESIGNER
Stephanie Andreou, George Yiamiadakis PHOTOGRAPHY
Emma Louise Charalambous, Jo Michaelides, Andreas Loucaides, Christos Tsekouras MARKETING EXECUTIVE
Kevi Chishios
SALES MANAGER
Irene Georgiou
SALES EXECUTIVE
Stavros Epifaniou
OPERATIONS MANAGER
Voulla Nicolaou
SUBSCRIPTIONS
Myria Neophytou PRINTERS
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BUSINESS BRIEFING
BANKING
ECONOM Y
Local credit card transactions exceed €6 million in occupied areas and Turkey More than €6 million was spent in the occupied areas of Cyprus and in Turkey with credit cards isZ\LK I` IHURZ PU [OL NV]LYUTLU[ JVU[YVSSLK HYLHZ VM [OL 9LW\ISPJ HJJVYKPUN [V ÄN\YLZ YLSLHZLK I` JCC this month. From January to July, local credit cards were used in the Turkish occupied part of Cyprus and in Turkey for transactions that reached €6.04 million. Of those, €4.28 million were spent in the occupied part of the island and €1.76 million in Turkey. The largest amount went to hotels (€2.09 million), entertainment (€1.11 million) and airlines (€1.07 million). In July the value of transactions reached €867,850, of which €644,441 was in the occupied areas and €223,408 in Turkey. Meanwhile, transactions with Turkish credit cards in the government-controlled areas of the island exceeded €14 million from January to July. €3.3 million was spent in supermarkets, €2.8 million on clothing, €1.85 million on motoring-related goods, and €1.67 million in DIY and household stores. In July alone, €2.43 million was paid with Turkish credit cards in the free areas of Cyprus. Total transHJ[PVUZ ^P[O JYLKP[ JHYKZ PU [OL NV]LYUTLU[ JVU[YVSSLK HYLHZ YLHJOLK Á IPSSPVU PU [OL ÄYZ[ ZL]LU months of the year and €215.4 million in July, increases of 5% and 8% respectively.
E FINANC
RCB BANK PASSES ECB STRESS TEST
RCB Bank Ltd successfully completed the recent stress test carried out by the European Central Bank (ECB). The results show that the Bank’s Common Equity Tier 1 ratio (CET1) is 16.58% under the adverse scenario as at 31 December 2018, well above the regulatory minima, includPUN [OL M\SS` WOHZLK PU I\ɈLYZ HWWSPJHISL to the Bank. In a statement, RCB Bank Ltd described the results as yet another JVUÄYTH[PVU VM P[Z ÄUHUJPHS Z[YLUN[O HUK stability. RCB Bank Ltd was not in the list of 51 EU banks for which the European Banking Authority (EBA) conducted the Z[YLZZ [LZ[Z I\[ VU [OL SPZ[ VM ¸ZPNUPÄJHU[ institutions” on which the ECB performed the tests as part of its annual Supervisory Review and Evaluation Process (SREP).
IN THE NEWS
MOODY`S CHANGES CYPRUS’ BANKING SYSTEM TO POSITIVE
SIX -YEAR BOND RAISES €52.5 MILLION
The Finance Ministry announced that it successfully raised €52.5 million, after a €10 million six-year bond was overZ\IZJYPILK TVYL [OHU Ä]L [PTLZ :VTL 87 applications were received for a total amount of €52,509,400, of which 67 were from Cypriots and 20 from foreign investors, who applied for bonds worth €46,550,000. The issue of six-year government bonds will continue with the ninth series on September 1.
DIKO MP CALLS FOR POKEMON GO BAN
Pokémon Go, the free-to-play, location-based augmented reality game, which has become a global phenomenon over the past two months with its mobile app reportedly being downloaded by more than 100 million people worldwide, may be credited with promoting physical activity but it has also attracted controversy for contributing to accidents and becoming a public nuisance at some locations. Some governments have expressed concerns over [OL NHTL»Z ZLJ\YP[` ^P[O 0YHU HUK ,N`W[ ILPUN [OL ÄYZ[ [V ban it and Saudi Arabia renewing a 15-year-old edict that Pokemon is “un-Islamic”. Here in Cyprus, meanwhile, there have been warnings from a road safety group about possible accidents being caused by drivers not paying attention on the road while they look for cartoon monsters on their mobile phones (and you thought it was for kids?) and DIKO MP Angelos Votsis made himself unpopular when he posted a message on Facebook saying, “Given that Pokémon Go may turn out to be dangerous for those playing it other people, why not ban it?” There are no indications of any accidents or bans so far.
Moody`s Investors Service has changed its outlook on the Cyprus banking system [V WVZP[P]L MYVT Z[HISL YLÅLJ[PUN [OL rating agency`s view that the country`s economic recovery will restore banks to WYVÄ[HIPSP[` HUK PTWYV]L [OLPY ^LHR HZZL[ quality. The outlook expresses Moody`s expectation of how bank creditworthiness will evolve in Cyprus over the next 12-18 TVU[OZ ¸(M[LY Ä]L `LHYZ VM SVZZLZ ^L L_WLJ[ IHURZ PU *`WY\Z [V IL WYVÄ[HISL PU 2016 and foresee a modest 0.3% - 0.5% return on assets,” said an Assistant Vice President at Moody`s and author of the report, Melina Skouridou. “Cyprus` accelerating economic recovery, driven by a revival of tourism, the strengthening business services sector and increased consumer spending, will generate some new business,” she added.
AWARDS
BANK OF CYPRUS
Bank of Cyprus retained its title of Best Bank in Cyprus in the recent Euromoney Awards for Excellence 2016. In presenting the award, the internationally acclaimed magazine Euromoney cited Bank of Cyprus’ “outstandingly successful recovery story.â€? The Best Bank Award is presented to banks which stand out for their dynamic WYVĂ„SL VU NSVIHS HUK local markets and which distinguish themselves from their competitors. The award winner is selected following rigorous analysis of each bank’s quantitative and qualitative metrics.
ASSOCIATION FOR HISTORICAL DIALOGUE AND RESEARCH (AHDR) The bicommunal Association for Historical Dialogue and Research (AHDR) was the winner of the 2016 Max van der Stoel Award. Named in honour of the former Dutch Minister of State, it was established in 2001 and is awarded biennially to an individual or an institution in recognition of extraordinary and outstanding achievements aimed at improving the position of national minorities. The AHDR is housed at the Home for Cooperation near the Ledra Palace checkpoint in Nicosia.
NCR CORPORATION
NCR Corporation, the global leader in consumer transaction technologies, is a nominee for the prestigious German Design Award 2017. NCR’s SelfServ 91 cantilever ATM combines the look and feel of today’s consumer electronics with modern banking service while allowing barrier-free access. George Flouros, Vice President, Financial Services in the India/Middle East & Africa region said, “Our NCR SelfServ 91 cantilever sets a new benchmark in design and we are proud that this now has been acknowledged with this nomination.�
36,112
THE NUMBER OF UNEMPLOYED PERSONS, REGISTERED AT THE DISTRICT LABOUR OFFICES ON THE LAST DAY OF JULY 2016. THIS REPRESENTS A DECREASE OF 6,064 PERSONS OR 14.4%, MAINLY OBSERVED IN THE SECTORS OF CONSTRUCTION (DOWN BY 1,312), TRADE (827), ACCOMMODATION AND FOOD SERVICES (714), MANUFACTURING (690), PUBLIC ADMINISTRATION (546) AND TRANSPORT (OF 531). THE NUMBER OF UNEMPLOYED NEWCOMERS TO THE LABOUR MARKET FELL BY 1,069). ESS BUSIN
NEW CIBA WEBSITE
T
he Cyprus International Businesses Association (CIBA) has a new website (www.ciba-cy.org). “In keeping with the times
and in order to provide our valued members with a more user-friendly experience when using the CIBA website, it was decided that it was time for a change. Of course, this is only the first step in what we wish to offer our members, since we hope that it will be our contact with new and existing members, as well as a way of keeping our
Trust in Jordans wherever your business takes you Based inTrust Nicosia, Jordans Trust Jordans Company Company (Cyprus) specialise (Seychelles) can help your in the formation business thrive.and management of companies, both in Cyprus and professional overseas, and provide an Our team provide extensive range of corporate, local insight and a full range of accounting andtrust tax and services. management, director services. Close links with our worldwide -k!#1A ',!*3"',% 2&# A A All services are regulated by and Seychelles, mean Authority you have the Financial Services easy access to all our services (FSA) in the Seychelles. 2&0-3%& -30 7.031 -k!#@ Close links between all our We are able to deliver -k!#1 ', 2&# -0" ,1 %0-3.A considered localeasy insight and to mean you have access expertise wherever our services throughyou ourchoose Cyprus to do business. -k!# ', '!-1' @ Contact our Nicosia team today. -,2 !2 -30 '!-1' 2# + 2-" 7@
members informed about news, events and relevant updates,� the Association notes. The site was revamped by the Cyprus-based IT service provider SOFTimpact Ltd.
Jordans Trust Company (Cyprus) Limited T +357 22 767 294 E info@jordans.com.cy
www.jordanstrustcompany.com www.jordanstrustcompany.com www.goldnews.com.cy | GOLD | 11
BUSINESS BRIEFING
MILESTONES Cobalt appoints new CEO
Following the recent resignation of Andrew Pyne Pyne, CyprusCyprus based airline Cobalt has a new CEO. Andrew Madar, who will be in charge for leading the company in its new development phase, will now be focusing on turning Larnaca into an important regional aviation hub and strengthening Cyprus’ image as an allyear-round destination.
New STEP Cyprus Committee Comm
The Cyprus branc branch of the Society of Trust and Estate Practitioners (STEP) held its Annual General Meeting last month, during which a new Committee was elected: Yiannis Demetriades (Chairman), Stella Andrea Kammitsi (Secretary), Chrysthia Papacleovoulou (Treasurer), plus members Peter G. Economides, Elias A. Neocleous, Panicos Loizou, Spyros A. Evangelou and Elena Papandreou.
ENERGY
The Cyprus Institute celebrates 10th anniversary
The Cyprus Institute (CyI), an internationally recognized world-class research and technology institution, is celebrating the 10th anniversary of its foundation. The Institute, which focuses on cutting-edge research topics and strategic partnerships with leading foreign institutions, has established itself as a regional scien[PÄJ JLU[YL VM L_JLSSLUJL PU YLZLHYJO and education.
FOREX
ForexTime
EXPANDS TO SOUTH AFRICA
T
he Limassol-based global, award-winning forex broker ForexTime (FXTM) recently received its licence from the South African Financial Services Board (FSB), enabling the company to expand its strategic footprint, while reaching new customers and acquiring local partners in a market of high potential. Commenting on this latest acquisition, CEO Olga Rybalkina said, “This latest development represents another key milestone for FXTM, and falls directly in line with our mission to expand across the globe. We continue to experience growth on a stable level with our company having developed a strong reputation for
12 | GOLD | The Business Magazine of Cyprus
FORE X
a commitment to providing excellen excellent trading terms and a transparent service. Since our inception, we have steadily established ourselves as an authority in this industry and developed a reputation as a trusted broker in the Asian, European and Middle Eastern markets. South African clients, affiliates and partners can now enjoy all of the benefits and advantages of trading with FXTM and we proudly look forward to building lasting relationships with these traders as a global broker with a local touch, one that was formed on the core principle of trust.” FXTM announced the opening of its UK branch earlier this year, following the appointment of CNBC Arabia’s Hussein Al Sayed as Chief Market Strategist and the face of its brand for the Middle East region.
Six new applications for gas drilling
I
n the latest round of licensing, Cyprus received six applications for offshore gas exploratory drilling in three blocks of its exclusive economic zone (EEZ) off its southern shores. ENI, Total, Statoil, Exxon Mobil, Qatar Petroleum and Cairn want to drill in an area not far from where ENI discovered a field that could hold up to an estimated 30 trillion cubic feet of natural gas. Cyprus has already licensed exploration in five other blocks of its continental shelf. Texas-based Noble Energy discovered the first gas field and Total and ENI are in the process of evaluating data or preparing for exploration drilling early in 2017.
MY WAY
Christodoulos Damianou
Executive Director of Eurofast.
HAVING SUCCEEDED IN EXPANDING EUROFAST INTO THE COUNTRIES OF SOUTH-EAST EUROPE, HE IS AWARE OF THE IMPORTANCE OF RECOGNISING DIFFERENCES IN MENTALITY AND CULTURE. HE BELIEVES IN PROACTIVE MANAGEMENT AND TEAMWORK AND HAS LEARNED FROM THOSE HE DESCRIBES AS “ORDINARY AND MODEST” PEOPLE. AWAY FROM THE OFFICE, HE ENJOYS A GLASS OF WINE, A CIGAR AND… SEEING HIS FOOTBALL TEAM WIN.
“T
he biggest mistake that managers make is overestimating their own abilities or misjudging their team’s potential. Also – and it has happened to me too – they may underestimate the differences in mentality and culture in other countries. In my case, it took time to realize that things are different throughout the Balkans.”
“M
y greatest professional achievement has been my role in building our own Cypriot brand, completely from scratch, rather than relying on the profession’s typical scenario, which is to represent a foreign brand name and build a future on that. We have put Eurofast on the map in South-East Europe on a par with Big Four organisations and I’m very proud of this.”
“H
ow do I relax? When my children were young, they were my most relaxing activity! Now that they are grown up, going to a football match or enjoying a glass of wine and a cigar are the things that relax me the most. And I am always happy every time APOEL wins!”
“S
uccessful management requires a very advanced level of proactivity in order to anticipate things. In my case I need to be able here is no ‘one to predict what size fits all’ will happen approach to achieving a tomorrow in healthy balance between Serbia and don’t believe in life at work and at home. Bulgaria or idols or celebriI try to spend my time next week ties.I have learned and focus my attention in Romania a great deal from on what really matters, and Albathe ordinary peowithout compromising nia, etc., ple I’ve worked my output. If you want and this with, the ‘people next door’ that I have to be successful, work will is what Christodoulos met throughout my career, the ones Damianou is a CPA step into your home and I try to who work hard, dream big and remain Accountant (USA). He has home will step into your do.” modest.” over 20 years of working exwork.” perience in Tax Consulting, working with local as well as y leadership style has been affected most by my father and my mentor multinational companies. in Greece.” He is a regular speaker at international tax conferences hat has helped me most throughout the course of my career is my and events and the author persistence, especially to achieve our incredible expansion. Making a of numerous taxation articles published success of it also proves that I am surrounded by a very good team!” in the International press.
“T
“I
“M
“W
14 | GOLD | The Business Magazine of Cyprus
KPMG Compensation and Benefits Survey 2016 KPMG’s People & Change Services announce the launching of the 2016 KPMG Compensation and Benefits Survey for the 5th time since the Survey was first launched in 2008. Taking into consideration the significant changes which the Cyprus economy has undergone the last three years, KPMG’s Compensation and Benefits Survey aims to provide an objective and fair analysis of the current Cyprus labour market. Our scientific methodology, extensive knowledge of the labour market and past experience, allow us to produce a valuable tool which will assist any organization in positioning itself in the Cyprus labour market, building a competitive advantage and becoming an Employer of Choice. Let’s combine our efforts towards the implementation of the Survey, as with your participation we can successfully reach our aim and provide you with accurate information to design your compensation strategy. For further information please contact us: Marios Papalazarou Principal People & Change Services T: 22 209 190, E: mpapalazarou@kpmg.com Elli Foulli Manager People & Change Services T: 22 209 018, E: efoulli@kpmg.com kpmg.com.cy
©2016 KPMG Limited, d, a Cyprus limited liability company and member of the KPM PMG G netw networ t two k of ind dep epen pen endent dent en mem member me ber be ber e firm irm irms rm ms affiliated with KPMG MG Int In ernational Cooperative (”KPMG International”), a Swisss entit titty. All rights re reserv sserv se er ed ed. d. d
FIVE
MINUTES WITH
T
he Marshall Islands ship registry is now the third largest in the global shipping business. What’s the secret of its success? Two key competitive advantages of the Republic of the Marshall Islands (RMI) Maritime Registry are its decentralized operations and the ability to provide timely, quality service to clients through qualified personnel from various professional backgrounds with experience at sea and ashore. By continuing to strengthen its team worldwide, International Registries, Inc. and its affiliates (IRI), which provide administrative and technical support to the RMI Maritime and Corporate Registries, ensure a high level of service and continuous improvement to the decentralization of Registry-related services for the increasing number of RMI flagged vessels. Global staff are available to respond to inquiries regarding RMI corporate and maritime matters with its 24/7 service. With the largest network among any registry, each of IRI’s 27 worldwide offices has the ability to service clientele by handling all types of ship registry, marine safety, and technical support services. Is it true that more than half of the RMI vessels are Greek-owned? What are the main attractions for Greek ship owners? The RMI flag is the top foreign flag of choice among Greek ship owners, standing at 946 vessels in the Greek market and over 74 million deadweight tons (DWT). IRI’s Piraeus office’s longstanding relationship with Greek ship owners has contributed greatly to the expansion
16 | GOLD | The Business Magazine of Cyprus
THEOFILOS K. XENAKOUDIS
of the Registry, with the largest percentage of the RMI fleet deriving from the Greek shipping community. Greek ship owners have been the largest ship owning group in the RMI Registry in terms of gross tonnage since 2009. By 2012, bulk carriers outnumbered tankers in the RMI fleet, largely due to the growth of dry cargo vessels owned by Greek ship owners. Today, dry cargo vessels remain the number
Director, Worldwide Business Operations Managing DirectorPiraeus,Greece International Registries, Inc. one vessel type in the Registry, with Greek owners representing nearly 40% of the bulk carriers registered in 2015. With the increasing need for regulation in the shipping industry, communication and customer service are two of the main reasons for the increase in the number of Greek-owned vessels registered under the RMI flag. The quality of service provided by the Registry
is a vital component to the success of the Greek-owned RMI flagged fleet. Regarding corporate registrations, given the recent publicity about Panama, do you believe that companies may think twice about registering in jurisdictions such as the Marshall islands? The RMI Corporate Registry is recognized worldwide by law firms, company formation specialists and business professionals in major m financial centres for its modern and flexible legislation, ease of formation, and unparalleled customer service. Today, ma professionals are using IBCs to go many p public on major stock exchanges around the world. The RMI is recognized as one of the leading jurisdictions for initial public offerings (IPOs) on major stock exchanges. These publicly traded companies show the success that is possible in an offshore jurisdiction and help to enhance the excellent reputation of the RMI Maritime and C Corporate Registries Fir enacted in 1990, the RMI Associations First Law is one of the most modern set of statutes in the world, with an emphasis on maximizing profitability for the business entity while minimizing the risk of exposing its beneficial owners to personal liability. The RMI Associations Law is largely modelled after the corporate laws of the US state of Delaware, and contains the Business Corporations Act, the Revised Partnership Act, the Limited Partnership Act, and the Limited Liability Company Act. The RMI is a zero tax jurisdiction that statutorily exempts non-resident domestic entities from taxation on their income and assets. Entity formation is simple and corporate documents may be issued in one day. The RMI also permits corporate redomiciliation both into and out of the jurisdiction.
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www.hydrainsurance.com Head Office: SEK Building, 11 Strovolos Ave., 5th Floor, Strovolos, 2018, CY24653-1302 Nicosia, Cyprus Telephone: +357-22-454700 | Fax: +357-22-454704 | Email: info@hydrainsurance.com.cy Larnaca Office - Tel.: +357-24-661900 | Paralimni Office - Tel.: +357-23-740017 Kiti Office - Tel.: +357-24-426676 76 | GOLD | The Business Magazine of Cyprus
QUOTES OF THE MONTH
They Said What? A selection of remarkable statements made by Cypriots in the public eye over the past month.
CHRISTOS ROTSAS
“THEY WOULDN’T KNOW IF WE WERE TURKS OR GREEKS, COUPISTS OR PRO-GOVERNMENT FORCES. WE WOULD TAKE ADVANTAGE OF THEIR FEAR AND CONFUSION. IF I WAS IN CHARGE AND WE HAD 43,000 TURKISH SOLDIERS AS PRISONERSOF-WAR, I WOULD TAKE MOST OF THEM TO PAPHOS AIRPORT AND THE VASILIKOS NAVAL BASE AND HOLD THEM THERE. THIS SCENARIO SHOULD NOT BE JUDGED BY TODAY’S MINDSET WHERE WE ARE ON A DIFFERENT PLANET, ONLY PREOCCUPIED WITH OUR ICED COFFEES.” Former MP Christos Rotsas on how he would have taken back the occupied territories on the night of the attempted coup in Turkey. “On H KPɈLYLU[ WSHUL[¸& /L Z\YL PZ
“WE HAVE ENGLISH LAW BUT ARE WE GOOD AT IMPOSING IT AND REACHING DECISIONS QUICKLY? WE HAVE TO IMPROVE THAT IF WE WANT TO ATTRACT BUSINESS.”
Sir Christopher Pissarides adds his voice to those of every other businessman in Cyprus. CHRISTOPHER PISSARIDES
18 | GOLD | The Business Magazine of Cyprus
“THE INTRODUCTION OF THIS MEASURE, WHICH ENJOYS MASSIVE POPULAR SUPPORT, WILL REVIVE PEOPLE’S INTEREST IN VOTING. IN SEPTEMBER WE’LL SEE WHO IS BOLD, WHO JUST MISINFORMS AND WHO IS BEING POPULIST.”
“EVENTS LIKE THE COUP IN TURKEY WILL NOT HAVE A POSITIVE IMPACT ON WORLD TOURISM. THEY DO NOTHING TO HELP THE TOURISM INDUSTRY OF CYPRUS.”
NICOS NOURIS
CTO head Angelos Loizou is clearly a very wise man when it comes to what helps tourism and what doesn’t.
DISY MP Nicos Nouris on his party’s plan to allow us to vote for candidates from different parties in municipal and parliamentary elections. In the past, everyone has professed to support the idea but – Surprise! Surprise! – it has never become law.
“NO NEGOTIATIONS TOOK PLACE WITH POLITICAL PARTIES. THE PRESIDENT MADE HIS CHOICE FROM OVER 460 APPLICATIONS MADE BY PEOPLE WHO WISHED TO SERVE ON THE BOARDS OF SEMI-GOVERNMENT CORPORATIONS.” VICTOR
ANGELOS LOIZOU
PAPADOPOULOS
Deputy Government Spokesman Victor Papadopoulos is keen to show that political criteria were not involved in the recent appointments but he fails to explain what kind of people apply to serve on Boards and why this does not actually disqualify them.
“CYBC IS THE POSTER CHILD OF HOW BAD THINGS CAN GET WHEN THE GOVERNMENT IS RUNNING THINGS… WASTE, DYSFUNCTION DISTRUST, POLITICAL FAVOURS, INEFFICIENCIES, UNCOOPERATIVE PEOPLE BETWEEN SECTORS OF THE ORGANISATION IS THE NORM. A BODY WITHOUT A HEAD IS A DEAD BODY. A BODY WITH NINE HEADS IS A FREAK. I CAN ONLY CONCLUDE THAT THIS BODY CALLED CYBC IS A FREAK.” K.” US consultant Bill Lewis doesn’t mince his words in his report on the Cyprus Broadcasting Corporation. The CyBC’s reaction? “He only spent a few days with us.” Imagine what he would have written if he’d been there longer.
BILL LEWIS
“IT IS IN THE INTEREST OF ALL EUROPEAN STATES TO RECONSIDER THEIR RELATIONS WITH SYRIA AND LIFT THE UNJUST EMBARGO WHICH EXACERBATES THE SYRIANS’ SUFFERING.”
ARCHBISHOP CHRYSOSTOMOS II
Archbishop Chrysostomos II, speaking to Syrian President Bashar Al Assad, who obviously forgot to tell him about his own role in the Syrians’ suffering.
A. A. Antoniou & Associates LLC Passion for excellence
A. A. Antoniou & Associates LLC P.O. Box 22092, 1517 Nicosia, Cyprus Tel: +357 22 051 500 Fax: +357 22 051 401 info@cylaw.ey.com
antoniou.com.cy
A. A. Antoniou & Associates LLC (EY Law Cyprus) is a top-tier Cyprus dYo Ôje l`Yl ak hYjl g^ l`] =Q DYo network, spanning 72 jurisdictions and [gfkaklaf_ g^ egj] l`Yf )$/(( dYoq]jk& Consistently ranked by The Legal 500 as Y lgh%la]j ;qhjmk dYo Õje Yf\ Y[[dYae]\ by IFLR1000, Who’s Who Legal and Best Lawyers, EY Law Cyprus has established alk]d^ Yk Y hjaeYjq [`ga[] g^ emdlafYlagfYd [gjhgjYlagfk$ _gn]jfe]flk Yf\ keYdd lg e]\ame ]fl]jhjak]k j]imajaf_ d]_Yd Y\na[] Yf\ kmhhgjl gf ;qhjmk Yf\ =M dYo eYll]jk& L`] ÕjeÌk dYoq]jk hgkk]kk ]pl]fkan] ]ph]jlak] af l`]aj hjY[la[] Yj]Yk g^ kh][aYdakYlagf Yf\ Y\nak] gf [gee]j[aYd$ [gjhgjYl]$ [geh]lalagf$ \a_alYd$ ]ehdgqe]fl$ ]f]j_q$ afl]dd][lmYd hjgh]jlq$ eYjalae] Yf\ j]Yd ]klYl] eYll]jk& =Q DYo ;qhjmk `Yk \]n]dgh]\ hYjla[mdYj k][lgj%^g[mk]\ ]ph]jlak]$ \]Ydaf_ oal` l`] [`Ydd]f_]k Yf\ af[j]Ykaf_dq [gehd]p d]_Yd akkm]k Y^^][laf_ hYjla[mdYj af\mkljq k][lgjk af[dm\af_ ZYfcaf_ Yf\ [YhalYd eYjc]lk$ gad Yf\ _Yk$ l]d][geemfa[Ylagfk$ \a_alYd and 76 | GOLD | The Business Magazine of Cyprus
af^gjeYlagf l][`fgdg_q$ k`ahhaf_$ da^] k[a]f[]k$ lgmjake Yf\ YnaYlagf& L`] ÕjeÌk eYfY_]e]fl [gehjak]k g^2 Anastasios A. Antoniou 9\ng[Yl]!$ hjY[la[af_ l`] dYo mf\]j l`] ÕjeÌk =M ;geh]lalagf Yf\ <akhml] J]kgdmlagf hjY[la[]k& JYfc]\ Yk Y d]Y\af_ dYoq]j af [geh]lalagf dYo$ =M Yf\ afl]jfYlagfYd dYo Zq ]eaf]fl jYfcaf_ `gmk]k$ af[dm\af_ L`] Legal 500, Who’s Who Legal, IFLR1000, :]kl DYoq]jk Yf\ ADG ;da]fl ;`ga[] 9oYj\k$ 9fYklYkagk j]hj]k]flk [da]flk Z]^gj] fYlagfYd Yf\ =mjgh]Yf [gmjlk Yf\ YjZaljYlagf ljaZmfYdk& Natassa Kiliari 9\ng[Yl]! Y\nak]k [da]flk gf Y oa\] jYf_] g^ [gee]j[aYd Yf\ [gfljY[l dYo akkm]k$ af[dm\af_ \jY^laf_ [gehd]p [gee]j[aYd [gfljY[lk$ [gf\m[laf_ d]_Yd \m] \ada_]f[] Yf\ j]f\]jaf_ ]ph]jl d]_Yd ghafagfk& @]j ]ph]jlak] da]k af ]ehdgqe]fl dYo eYll]jk Yf\ nYjagmk Ykh][lk g^ k`ahhaf_$ h]jkgfYd \YlY$ ljYn]d Yf\ `gda\Yq dYo& Maria Anastasiadou 9\ng[Yl]! hjgna\]k ;qhjmk dYo Y\na[] gf afl]jfYlagfYd Yf\ \ge]kla[ ljYfkY[lagfk afngdnaf_ e]j_]jk
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| REFORM |
NEED FOR
CHANGE
189 COUNTRIES IN THE CYPRUS IS RANKED 47TH OUT OF S, WHICH MAY SOUND QUITE 2016 EDITION OF DOING BUSINES H OUT OF THE 28 EU MEMBER IMPRESSIVE, BUT IT IS ALSO 25T TOR AT PYRGOU VAKIS LAW STATES. MELINA PYRGOU, DIREC BE DONE IF THE COUNTRY IS FIRM, LOOKS AT WHAT NEEDS TO COME MORE COMPETITIVE. TO CLIMB THE RANKINGS AND BE
G
BY JOHN VICKERS
old: There are two areas where Cyprus’ ranking is quite shocking: 145th for dealing with construction permits and 143rd for enforcing contracts. Surely this is unacceptable for an EU member state? Melina Pyrgou: There are some areas that Cyprus needs to upgrade. We are lagging behind in the use of technology in some departments and this slows down the processes. The Law Courts have not properly reviewed procedures for many years and, moreover, they are not using technology to the extent that they should. This means that processes are slow and the delivery of judgments is slow. The slow delivery of judgments leads people to resort to other 20 | GOLD | The Business Magazine of Cyprus
laws for dispute resolution, which means an outflow of legal fees to other jurisdictions, which could otherwise have been incurred in Cyprus. The slow delivery of judgments has another repercussion: the interpretation of laws and contract terms is not available for lawyers to rely upon to advise their clients. This is especially a problem for new laws, where we may have no interpretation to rely on. Execution of judgments is another area that holds us back in the ranking. It was always well-known in Cyprus that the procedure to foreclose a property was slow. The sale of mortgaged property was – and continues to be – very slow. Despite a change of law, we have not seen extensive action in this area. Gold: So what can be done? M.P.: We could create specialized courts. We have seen this happen in the field of administrative law. We should be seriously considering this possibly with the introduction of commercial courts. This would assist complex cases being dealt with by judges who have expertise. The Doing Business report itself mentions that economies with a more efficient judiciary system, in which the courts can effectively enforce contractual obligations, have a higher level of devel-
opment, which leads to the fostering of innovation and attracting foreign direct investment as well as securing tax revenues. The Town Planning Department and the municipalities are also slow for the same reasons. Delays in this area have created problems for foreigners seeking to buy properties in Cyprus due to the uncertainty of obtaining title to a property. The law has changed but I do not know how many title deeds have been issued pursuant to that change. The government should invest in these areas, which are key to continuing to attract foreign investors. The report itself explains the issues and from it we can take guidance on how and what to improve. The report states that “Economies with a more efficient judiciary, in which courts can effectively enforce contractual obligations, have more developed credit markets and a higher level of development overall.” Gold: It would appear that, for all the talk of making the country business-friendly and cutting red tape and bureaucracy, no real action is being taken. Do you agree and, if so, why do you think this is, given the need for Cyprus to attract international companies to take advantage of its tax regime, etc? M.P.: A lot of talk about reform started in 2013. I know that the Government has plans to reform and this is the task of the Commissioner for Reform. What we need now is to review the processes, introduce technology and train staff. I understand that these are matters that take time and money and the government may not be willing to spend money in this way. However, it is the only way to keep up with the competition. At the Department of Registrar of Companies, there were some issues that were resolved quickly thanks to the input of the private sector. This is a great example of how cooperation between the private and public sectors can bring about the desired results in a fairly short period of time. Political will was also on the side of change because
of the deadlines set by the Troika on certain issues. Gold: What should the Government, the House of Representatives and also the private sector be doing to help rectify this situation? M.P.: Time should be devoted to reviewing procedures, many of which are unnecessary. Citizens are required to present documents obtained from one government department to another, whereas the various departments could arrange for these documents to be exchanged among themselves – indeed, they could be shared electronically between departments. More money should be devoted to technology. We need systems that allow for the electronic filing of documents so as to minimize the flow of people to government departments so that the employees there can spend time reviewing documents. This will also minimise human intervention which may, in certain cases, lead to corruption or bribery. Focus should be placed on the key departments – the Department of Registrar of Companies, the Tax Department, the Land Registry and the Immigration Department – that affect the inflow and service of foreign investors. There should be close cooperation with the professionals who have foreign clients and their feedback should be considered seriously. Gold: In fairness it should be pointed out that Cyprus is ranked 17th in the world for resolving insolvency and 25th for protecting minority investors but I would suggest that these two areas are quite new and so perhaps free of long-entrenched attitudes that still exist elsewhere. Would you agree? M.P.: We must not forget that the ranking is based on a survey. The survey looks at whether we have laws in place that resolve insolvency issues and protect minorities. We do have laws. The question of their implementation is quite a different story. The insolvency laws are quite new and have not yet
Time should be devoted to reviewing procedures, many of which are unnecessary
been tested in court. In both insolvency issues and the protection of minorities, the test is what will happen in a Court of Law. And the truth is that, in the courts, the processes are slow. This is the problem that we should be trying to resolve. As a lawyer I feel that the courts and their procedures have been neglected. Judges and lawyers alike are to blame for this. The fact that justice is not delivered quickly enough may also lead to no justice being delivered at all. The report states that, “Enhancing the efficiency of the judicial system can improve the business climate, foster innovation, attract foreign direct investment and secure tax revenues”. These are all good reasons for us to push for change. Gold: Is it all a matter of political will or is a complete new mentality/ mindset required in the civil service? Are you confident that something can be done? M.P.: I think it is all of the above. You need a completely new mindset and the political will. Civil servants see the need for improvement but feel that they are not able to effect change themselves. This is where the professional associations can provide assistance – to work together with the public sector to identify needs and exert pressure on the Government and the House of Representatives to vote in appropriate laws, devote funds and other resources as necessary in order to implement measures which, in turn, will bring about the desired change. I am sure that change is possible. It is to everyone’s benefit to have a vision of a better future. www.goldnews.com.cy | GOLD | 21
Opinion
A POSITIVE POWER SIGNAL GOOD SENSE HAS RETURNED TO UK GOVERNMENT THINKING OVER NUCLEAR POWER By Savvas Savouri
W
e were recently Hinckley Point C, “Forget it. No‘shocked’ by the body in manufacturing is going to go eleventh-hour near £95 per Mwh”. announcement This is all the more important that the otherwise since Mr Ratcliffe is “reshoring” himimminent decision on developing a self and his firm to the UK, six years third nuclear power station at Hinckley after having left for Switzerland, as w Point would be delayed. This has been well as announcing that his company w interpreted in a number of ways that are wishes to invest heavily in on-shore unflattering about the United Kingdom’s shale gas exploration and is hoping economic future. Some have spun the to restart UK production of the Land news of a postponement to complain that Rover Defender. In fact, since the ‘post-Brexit’ Britain has become ‘unwelreferendum, the UK has seen busicoming of outside investment’ and, more nesses across multiple sectors commit specifically, less indisposed to capital from themselves to investing here: Boeing, China, thus threatening the anticipated Siemens, Amazon, Wells Fargo, Mc‘Golden Age’ of Anglo-Sino economic Donalds et al. And all will no doubt engagement. One individual to express agree with Jim Ratcliffe’s assessment such a criticism has been Sir Vince Cable, that the EDF Hinckley C deal rewho, significantly, had been Business quires a reboot. Secretary during the 2010-15 coalition Government We should not see the delay in Sizewell C as a sign Info: Dr. Savvas Savouri is a which entered into a Strategic Investment Agreethe UK is now closed to cooperation in infrastructure Partner and Chief Economist ment with China to fund three new UK nuclear deals with overseas investors and operators, and most of Toscafund. power plants (one of which was to be Hinckley definitely not China. Instead, it should be viewed as Point C, another Sizewell C). Cable further suggestthe new UK Government being awake and wide-eyed ed that the new Prime Minister (and formally Home Secretary) to what is the best deal for its taxpayers and energy users. After all, was uncomfortable with heavy levels of Chinese investment into Gilt yields have compressed markedly enough to allow us to fund Britain. such deals with ever more affordable international capital. Energy Now, it is nonsense to see the delay as anything other than prices, too, have fallen from levels when the Hinckley deal was a welcome sign that good sense has returned to Government first drafted. Rather than see the Hinkley Point C delay as negthinking. As it stood, the deal with EDF (for the most part French ative we should view it as a powerfully positive signal. state-owned), the owner since 2009 of British Energy and the The reality is that we should not be rushing into hasty decitechnical and practical partner to China’s capital, was onerous to sions in the wake of the referendum result. This means no rush the UK Exchequer and to UK energy users. The 2012 pre-comon deciding the metrics undermining new nuclear capacity, mitment to a fixed ‘strike’ price of £95 per Mw/h – with inflation nor on the base rate, nor to the triggering of Article 50 or a indexation – over such a protracted period (35 years) for the premature announcement on how our immigration policy will nuclear energy produced by EDF was a mockery of commercial work once we have invoked Article 50 and then formally left and financial good sense, market prices being little more than half the Single Labour Market. After all, the best way of exercisthat since 2015. It is instructive that Jim Ratcliffe, the Chairman ing power is to hold much of it in reserve. Sadly, the Bank of and Chief Executive of the England’s Monetary Policy chemical group Ineos recently does not believe in THE BEST WAY OF EXERCISING Committee agreed a deal for nuclear power such reasoned patience, stimPOWER IS TO HOLD in France at £40 per MWh, ulating an economy in no real MUCH OF IT IN RESERVE and was quoted in reference to need of it. 22 | GOLD | The Business Magazine of Cyprus
info@eurofast.eu | www.eurofast.eu
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YGIA POLYCLINIC CENTRE OF EXCELLENCE FOR INTERVENTIONAL CARDIOLOGY AND CARDIAC SURGERY AT YGIA POLYCLINIC PRIVATE HOSPITAL
T he development of an integrated Heart Centre was a natural evolution, following the successful operation of the Cardiac Catheterisation Department since 2011 and the Cardiac Electrophysiology Laboratory since 2015. In early April 2016, YGIA Polyclinic Private Hospital launched a Cardiac Surgery Department with the collaboration of prominent heart surgeons Dr. Johan Sjogren and Dr. Shahab Nozohoor and their team, who brought the expertise and experience of the specialized cardiac surgery centre of Lund Sweden to cooperate with Cypriot doctors. The department is set up with state-ofthe-art equipment and is staffed with highly trained personnel. So far, six cardiac surgeries as well as a Transcatheter Aortic Valve Replacement operation (TAVI,) have been performed successfully and the patients have returned to their daily routine after a brief hospitalisation and rehabilitation. With the opening of this department, patients with heart diseases are being offered the highest international quality and safety standards, not only in Limassol and Cyprus but in the wider Eastern Mediterranean region. 24 | GOLD | The Business Magazine of Cyprus
The team of heart surgeons, anesthetists, the perfusionist (extracorporeal circulation machine operator) and nursing staff are highly trained to provide safe and effective care for the treatment of heart diseases such as coronary artery disease, valvular, thoracic aortic aneurysms, etc. The care provided is designed to meet the needs and requirements of each individual patient.
HEART CATHETERISATION CENTRE AT YGIA POLYCLINIC YGIA Polyclinic’s Catheterisation Department operates 24 hours a day and deals with both planned and emergency cases. The Department Director is Dr. Majid Kalani, Interventional Cardiologist. The Department is fully equipped with modern technology and highly trained personnel, ready to face a wide range of heart diseases including acute myocardial infarction (heart attack). The center offers Diagnostic, Interventional and Therapeutic Services:
DIAGNOSTIC SERVICES:
• Pacemakers operation. • Electrophysiology studies. • Coronary Angiography • Complete heart catheterisation, measurement of cardiac chambers pressures, left ventriculography, aortography, calculation of cardiac output and vascular resistance. • Valvular heart disease studies. • Complete study of congenital heart disease. • Myocardium Biopsy. • Pericardial Puncture for diagnostic purposes.
INTERVENTIONAL AND THERAPEUTIC SERVICES:
• Percutaneous aortic valve replacement and aortic valvuloplasty (TAVI, Transcatheter Aortic Valve Implantation). • Primary angioplasty: it is the most efficient method of treating acute myocardial infarction. The Catheterisation Laboratory is staffed with qualified medical, nursing staff and technicians, who are prepared to perform primary angioplasty (PPCI) 24hours. • Percutaneous coronary angioplasty. • Atherectomy and rotablation: modification of the plaque with a rotational atherectomy system before
stent positioning. • Alcohol septal ablation for haemodynamic improvement of Hypertrophic Obstructive Cardiomyopathy. • Periocardiocentesis for the treatment of tomponate or significant pericardial effusion. • Implantation of permanent cardiac pacemakers (single / dual chamber, biventricular, rate responcive - VVi, VVIR, DDD, DDDR, CRT-P, CRT-D). • Implanting permanent cardioverter - defibrillator (ICD). • Interventional treatment of arrhythmia: ablation of arrhythmogenic foci for the treatment of atrial fibrillation and atrial flutter.
YGIA POLYCLINIC PRIVATE HOSPITAL HAS BEEN ACCREDITED BY CHKS FOR ITS PROCESSES AND STANDARDS WHICH MEET INTERNATIONAL BEST PRACTICES
Following an assessment by a team of external senior healthcare professionals, trained as peer review surveyors, Ygia Polyclinic Private Hospital Ltd’s accreditation by CHKS has been successfully renewed. This means that its processes and standards continue to meet internationally recognised best practice, legislative and regulatory reX\PYLTLU[Z @.0( 7VS`JSPUPJ OHZ HJOPL]LK [OPZ JLY[PÄJH[PVU ZPUJL :LW[LTILY 0[ UV^ YHURZ HTVUN [OL ÄULZ[ PU[LYUH[PVUHS hospitals that implement quality programmes and operates within a framework of sound and safe procedures with a focus on patient care. Accreditation by CHKS provides a standards-based framework for clinical governance, quality assurance and quality improvement. Taking part in the process of accreditation gives an organisation the resilience and vigilance required to deliver consistently high quality healthcare services. Ygia Polyclinic Private /VZWP[HS OHZ PU]LZ[LK ZPNUPÄJHU[S` PU Z`Z[LTZ PUMYHZ[Y\J[\YL training and development in order to ensure that these international standards are constantly maintained and even surpassed. Patient safety, satisfaction and experience is the basis for continuous development and excellence. Moyra Amess, Associate Director, Assurance and Accreditation, CHKS says: “The accreditation process requires dedication and commitment. Every organisation we make this award to has proved to our external assessors that its standards and process TLL[ PU[LYUH[PVUHS ILZ[ WYHJ[PJL Z[HUKHYKZ ;OPZ PZ H ZPNUPÄJHU[ achievement.” YGIA Polyclinic Private Hospital is committed to delivering excellence, patient safety and quality care and this is proven by achieving the CHKS accreditation.
CONTACT DETAILS
Address: 21, Nafpliou Street, 3025 Limassol, Cyprus | Postal address: P.O. Box 56174, 3305 Limassol, Cyprus | Tel: (+357) 25884600 | Islandwide number: 77777790 Fax: (+357) 25353890 | e-mail: info@ygiapolyclinic.com | Website: www.ygiapolyclinic.com www.goldnews.com.cy | GOLD | 25
| FINANCE |
0$5.(7 $%86(
5(*8/$7,21
M
THE “ROCK STAR” OF FINANCIAL LEGISLATION By Amalia Hadjipapa
arket abuse is not an unknown term in Cyprus but lately it has become especially popular. It has, in fact, been part of the country’s financial services legislation for the last seventeen years, first with the introduction of the Possession, Use and Publication of Privileged Confidential Information, the Supervisory Capacity of the Securities and Exchange Commission and Other Related Matters Law of 1999 (L. 36(I)/1999), and its subsequent replacement by the Insider Dealing and Market Manipulation (Market Abuse) Law of 2005 (L. 116(I)/2005) which transposed EU Directive 2003/6/ EC into Cyprus Law. When we talk about market abuse, we generally mean (a) insider dealing, i.e. the way persons in possession of confidential information may use that information for their own benefit or for the benefit of others, and (b) market manipulation, i.e. engaging in acts that result in the manipulating of the market in any way (by spreading false or misleading information or by engaging in acts that increase or decrease the prices of listed companies artificially). Such unlawful behaviour prevents full and proper financial market transparency, which is a prerequisite for trading by all economic actors in the financial markets. Following the economic meltdown of Cyprus in 2013, the Market Abuse Law has become particularly popular, since it has formed the legal basis for numerous inves-
26 | GOLD | The Business Magazine of Cyprus
tigations carried out by the Cyprus Securities and Exchange Commission against banks (acting as issuers) and their Board members and senior management, that have resulted in hefty fines being imposed. These fines are currently being disputed in the administrative courts. The Market Abuse Law has also formed the legal basis for numerous criminal cases being filed by the Attorney General’s Office against former bankers and these are currently being tried in the criminal courts. Since the implementation of Directive 2003/6/EC, the increasingly global nature of financial markets and the development
Info: Amalia Hadjipapa is a Partner at Marangos & Hadjipapa LLC. She specialises in Corporate Law and Mergers & Acquisitions.
The Market Abuse Law has formed the legal basis for numerous criminal cases ILPUN ÄSLK against former bankers
of new trading platforms meant that the Market Abuse Directive (MAD) was soon outdated. In 2014, therefore, the new EU Market Abuse Regulation No. 596/2014EU was published. It became applicable as of July 3, 2016. The Market Abuse Regulation (MAR) repeals and replaces Directive 2003/6/EC and all related implementing measures issued pursuant to that Directive. A new set of implementing measures and regulatory technical standards is being prepared at this moment by ESMA and the European Commission. MAR seeks to enhance and harmonise the EU regime on market abuse even further. It will increase the scope of existing offences and introduce new ones such as attempted insider dealing, manipulation of benchmarks and commodities, and will enhance requirements on firms operating in the EU financial markets. It covers whistleblowers, not only in regulated markets but multilateral trading facilities (MTFs) and keeps up with new technologies such as high frequency trading (HFT). MAR applies directly in each EU member state without requiring states to produce laws that implement its provisions. In fact, the current L. 116(I)/2005 will have to be repealed (hopefully in September when the House of Representatives reconvenes after the summer recess). The main bulk of the regulatory framework is made up of MAR; however, there is also a new Market Abuse Directive (MAD II) which requires each Member State to implement legislation to ensure that market abuse is a criminal offence which can be effectively punished. We expect the relevant harmonisation law to be submitted for voting soon. Together, MAR and MAD II are expected to improve confidence in the integrity of the European financial markets and prove useful tools in the hands of regulators.
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COVER STORY LEADING LAWYERS IN CYPRUS
PRESENTS
RECOGNISING LEGAL EXPERTISE
+ LEADING LAWYERS By Artemis Constantinidou and Voula Loizou
28 | GOLD | The Business Magazine of Cyprus
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Banking & Finance
Labour. Investment/ Employment Private )LULÄ[Z Funds
Capital Markets
Litigation
Commercial, Corporate & M&A
Maritime & Admiralty
Dispute Resolution/ Arbitration
Patents/ Trademarks
Energy
Real Estate & Construction
Financial EU and Competition Services Regulatory Law
Restructuring & Insolvency
Tax
Insurance & Reinsurance
Intellectual Property
Telecommunications, Media & Technology
Transport
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www.goldnews.com.cy | GOLD | 29
COVER STORY LEADING LAWYERS IN CYPRUS
RAISING THE BAR
THE CYPRUS BAR ASSOCIATION (CBA), ESTABLISHED IN 1960, IS THE PROFESSIONAL BODY FOR PRACTISING LAWYERS. ACCORDING TO RECORDS KEPT BY THE SUPREME COURT FROM 1893 UNTIL 1960, SOME 519 LAWYERS WERE REGISTERED PRIOR TO CYPRIOT INDEPENDENCE, WHILE IN 1960 THE NUMBER OF REGISTERED ACTIVE LAWYERS WAS APPROXIMATELY 350. TODAY, THE CBA HAS 3,300 MEMBERS. GOLD SPOKE TO CBA PRESIDENT DOROS IOANNIDES ABOUT THE ASSOCIATION’S ACTIVITIES, THE CURRENT STATE OF THE LEGAL PROFESSION AND THE CYPRIOT JUSTICE SYSTEM.
L
ast year, the CBA celebrated its 55th anniversary. What was the original purpose of the Association when it was formed in 1960? Doros Ioannides: Under the Advocates’ Law, some of the main original purposes of the Association were – and still are – to regulate the practice and etiquette of the legal profession, to maintain the honour and independence of the Bar and to defend the profession against the judiciary and the executive, to represent all practising lawyers in any matter considered necessary or expedient, to protect the public’s constitutionally protected right of access to the Courts and to representation by counsel before any Court, to keep good relations and understanding between the Bar and the public and to provide continuous training for practising lawyers. In recent years, the Association has also become
the supervisory authority of our members in relation to money laundering controls and the provision of fiduciary services. Gold: You now represent approximately 3,300 practising lawyers in Cyprus. What are the CBA’s main activities? D.I.: Initially the activities of the Association focused mainly on the regulation and promotion of the profession and on liaising with the government and parliament in relation to issues related to the administration of justice. It also dealt with administrative matters such as the issue and renewal of members’ licences. Since Cyprus joined the EU in 2004, the CBA’s activities have been extended both in volume and in scope. Then we had three full time employees and now we have twelve. We are in contact almost on a daily basis with the Council of Bars and Law Societies of Europe
30 | GOLD | The Business Magazine of Cyprus
(CCBE) and other European institutions and we also belong to the International Bar Association. For three years, we were in continuous contact with the Troika, the government and parliament, regarding the negotiations and implementation of the country’s obligations as part of the economic adjustment programme. Among the CBA’s main everyday activities are the renewal of the annual licence of the practising lawyers, the registration of new members and European lawyers, and the regulation and supervision of all our members in relation to anti-money laundering procedures and the provision of fiduciary services. We also keep the various registries updated, we circulate legal information by e-mail and update our members on new legislation or cases issued via the CyLaw search engine. We organise or co-organise conferences
and training programmes and we represent lawyers before the House of Representatives and other organisations in Cyprus and abroad. Gold: How has the profession changed over the course of the Association’s long history? D.I.: As with all professions, ours has changed over the years in order to cope with society as it, too, has evolved. One major change occurred with our membership of the European Union when there was an immediate need to adjust and operate according to EU law in combination with national law. Our members had to be trained on EU laws, regulations and directives. Globalisation and the longstanding policy of promoting Cyprus as a high quality centre for financial and fiduciary services has meant that lawyers have to deal with clients from abroad and adapt
to the international competitive environment. Cyprus has always been considered one of the best countries worldwide for financial and fiduciary services and lawyers have had to learn to be competitive and to provide the highest standards of service. More recently, the Council of the CBA was appointed a Supervisory Authority in matters of Money Laundering and it thus created the Supervisory Control Department which deals, inter alia, with on-site inspections of members’ premises. Our members have had to create a new infrastructure and
register as trainee advocates every year and the establishment of new law schools. My belief is that a law degree has great value as it is an excellent qualification, not only for someone wishing to become a practising lawyer, but also for those in other professions such as judge, politician, legal advisor or inhouse lawyer in an audit firm, bank or other organisation. A law degree does not guarantee a career in law but it does increase your chances of finding a job in the services industry or the public sector. Gold: Were your members af-
A LAW DEGREE IS STILL VIEWED BY YOUNG PEOPLE, NOT ONLY IN CYPRUS BUT WORLDWIDE, AS ONE OF THE MOST ATTRACTIVE new systems in order to comply with due diligence and KYC procedures for compliance with AML regulations. Gold: The legal profession has always been seen as one of the most desirable in Cyprus (and it has given us four Presidents). Is a Degree in Law still viewed by young people as one of the best qualifications they can obtain for a successful career? D.I.: A Law degree is still viewed by young people, not only in Cyprus but worldwide, as one of the most attractive. Proof of that is the increasing number of young people who
fected by the global financial crisis and the Cyprus crisis of 2013? D.I.: Of course they were. The global financial crisis particularly affected our members who rely mainly on foreign clients while the 2013 crisis in Cyprus affected all our members. For example, the number of civil cases filed before the courts in 2013 and 2014 was significantly reduced since people were reluctant to file an action, being afraid of the cost of litigation. Foreign clients lost confidence in Cyprus and lawyers had to put in a great deal of effort to retain and reassure them that the legal environment and their
businesses and investments would not be at risk. Also, due to the financial crisis, our members had to cope with a series of new laws, which were implemented overnight, and learn all about them in order to deal with related issues. The CBA Board took a number of measures to deal with these difficulties, including arranging with the Attorney-General’s office for our members to handle cases traditionally handled by the Attorney General, with whom we have extremely close cooperation. This mainly helped young lawyers who were the worst affected by the crisis Gold: What are the main problems facing your members in 2016? D.I.: One of the main problems of many is our members’ obligation to comply with all the new AML and other regulations. The regulatory framework is very demanding, the cost of creating the necessary infrastructure to accommodate these needs is high and the amount of time required to ensure compliance is huge. In this respect, sole practitioners are at a competitive disadvantage compared to the large law firms. Gold: Do you believe that the recent establishment of the Administrative Court will have the desired effect of reducing the workload of the Supreme Court? D.I.: For decades now, the CBA and I personally have supported and argued for the establishment of the Administrative Court and we are now optimistic that this development will result in the fast
and proper administration of justice. It will definitely decongest the Supreme Court which has been faced with a large volume of cases. Since January 2016, 212 cases have been concluded before the court. Gold: What else, in your view, can be done to speed up the justice system in Cyprus? D.I.: The criminal and civil procedural rules have to be modernised immediately in order to make the justice system more efficient and quick. Although the Supreme Court has amended two of the civil procedure rules, we have asked it to modernize all the rules which, we believe, will drastically improve the justice system. Stenotype is key in ensuring speed and effectiveness in the administration of justice and it will constitute the introduction of modern technology in the courts. We must review and replace the existing computer system in order to be able to file all court documents electronically, as in other EU countries. The CBA has offered its expertise to help the Department of Registrar of Companies upgrade its systems and a company can now be registered in less than 4 days. All of the above have been included in the Ministry of Justice’s strategy and we are closely cooperating on all matters concerning justice. I am optimistic and confident that our lawyers will survive and overcome any remaining obstacles created by the financial crisis and will recover quickly.
www.goldnews.com.cy | GOLD | 31
COVER STORY LEADING LAWYERS IN CYPRUS
A
AGIS AGAPIOU
Chrysses Demetriades & Co LLC
PAVLOS ARISTODEMOU
Harneys Aristodemou Loizides Yiolitis LLC THE LEGAL 500 2016: Banking & Finance | Commercial, Corporate & M&A CHAMBERS EUROPE 2016: Banking & Finance IFLR 1000 2016: Banking & Finance | Capital Markets | Restructuring & Insolvency WHO'S WHO LEGAL 2016: Banking & Finance
C
THE LEGAL 500 2016: Tax
STELIOS AMERICANOS Stelios Americanos & Co LLC
THE LEGAL 500 2016: Banking & Finance | Commercial, Corporate & M&A
DESPINA AMERICANOU Stelios Americanos & Co LLC
THE LEGAL 500 2016: Banking & Finance
EFFIE ANASTASIOU
Clerides, Anastassiou, Neophytou LLC THE LEGAL 500 2016: Banking & Finance | Commercial, Corporate & M&A CHAMBERS EUROPE 2016: Banking & Finance | Commercial, Corporate & M&A CHAMBERS GLOBAL 2015: Commercial, Corporate & M&A
ANASTASIOS ANTONIOU A.A.Antoniou & Associates LLC
THE LEGAL 500 2016: EU and Competition Law
LORENA CHARALAMBOUS Michael Kyprianou & Co. LLC
CHAMBERS EUROPE 2016: Banking & Finance
GEORGE CHRISTODOULOU
Chrysses Demetriades & Co LLC THE LEGAL 500 2016: Dispute Resolution/ Arbitration CHAMBERS EUROPE 2016: Dispute Resolution/ Arbitration CHAMBERS GLOBAL 2015: Dispute Resolution/ Arbitration
32 | GOLD | The Business Magazine of Cyprus
PANTELIS CHRISTOFIDES L. Papaphilippou & Co LLC
THE LEGAL 500 2016: EU and Competition Law WHO'S WHO LEGAL 2016: EU and Competition Law
CHRYSANTHOS CHRISTOFOROU
Andreas Neocleous & Co LLC THE LEGAL 500 2016: Real Estate & Construction
ELENI CHRYSOSTOMIDES Dr. K. Chrysostomides & Co LLC
THE LEGAL 500 2016: Intellectual property
KYPROS CHRYSOSTOMIDES
Dr. K. Chrysostomides & Co LLC THE LEGAL 500 2016: Banking & Finance | Commercial, Corporate & M&A | Dispute Resolution/ Arbitration | EU and Competition Law | Tax CHAMBERS EUROPE 2016: Commercial, Corporate & M&A | Dispute Resolution/ Arbitration CHAMBERS GLOBAL 2015: Commercial, Corporate & M&A | Dispute Resolution/ Arbitration
THE LEGAL 500 2016: Banking & Finance | Commercial, Corporate & M&A
THE LEGAL 500 2016: Banking & Finance | Commercial, Corporate & M&A | Maritime & Admiralty CHAMBERS EUROPE 2016: Banking & Finance | Commercial, Corporate & M&A CHAMBERS GLOBAL 2015: Commercial, Corporate & M&A
THE LEGAL 500 2016: Dispute Resolution/ Arbitration | Intellectual property CHAMBERS EUROPE 2016: Dispute Resolution/ Arbitration CHAMBERS GLOBAL 2015: Dispute Resolution/ Arbitration
THE LEGAL 500 2016: Real Estate & Construction
George Y Yiangou LLC
Michael Kyprianou & Co. LLC
Chrysses Demetriades & Co LLC
L. Papaphilippou & Co LLC
LORY CIRSTEA
TONIA ANTONIOU
DEMETRIS ARAOUZOS
CHRISTAKIS CHRISTOFIDES
MARINOS CLEANTHOUS
IP Cyprus - Ioannides, Cleanthous & Co LLC Toniaiou n Anto
THE LEGAL 500 2016: Intellectual property
CHRISTODOULOS CLERIDES
Christodoulos G. Vassiliades & Co LLC THE LEGAL 500 2016: Dispute Resolution/ Arbitration
THE LEGAL 500 2016
Andre Deme w triou
CHAMBERS EUROPE 2016 CHAMBERS GLOBAL 2015 IFLR 1000 2016 WHO'S WHO LEGAL 2016
D
MICHAEL DAMIANOS Michael Damianos & Co LLC
STAVROS CLERIDES
THE LEGAL 500 2016: Banking & Finance | Commercial, Corporate & M&A
KOULLA DEMETRIOU
Christodoulos G. Vassiliades & Co LLC THE LEGAL 500 2016: Commercial, Corporate & M&A
E
Clerides, Anastassiou, Neophytou LLC
ACHILLEAS DEMETRIADES
THE LEGAL 500 2016: Tax CHAMBERS EUROPE 2016: Commercial, Corporate & M&A | Tax CHAMBERS GLOBAL 2015: Commercial, Corporate & M&A IFLR 1000 2016: Commercial, Corporate & M&A | Investment/ Private Funds
/HOORV 3 'HPHWULDGHV /DZ 2IÀFH //& THE LEGAL 500 2016: EU and Competition Law | Intellectual property WHO'S WHO LEGAL 2016: EU and Competition Law | Patents/ Trademarks | Telecommunications Media & Technology
ELIANA CONSTANTINIDOU
CHRYSSES DEMETRIADES
THE LEGAL 500 2016: Maritime & Admiralty CHAMBERS EUROPE 2016: Maritime & Admiralty
THE LEGAL 500 2016: Banking & Finance | EU and Competition Law | Real Estate & Construction
/HOORV 3 'HPHWULDGHV /DZ 2IÀFH //&
SOTERIS COSTA
ANDREW DEMETRIOU
ANDREAS EROTOCRITOU
THE LEGAL 500 2016: Dispute Resolution/ Arbitration | EU and Competition Law | Real Estate & Construction CHAMBERS EUROPE 2016: Dispute Resolution/ Arbitration | Real Estate & Construction CHAMBERS GLOBAL 2015: Dispute Resolution/ Arbitration WHO'S WHO LEGAL 2016: Energy
THE LEGAL 500 2016: Dispute Resolution/ Arbitration WHO'S WHO LEGAL 2016: Asset Finance/ Recovery
ATHOS DEMETRIOU
THE LEGAL 500 2016: Banking & Finance CHAMBERS EUROPE 2016: Banking & Finance IFLR 1000 2016: Asset Finance/ Recovery | Banking & Finance | Capital Markets
Chrysses Demetriades & Co LLC
Stelios Americanos & Co LLC THE LEGAL 500 2016: Dispute Resolution/ Arbitration IFLR 1000 2016: Banking & Finance | Commercial, Corporate & M&A | Real Estate & Construction
DIMITRIA COUCOUNI-ANDREOU Andreas Coucounis & Co LLC
THE LEGAL 500 2016: Banking & Finance | Commercial, Corporate & M&A | Tax
TASOS COUCOUNIS Andreas Coucounis & Co LLC
THE LEGAL 500 2016: Commercial, Corporate & M&A | Dispute Resolution/ Arbitration | EU and Competition Law | Real Estate & Construction
MARION COUKIDOU-MADELLA
Chrysses Demetriades & Co LLC THE LEGAL 500 2016: Maritime & Admiralty
Chrysses Demetriades & Co LLC
Ioannides Demetriou LLC
Athos Demetriou Associates LLC THE LEGAL 500 2016: Banking & Finance
IMAD A ELIAS
Elias Marine Consultants Ltd WHO'S WHO LEGAL 2016: Transport
NICOLETTA EPAMINONDA THE LEGAL 500 2016: Intellectual property
A.G. Erotocritou LLC
NANCY EROTOCRITOU
Harneys Aristodemou Loizides Yiolitis LLC
“FOR THERE IS BUT ONE
essential justice which cements society, and one law which establishes this justice. This law is right reason, which is the true rule of all commandments and prohibitions. Whoever neglects this law, whether written or unwritten, is necessarily unjust and wicked.” MARCUS TULLIUS CICERO
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COVER STORY LEADING LAWYERS IN CYPRUS
STEPHANOS EVANGELIDES
MARCOS GEORGIADES
GEORGIA GEORGIOU
CHAMBERS EUROPE 2016: Commercial, Corporate & M&A
THE LEGAL 500 2016: Banking & Finance | Commercial, Corporate & M&A CHAMBERS EUROPE 2016: Commercial, Corporate & M&A CHAMBERS GLOBAL 2015: Commercial, Corporate & M&A WHO'S WHO LEGAL 2016: Banking & Finance | Commercial, Corporate & M&A | Investment/ Private Funds
CHAMBERS EUROPE 2016: Dispute Resolution/ Arbitration CHAMBERS GLOBAL 2015: Dispute Resolution/ Arbitration
Clerides, Anastassiou, Neophytou LLC
F
CHRISTOS FRAKALAS Ioannides Demetriou LLC
CHAMBERS EUROPE 2016: Dispute Resolution/ Arbitration CHAMBERS GLOBAL 2015: Dispute Resolution/ Arbitration
G
Georgiades & Pelides LLC
Georgiades & Pelides LLC
WHO'S WHO LEGAL 2016: Asset Finance/ Recovery | Litigation
Christos Georgiades & Associates LLC THE LEGAL 500 2016: Real Estate & Construction
34 | GOLD | The Business Magazine of Cyprus
Christodoulos G. Vassiliades & Co LLC
ANTONIS GLYKIS
Andreas Neocleous & Co LLC THE LEGAL 500 2016: Dispute Resolution/ Arbitration
OLGA GEORGIADES Antonis Frangos LLC
WHO'S WHO LEGAL 2016: Telecommunications Media & Technology
GEORGE Z GEORGIOU
George Z. Georgiou & Associates LLC THE LEGAL 500 2016: Dispute Resolution/ Arbitration | Real Estate & Construction CHAMBERS EUROPE 2016: Commercial, Corporate & M&A | Dispute Resolution/ Arbitration | Real Estate & Construction CHAMBERS GLOBAL 2015: Dispute Resolution/ Arbitration WHO'S WHO LEGAL 2016: Dispute Resolution/ Arbitration | Labour, Employment & )LULÃ&#x201E;[Z | Litigation
H
ANDRI HADJICHARALAMBOUS Andreas M. Sofoclecous & Co LLC
THE LEGAL 500 2016: Dispute Resolution/ Arbitration
MARIOS HADJIGAVRIEL Antis Triantafyllides & Sons LLC
Chrysses Demetriades & Co LLC
CHRISTOS GEORGIADES
SAVVAS GEORGIOU
THE LEGAL 500 2016: Real Estate & Construction
NICOS GEORGIADES
CHRIS GEORGHIADES
THE LEGAL 500 2016: Banking & Finance | Commercial, Corporate & M&A | Tax CHAMBERS EUROPE 2016: Commercial, Corporate & M&A CHAMBERS GLOBAL 2015: Commercial, Corporate & M&A IFLR 1000 2016: Banking & Finance | Commercial, Corporate & M&A | Restructuring & Insolvency
Dr. K. Chrysostomides & Co LLC
Georg e Z Ge orgio u
CHAMBERS EUROPE 2016: Banking & Finance WHO'S WHO LEGAL 2016: Commercial, Corporate & M&A
FRANGISKOS HADJIHANNAS
Hadjihannas & Co LLC THE LEGAL 500 2016: Dispute Resolution/ Arbitration | Real Estate & Construction
MARINA HADJISOTERIOU Michael Kyprianou & Co. LLC
THE LEGAL 500 2016: Dispute Resolution/ Arbitration
THE LEGAL 500 2016
MARGARITA HADJITOFI
Harneys Aristodemou Loizides Yiolitis LLC CHAMBERS EUROPE 2016: Commercial, Corporate & M&A CHAMBERS GLOBAL 2015: Commercial, Corporate & M&A IFLR 1000 2016: Capital Markets | Commercial, Corporate & M&A
MARIA HAJIVARNAVA
Christodoulos G. Vassiliades & Co LLC
CHAMBERS EUROPE 2016 CHAMBERS GLOBAL 2015 IFLR 1000 2016 WHO'S WHO LEGAL 2016
olution/ Arbitration | EU and Competition Law CHAMBERS EUROPE 2016: Commercial, Corporate & M&A | Dispute Resolution/ Arbitration CHAMBERS GLOBAL 2015: Commercial, Corporate & M&A | Dispute Resolution/ Arbitration IFLR 1000 2016: Commercial, Corporate & M&A
CHRISTINA IOANNIDOU Ioannides Demetriou LLC
THE LEGAL 500 2016: Maritime & Admiralty
THE LEGAL 500 2016: Banking & Finance | Commercial, Corporate & M&A IFLR 1000 2016: Commercial, Corporate & M&A
SONIA HAMSHAW
GEORGE IOANNOU
Harneys Aristodemou Loizides Yiolitis LLC CHAMBERS EUROPE 2016: Banking & Finance
Dr. K. Chrysostomides & Co LLC THE LEGAL 500 2016: Tax CHAMBERS EUROPE 2016: Tax
K
KATIA KAKOULLI
Chrysses Demetriades & Co LLC THE LEGAL 500 2016: Dispute Resolution/ Arbitration CHAMBERS EUROPE 2016: Dispute Resolution/ Arbitration CHAMBERS GLOBAL 2015: Dispute Resolution/ Arbitration
STELLA KAMMITSI &KU\VVDÀQLV DQG 3RO\YLRX //& THE LEGAL 500 2016: Commercial, Corporate & M&A
ANDREAS HAVIARAS
MARIA IOANNOU ANASTASIOU
CHRISTOS KINANIS
THE LEGAL 500 2016: Maritime & Admiralty
THE LEGAL 500 2016: Maritime & Admiralty
THE LEGAL 500 2016: Banking & Finance | Commercial, Corporate & M&A | Dispute Resolution/ Arbitration IFLR 1000 2016: Tax
Haviaras & Philippou LLC
I
KYPROS IOANNIDES
KGMC Legal | Hadjianastassiou, Ioannides LLC
Kinanis LLC
Andreas Neocleous & Co LLC
LIA IORDANOU THEODOULOU Patrikios Pavlou & Associates LLC
THE LEGAL 500 2016: Banking & Finance | Commercial, Corporate & M&A
MARIA KITROMILIDOU
Kannava, Kitromilidou & Co LLC THE LEGAL 500 2016: Commercial, Corporate & M&A
GEORGE KORFIOTIS .RXVKRV .RUÀRWLV 3DSDFKDUDODPERXV LLC
Cleo Koushos-Cr os
THE LEGAL 500 2016: Dispute Resolution/ Arbitration
CLEO KOUSHOS-CROS
THE LEGAL 500 2016: Commercial, Corporate & M&A | Dispute Resolution/ Arbitration
.RXVKRV .RUÀRWLV 3DSDFKDUDODPERXV LLC
MARIA IOANNIDES
THE LEGAL 500 2016: Commercial, Corporate & M&A
THE LEGAL 500 2016: Intellectual property
NICOLETTA KOUVARA PANTELIDES
IP Cyprus - Ioannides, Cleanthous & Co LLC
PAMBOS IOANNIDES Ioannides Demetriou LLC
THE LEGAL 500 2016: Banking & Finance | Commercial, Corporate & M&A | Dispute Res-
Dr. K. Chrysostomides & Co LLC
CHAMBERS EUROPE 2016: Banking & Finance | Commercial, Corporate & M&A CHAMBERS GLOBAL 2015: Commercial, Corporate & M&A IFLR 1000 2016: Capital Markets | Commercial, Corporate & M&A | Investment/ Private Funds
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COVER STORY LEADING LAWYERS IN CYPRUS
MICHALIS KYRIAKIDES
STELLA LOUCA PAVLOU
THE LEGAL 500 2016: Commercial, Corporate & M&A WHO'S WHO LEGAL 2016: EU and Competition Law | Insurance & Reinsurance | Transport
THE LEGAL 500 2016: Banking & Finance
Harris Kyriakides LLC Maria Kyriakou
RODDY KYRIAKIDES 7KHOPD .\ULDNLGHV /DZ 2IÀFH WHO'S WHO LEGAL 2016: Patents/ Trademarks
THELMA KYRIAKIDES 7KHOPD .\ULDNLGHV /DZ 2IÀFH WHO'S WHO LEGAL 2016: Patents/ Trademarks
MICHALIS KRAMVIS &KU\VVDÀQLV DQG 3RO\YLRX //& CHAMBERS EUROPE 2016: Commercial, Corporate & M&A CHAMBERS GLOBAL 2015: Commercial, Corporate & M&A
NICOLAS KTENAS
Andreas Neocleous & Co LLC THE LEGAL 500 2016: Intellectual property WHO'S WHO LEGAL 2016: Labour, EmWSV`TLU[ )LULÄ[Z
MENELAOS KYPRIANOU Michael Kyprianou & Co. LLC
THE LEGAL 500 2016: Dispute Resolution/ Arbitration | EU and Competition Law CHAMBERS EUROPE 2016: Dispute Resolution/ Arbitration CHAMBERS GLOBAL 2015: Dispute Resolution/ Arbitration
MICHAEL KYPRIANOU Michael Kyprianou & Co. LLC CHAMBERS EUROPE 2016: Dispute Resolution/ Arbitration CHAMBERS GLOBAL 2015: Dispute Resolution/ Arbitration
MARIA KYRIACOU
Andreas Neocleous & Co LLC THE LEGAL 500 2016: EU and Competition Law
36 | GOLD | The Business Magazine of Cyprus
L
PANOS LABROPOULOS Andreas Neocleous & Co LLC
THE LEGAL 500 2016: Banking & Finance | Commercial, Corporate & M&A CHAMBERS EUROPE 2016: Banking & Finance | Commercial, Corporate & M&A CHAMBERS GLOBAL 2015: Commercial, Corporate & M&A IFLR 1000 2016: Commercial, Corporate & M&A | Financial Services Regulatory | Restructuring & Insolvency
Patrikios Pavlou & Associates LLC
M
ALECOS MARKIDES Markides, Markides & Co
THE LEGAL 500 2016: Dispute Resolution/ Arbitration
CHRISTOS MAVRELLIS
Chrysses Demetriades & Co LLC THE LEGAL 500 2016: Banking & Finance | Commercial, Corporate & M&A | Tax CHAMBERS EUROPE 2016: Banking & Finance | Commercial, Corporate & M&A | Real Estate & Construction | Tax CHAMBERS GLOBAL 2015: Commercial, Corporate & M&A IFLR 1000 2016: Banking & Finance | Capital Markets | Commercial, Corporate & M&A
DEMOSTHENES MAVRELLIS Chrysses Demetriades & Co LLC
THE LEGAL 500 2016: Banking & Finance
GREGORIS LEONTIOU G. Leontiou LLC
THE LEGAL 500 2016: Dispute Resolution/ Arbitration
DEMETRIS LOIZIDES
Harneys Aristodemou Loizides Yiolitis LLC THE LEGAL 500 2016: Commercial, Corporate & M&A IFLR 1000 2016: Banking & Finance | Capital Markets | Commercial, Corporate & M&A
Demos then Mavre es llis
THE LEGAL 500 2016
STEPHANOS MAVROKEFALOS
L. Papaphilippou & Co LLC
CHAMBERS EUROPE 2016 CHAMBERS GLOBAL 2015 IFLR 1000 2016 WHO'S WHO LEGAL 2016
Eric Montanios
WHO'S WHO LEGAL 2016: EU and Competition Law
Mavronicolas & Co LLC
THE LEGAL 500 2016: Banking & Finance
MICHAEL MCBRIDE
Chrysses Demetriades & Co LLC
CHARALAMBOS MEIVATZIS Kinanis LLC
THE LEGAL 500 2016: Tax IFLR 1000 2016: Tax
CHRISTOS MELIDES
Andreas Neocleous & Co LLC THE LEGAL 500 2016: Real Estate & Construction
ANDRI MICHAEL Kinanis LLC
ERIC MONTANIOS
Montanios & Montanios LLC THE LEGAL 500 2016: Maritime & Admiralty CHAMBERS EUROPE 2016: Maritime & Admiralty WHO'S WHO LEGAL 2016: Transport
MICHALIS MOUAIMIS Mouaimis & Mouaimis LLC
THE LEGAL 500 2016: Commercial, Corporate & M&A
PANAYOTIS MOUAIMIS Mouaimis & Mouaimis LLC
THE LEGAL 500 2016: Banking & Finance | Commercial, Corporate & M&A
MARILENA MILTIADOU
GEORGE MOUNTIS
Dr. K. Chrysostomides & Co LLC
Dr. K. Chrysostomides & Co LLC
CHAMBERS EUROPE 2016: Dispute Resolution/ Arbitration
THE LEGAL 500 2016: Dispute Resolution/ Arbitration | EU and Competition Law CHAMBERS EUROPE 2016: Dispute Resolution/ Arbitration CHAMBERS GLOBAL 2015: Dispute Resolution/ Arbitration
Montanios & Montanios LLC CHAMBERS EUROPE 2016: Maritime & Admiralty WHO'S WHO LEGAL 2016: Transport
ADAM MONTANIOS
Montanios & Montanios LLC CHAMBERS EUROPE 2016: Maritime & Admiralty WHO'S WHO LEGAL 2016: Transport
CHARLES DICKENS
ANDREAS NEOCLEOUS
IFLR 1000 2016: Banking & Finance
ACIS MONTANIOS
be no good lawyers.”
N
CHRISTINA MAVRONICOLAS
THE LEGAL 500 2016: Maritime & Admiralty CHAMBERS EUROPE 2016: Maritime & Admiralty WHO'S WHO LEGAL 2016: Transport
“IF THERE WERE NO BAD people, there would
MICHALIS MOUSHOUTTAS Chrysses Demetriades & Co LLC THE LEGAL 500 2016: Tax
PAVLOS MUNDIS
Dr. K. Chrysostomides & Co LLC THE LEGAL 500 2016: Banking & Finance
Andreas Neocleous & Co LLC
CHAMBERS EUROPE 2016: Commercial, Corporate & M&A CHAMBERS GLOBAL 2015: Commercial, Corporate & M&A WHO'S WHO LEGAL 2016: Banking & Finance | Tax
ELIAS NEOCLEOUS
Andreas Neocleous & Co LLC THE LEGAL 500 2016: Banking & Finance | Commercial, Corporate & M&A | Tax CHAMBERS EUROPE 2016: Banking & Finance | Commercial, Corporate & M&A | Tax CHAMBERS GLOBAL 2015: Commercial, Corporate & M&A IFLR 1000 2016: Banking & Finance WHO'S WHO LEGAL 2016: Banking & Finance
PANAYIOTIS NEOCLEOUS Andreas Neocleous & Co LLC
THE LEGAL 500 2016: Maritime & Admiralty CHAMBERS EUROPE 2016: Dispute Resolution/ Arbitration CHAMBERS GLOBAL 2015: Dispute Resolution/ Arbitration WHO'S WHO LEGAL 2016: Asset Finance/ Recovery | Litigation
CHRYSOSTOMOS NICOLAOU
Patrikios Pavlou & Associates LLC THE LEGAL 500 2016: Dispute Resolution/ Arbitration CHAMBERS EUROPE 2016: Dispute Resolution/ Arbitration CHAMBERS GLOBAL 2015: Dispute Resolution/ Arbitration
www.goldnews.com.cy | GOLD | 37
COVER STORY LEADING LAWYERS IN CYPRUS
P
POLYVIOS PANAYIDES Chrysses Demetriades & Co LLC
LOUKIS PAPAPHILIPPOU L. Papaphilippou & Co LLC
THE LEGAL 500 2016: Dispute Resolution/ Arbitration | Real Estate & Construction CHAMBERS EUROPE 2016: Dispute Resolution/ Arbitration CHAMBERS GLOBAL 2015: Dispute Resolution/ Arbitration
ANGELOS PAPHITIS A.G. Paphitis & Co. LLC
THE LEGAL 500 2016: EU and Competition Law
THE LEGAL 500 2016: Banking & Finance | Commercial, Corporate & M&A | Dispute Resolution/ Arbitration | Tax
TASOS PANTELI
GEORGE PAPHITIS
THE LEGAL 500 2016: Dispute Resolution/ Arbitration
THE LEGAL 500 2016: Banking & Finance
Andreas M. Sofoclecous & Co LLC
ANDREAS PAPACHARALAMBOUS
A.G. Paphitis & Co. LLC
CHRISTOS PATSALIDES Christos Patsalides LLC
.RXVKRV .RUÀRWLV 3DSDFKDUDODPERXV //&
THE LEGAL 500 2016: Commercial, Corporate & M&A
THE LEGAL 500 2016: Dispute Resolution/ Arbitration
ERMIONI PAVLIDOU
ELENI PAPACHARALAMBOUS
THE LEGAL 500 2016: Intellectual property
.RXVKRV .RUÀRWLV 3DSDFKDUDODPERXV LLC THE LEGAL 500 2016: Intellectual property
LOIZOS PAPACHARALAMBOUS .RXVKRV .RUÀRWLV 3DSDFKDUDODPERXV LLC THE LEGAL 500 2016: Dispute Resolution/ Arbitration
Michael Kyprianou & Co. LLC
STAVROS PAVLOU
Patrikios Pavlou & Associates LLC THE LEGAL 500 2016: Banking & Finance | Commercial, Corporate & M&A | Dispute Resolution/ Arbitration | Tax CHAMBERS EUROPE 2016: Banking & Finance | Commercial, Corporate & M&A | Dispute Resolution/ Arbitration | Tax CHAMBERS GLOBAL 2015: Commercial, Corporate & M&A | Dispute Resolution/ Arbitration IFLR 1000 2016: Banking & Finance | Capital Markets | Commercial, Corporate & M&A
NICOLAS PAPACONSTANTINOU
ELECTRA PAPADOPOULOU MAKEDONA 3DPERULGLV //& THE LEGAL 500 2016: Banking & Finance
38 | GOLD | The Business Magazine of Cyprus
CHRYSO PITSILLI-DEKRATIS Dr. K. Chrysostomides & Co LLC
THE LEGAL 500 2016: Banking & Finance Chambers Europe 2016 Banking & Finance | Commercial, Corporate & M&A CHAMBERS GLOBAL 2015: Commercial, Corporate & M&A IFLR 1000 2016: Banking & Finance |
Capital Markets | Commercial, Corporate & M&A
SOTERIS PITTAS
Soteris Pittas & Co LLC THE LEGAL 500 2016: Dispute Resolution/ Arbitration WHO'S WHO LEGAL 2016: Asset Finance/ Recovery | Dispute Resolution/ Arbitration
VARNAVAS PLAYBELL
Kannava, Kitromilidou & Co LLC THE LEGAL 500 2016: Commercial, Corporate & M&A
POLIS POLYVIOU
Papadopoulos Lycourgos & Co LLC THE LEGAL 500 2016: Dispute Resolution/ Arbitration | EU and Competition Law | Real Estate & Construction
o Chrys tis ekra Pitsili-D
&KU\VVDÀQLV DQG 3RO\YLRX //&
Ange lo Paph s itis
THE LEGAL 500 2016: Banking & Finance | Dispute Resolution/ Arbitration | EU and COMPETITION LAW: Chambers Europe 2016 Banking & Finance | Commercial, Corporate & M&A | Dispute Resolution/ Arbitration CHAMBERS GLOBAL 2015: Commercial, Corporate & M&A | Dispute Resolution/ Arbitration WHO'S WHO LEGAL 2016: EU and Competition Law | Transport
THE LEGAL 500 2016
STELLA POLYVIOU &KU\VVDÀQLV DQG 3RO\YLRX //& THE LEGAL 500 2016: Dispute Resolution/ Arbitration
VASILEIOS PSYRRAS
Andreas Neocleous & Co LLC CHAMBERS EUROPE 2016: Maritime & Admiralty
MELINA PYRGOU Pyrgou Vakis Law Firm
THE LEGAL 500 2016: Commercial, Corporate & M&A
R
CHAMBERS EUROPE 2016 CHAMBERS GLOBAL 2015 IFLR 1000 2016 WHO'S WHO LEGAL 2016
S
COSTAS STAMATIOU Andreas Neocleous & Co LLC
THE LEGAL 500 2016: Maritime & Admiralty
THE LEGAL 500 2016: Banking & Finance | Dispute Resolution/ Arbitration | Maritime & Admiralty CHAMBERS EUROPE 2016: Dispute Resolution/ Arbitration | Maritime & Admiralty CHAMBERS GLOBAL 2015: Dispute Resolution/ Arbitration IFLR 1000 2016: Commercial, Corporate & M&A WHO'S WHO LEGAL 2016: Asset Finance/ Recovery | Litigation
GEORGE L SAVVIDES
PAVLOS SYMEONIDES
George L Savvides & Co LLC
Dr. K. Chrysostomides & Co LLC
WHO'S WHO LEGAL 2016: Patents/ Trademarks
CHAMBERS EUROPE 2016: Banking & Finance
POLAKIS SARRIS
Polakis Sarris & Co Lawyers
T
SAVVAS SAVVIDES
Michael Kyprianou & Co. LLC THE LEGAL 500 2016: Real Estate & Construction
DESPINA SOFOKLEOUS Andreas Th. Sofokleous LLC
ANNA ROSSIDES
Dr. K. Chrysostomides & Co LLC IFLR 1000 2016: Capital Markets | EU and Competition Law WHO'S WHO LEGAL 2016: Banking & Finance
CHAMBERS EUROPE 2016: Commercial, Corporate & M&A CHAMBERS GLOBAL 2015: Commercial, Corporate & M&A
LAMBROS SOTERIOU Michael Kyprianou & Co. LLC
THE LEGAL 500 2016: Banking & Finance | Commercial, Corporate & M&A | Tax CHAMBERS EUROPE 2016: Tax
KRISTY SPYROU Melina Pyrgo u
CHRISTOS A THEODOULOU 7KH /DZ 2IÀFHV RI 'U &KULVWRV $ Theodoulou THE LEGAL 500 2016: Intellectual property WHO'S WHO LEGAL 2016: Patents/ Trademarks
SOZOS-CHRISTOS THEODOULOU
3DPERULGLV //&
7KH /DZ 2IÀFHV RI 'U &KULVWRV $ 7KHodoulou
IFLR 1000 2016: Banking & Finance | Commercial, Corporate & M&A
WHO'S WHO LEGAL 2016: Patents/ Trademarks
“IN SEEKING A LAWYER,
you are looking for an advocate, an expert advisor on the law and on your rights and responsibilities, a strategist, a negotiator, and a litigator.” LAURA WASSER
www.goldnews.com.cy | GOLD | 39
COVER STORY LEADING LAWYERS IN CYPRUS
THE LEGAL 500 2016
LORENZO TOFFOLONI Andreas Th. Sofokleous LLC
CHAMBERS EUROPE 2016: Commercial, Corporate & M&A CHAMBERS GLOBAL 2015: Commercial, Corporate & M&A
PHIVI TRAMOUNTANELLI Christos Patsalides LLC
THE LEGAL 500 2016: Intellectual property
ANTIS TRIANTAFYLLIDES
CHAMBERS EUROPE 2016 CHAMBERS GLOBAL 2015 IFLR 1000 2016 WHO'S WHO LEGAL 2016
V DEMETRIS VAKIS Pyrgou Vakis Law Firm
Antis Triantafyllides & Sons LLC
THE LEGAL 500 2016: Commercial, Corporate & M&A
THE LEGAL 500 2016: Dispute Resolution/ Arbitration WHO'S WHO LEGAL 2016: Dispute Resolution/ Arbitration
CHRISTODOULOS VASSILIADES
GEORGE TRIANTAFYLLIDES Antis Triantafyllides & Sons LLC
THE LEGAL 500 2016: Dispute Resolution/ Arbitration CHAMBERS EUROPE 2016: Dispute Resolution/ Arbitration | Tax CHAMBERS GLOBAL 2015: Dispute Resolution/ Arbitration
STELIOS TRIANTAFYLLIDES Antis Triantafyllides & Sons LLC
THE LEGAL 500 2016: Banking & Finance | Commercial, Corporate & M&A CHAMBERS EUROPE 2016: Commercial, Corporate & M&A | Tax CHAMBERS GLOBAL 2015: Commercial, Corporate & M&A IFLR 1000 2016: Banking & Finance WHO'S WHO LEGAL 2016: Banking & Finance | Tax
LEFKIOS TSIKKINIS
Andreas Neocleous & Co LLC THE LEGAL 500 2016: Real Estate & Construction CHAMBERS EUROPE 2016: Real Estate & Construction
ILIAS TSINTAVIS
Michael Kyprianou & Co. LLC CHAMBERS GLOBAL 2015: Commercial, Corporate & M&A
Emily Yiolitis
Christodoulos G. Vassiliades & Co LLC THE LEGAL 500 2016: Commercial, Corporate & M&A
CHRISTOS VEZOUVIOS Andreas Neocleous & Co LLC
CHAMBERS EUROPE 2016: Real Estate & Construction
OURANIA VRONDOU
Christodoulos G. Vassiliades & Co LLC THE LEGAL 500 2016: Intellectual property
EMILY YIOLITIS
Harneys Aristodemou Loizides Yiolitis LLC THE LEGAL 500 2016:Tax CHAMBERS EUROPE 2016: Commercial, Corporate & M&A | Tax CHAMBERS GLOBAL 2015: Commercial, Corporate & M&A IFLR 1000 2016: Financial Services Regulatory
Y Z
CHRIS YIANGOU George Y Yiangou LLC
THE LEGAL 500 2016: Banking & Finance | Commercial, Corporate & M&A
GEORGE ZAMBARTAS
/ * =DPEDUWDV //& WHO'S WHO LEGAL 2016: Transport
“THE ARC OF THE MORAL UNIVERSE IS LONG, BUT IT BENDS TOWARDS JUSTICE.” MARTIN LUTHER KING JR. 40 | GOLD | The Business Magazine of Cyprus
G.A.P. Vassilopoulos Express Licencee of Federal Express Corporation
The way to seal the deal.
Every second matters, and often it’s the last one that matters most. Whether you need a contract delivered urgently or a customer’s order delivered safely and reliably, count on FedEx Express to make your working life easier. G.A.P. Vassilopoulos Group The Global Service Participant of FedEx in Cyprus [20 Strovolos Avenue, 2011, Nicosia] +357 22710000 I info@gapgroup.com l www.gapgroup.com FedEx. Solutions that matter.®
70
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COVER STORY LEADING LAWYERS IN CYPRUS
LEADING LAW FIRMS
STIVEXMSRW EW [IPP EW SJĂ GIW MR ']TVYW XS QYGL WQEPPIV FSYXMUYI Ă VQW WTIGMEPMWMRK MR ZIV] WTIGMĂ G EVIEW ERH IQTPS]MRK NYWX E LERHJYP SJ PE[]IVW In this latest annual update of Goldâ&#x20AC;&#x2122;s PMWX SJ XLI FMKKIWX PE[ Ă VQW VEROIH by the number of lawyers and partners), we have set the cut-off point for inclusion at six, though we recognise XLEX XLIVI QE] FI Ă VQW SQMXXIH JVSQ the list, which, according to a different, equally objective assessment,
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NUMBER OF LAWYERS
NUMBER OF PARTNERS
Andreas Neocleous
85
17
CHRISTODOULOS G. VASSILIADES & CO LLC
*OYPZ[VKV\SVZ . =HZZPSHKLZ
74
4
/LHK 6É&#x2030;JL (KKYLZZ! 3LKYH /V\ZL (NPV\ 7H]SV\ :[YLL[ (NPVZ (UKYLHZ 5PJVZPH *`WY\Z c ;LS! c -H_! c >LIZP[L! ^^^ ]HZZSH^ JVT c *VU[HJ[ L THPS! PUMV']HZZSH^ UL[
3
CHRYSSES DEMETRIADES & CO LLC
*OYPZ .LVYNOPHKLZ
55
15
/LHK 6É&#x2030;JL (KKYLZZ! 2HYHPZRHRPZ :[YLL[ 3PTHZZVS c ;LS! c -H_! c >LIZP[L! ^^^ KLTL[YPHKLZ JVT c *VU[HJ[ L THPS! PUMV'KLTL[YPHKLZ JVT
4
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43
16
/LHK 6É&#x2030;JL (KKYLZZ! 0Ă&#x201E;NLUPHZ :[YLL[ :[YV]VSVZ 5PJVZPH c ;LS! c -H_! c >LIZP[L! ^^^ WHWHWOPSPWWV\ L\ c *VU[HJ[ L THPS! PUMV' WHWHWOPSPWWV\ L\
5
MICHAEL KYPRIANOU & CO. LLC
4LULSHVZ 2`WYPHUV\ 4HUHNPUN 7HY[ULY
37
7
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6
DR. K. CHRYSOSTOMIDES & CO LLC
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36
14
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7
ANTIS TRIANTAFYLLIDES & SONS LLC
(U[PZ ( ;YPHU[HM`SSPKLZ
32
3
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8
PATRIKIOS PAVLOU & ASSOCIATES LLC
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6
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No.
COMPANY NAME
1
ANDREAS NEOCLEOUS & CO LLC
2
HEAD OF FIRM
42 | GOLD | The Business Magazine of Cyprus
30
CONTACT DETAILS /LHK 6É&#x2030;JL (KKYLZZ! 5LVJSLV\Z /V\ZL (YJOIPZOVW 4HRHYPVZ 000 (]LU\L 3PTHZZVS c ;LS! c -H_! c >LIZP[L! ^^^ ULVJSLV\Z JVT c *VU[HJ[ L THPS! PUMV'ULVJSLV\Z JVT
No.
COMPANY NAME
HEAD OF FIRM
NUMBER OF LAWYERS
NUMBER OF PARTNERS
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GEORGE Y. YIANGOU LLC
.LVYNL @ @PHUNV\
28
4
10
TASSOS PAPADOPOULOS & ASSOCIATES LLC
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27
9
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11
SCORDIS, PAPAPETROU & CO LLC
2`YPHJVZ :JVYKPZ 4HUHNPUN 7HY[ULY
26
7
/LHK 6É&#x2030;JL (KKYLZZ! 2HYWLUPZP :[YLL[ 5PJVZPH c ;LS! c -H_! c >LIZP[L! ^^^ ZJVYKPZWHWHWL[YV\ JVT c *VU[HJ[ L THPS! PUMV' ZJVYKPZWHWHWL[YV\ JVT
12
CHRYSSAFINIS AND POLYVIOU LLC
7VS`]PVZ . 7VS`]PV\
25
2
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13
KOUSHOS KORFIOTIS PAPACHARALAMBOUS LLC
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24
11
/LHK 6É&#x2030;JL (KKYLZZ! *VZ[P 7HSHTH :[YLL[ (ZWLSPH *V\Y[ Z[ [O Ã&#x2026;VVY 5PJVZPH c ;LS! c -H_! c >LIZP[L! ^^^ RRWSH^ JVT c *VU[HJ[ L THPS! SVPaVZW'RRWSH^ JVT
14
GEORGE Z. GEORGIOU & ASSOCIATES LLC
.LVYNL A .LVYNPV\
24
3
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15
MONTANIOS & MONTANIOS LLC
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9
/LHK 6É&#x2030;JL (KKYLZZ! +PHNVYHZ /V\ZL 7HU[LSPZ *H[LSHYPZ :[YLL[ 5PJVZPH c ;LS! c -H_! c >LIZP[L! ^^^ TVU[HUPVZSH^ JVT J` c *VU[HJ[ L THPS! TVU[HUPVZ'TVU[HUPVZSH^ JVT J`
16
HARNEYS ARISTODEMOU LOIZIDES YIOLITIS LLC
7H]SVZ (YPZ[VKLTV\ 4HUHNPUN 7HY[ULY
20
5
/LHK 6É&#x2030;JL (KKYLZZ! [O 6J[VILY (]LU\L UK YK -SVVY 3PTHZZVS c ;LS! c -H_! c >LIZP[L! ^^^ OHYUL`Z JVT c*VU[HJ[ L THPS! J`WY\Z'OHYUL`Z JVT
17
ARETI CHARIDEMOU & ASSOCIATES LLC
(YL[P *OHYPKLTV\
20
2
/LHK 6É&#x2030;JL (KKYLZZ! =HZPSP 4PJOHPSPKP :[YLL[ 3PTHZZVS c ;LS! c -H_! c >LIZP[L! ^^^ HYL[PSH^ JVT c *VU[HJ[ L THPS! PUMV'HYL[PSH^ JVT
18
IOANNIDES DEMETRIOU LLC
7HTIVZ 0VHUUPKLZ 4HUHNPUN +PYLJ[VY
19
4
/LHK 6É&#x2030;JL (KKYLZZ! ;OL *P[` /V\ZL ;OLTPZ[VJSLZ +LY]PZ :[YLL[ 5PJVZPH *`WY\Z c ;LS! c -H_! c >LIZP[L! ^^^ PKSH^ JVT J` c *VU[HJ[ L THPS! PUMV'PKSH^ JVT J`
19
ANDREAS M. SOFOCLEOUS & CO LLC
(UKYLHZ :VMVJSLV\Z
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3
/LHK 6É&#x2030;JL (KKYLZZ! 7YV[LHZ /V\ZL (YJOIPZOVW 4HRHYPVZ 000 (]LU\L 3PTHZZVS c ;LS! c -H_! c >LIZP[L! ^^^ ZVMVJSLV\Z JVT J` c *VU[HJ[ L THPS! PUMV'ZVMVJSLV\Z JVT J`
20
PAPADOPOULOS LYCOURGOS & CO LLC
+PTP[YPZ 7HWHKVWV\SVZ +VYVZ 3`JV\YNVZ
3
/LHK 6É&#x2030;JL (KKYLZZ! (YJOIPZOVW 4HRHYPVZ 000 (]LU\L *HWP[HS *LU[YL [O -SVVY 5PJVZPH c ;LS! c -H_! c >LIZP[L! ^^^ WHWS`JSH^ JVT c *VU[HJ[ L THPS! VÉ&#x2030;JL'WHWS`JSH^ JVT
21
HARRIS KYRIAKIDES LLC
/HYYPZ 2`YPHRPKLZ
2
/LHK 6É&#x2030;JL (KKYLZZ! -HULYVTLUPZ (]LU\L 3HYUHJH c ;LS! c -H_! c >LIZP[L! ^^^ OHYYPZR`YPHRPKLZ SH^ c *VU[HJ[ L THPS! PUMV' OHYYPZR`YPHRPKLZ SH^
22
PAMBORIDIS LLC
,SLJ[YH 7HWHKVWV\SV\ Makedona
14
5
/LHK 6É&#x2030;JL (KKYLZZ! +PNLUP (RYP[H (]L 7HTIVYPKPZ /V\ZL 5PJVZPH c ;LS! c -H_! c >LIZP[L! ^^^ WHTIVYPKPZ JVT c *VU[HJ[ L THPS! PUMV'WHTIVYPKPZ JVT
23
KINANIS LLC
*OYPZ[VZ 7 2PUHUPZ
14
2
/LHK 6É&#x2030;JL (KKYLZZ! ,N`W[ :[YLL[ 5PJVZPH c ;LS! c -H_! c >LIZP[L! ^^^ RPUHUPZ JVT c *VU[HJ[ L THPS! RPUHUPZSSJ'RPUHUPZ JVT
24
TRIANTAFYLLIDES & CHRISTOFOROU LAW FIRM
*OYPZ[VZ ;YPHU[HM`SSPKLZ :[`SPHUVZ 5 *OYPZ[VMVYV\
14
2
/LHK 6É&#x2030;JL (KKYLZZ! ,]HNVYV\ (]LU\L 0YLUL )\PSKPUN :\P[LZ 5PJVZPH c ;LS! c -H_! c >LIZP[L! ^^^ [YPHU[HÃ&#x201E;SSPKLZ JVT c *VU[HJ[ L THPS! PUMV'[JHSH^ L\
9
20
17 17
www.goldnews.com.cy | GOLD | 43
COVER STORY LEADING LAWYERS IN CYPRUS NUMBER OF LAWYERS
NUMBER OF PARTNERS
CONTACT DETAILS
13
-
/LHK 6É&#x2030;JL (KKYLZZ! ;OLTPZ[VJSLZ +LY]PZ :[YLL[ /H^HPP ;V^LY [O -SVVY 7 6 )V_ 5PJVZPH c ;LS! c -H_! c >LIZP[L! ^^^ WHWSH^ JVT J` c *VU[HJ[ L THPS! WHWSH^'SVNVZ J` UL[
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3
/LHK 6É&#x2030;JL (KKYLZZ! ;OLTPZ[VJSLZ +LY]PZ :[YLL[ Z[ -SVVY 5PJVZPH c ;LS! c -H_! c >LIZP[L! ^^^ WH]SH^ JVT J` c *VU[HJ[ L THPS! VÉ&#x2030;JL'WH]SH^ JVT J`
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12
2
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I. FRANGOS & ASSOCIATES LLC
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12
2
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29
NASOS A. KYRIAKIDES & PARTNERS LLC
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12*
2
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30
STELIOS AMERICANOS & CO LLC
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12
2
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31
MARKIDES, MARKIDES & CO
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11
8
/LHK 6É&#x2030;JL (KKYLZZ! 4HYRPKLZ /V\ZL ( /LYVLZ :[YLL[ 7 6 )V_ 5PJVZPH c ;LS! c -H_! c >LIZP[L! ^^^ THYRPKLZ JVT J` c *VU[HJ[ L THPS! PUMV'THYRPKLZ JVT J`
32
GEORGIADES & PELIDES LLC
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COVER STORY LEADING LAWYERS IN CYPRUS No.
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46 | GOLD | The Business Magazine of Cyprus
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special promotional feature LEADING LAWYERS IN CYPRUS
UNIVERSITY OF NICOSIA Interview with Prof. Achilles Emilianides, Head of the Law Department, School of Humanities, Social Sciences and Law, University of Nicosia.
H
ow comprehensive is the Law degree at the University of Nicosia?
The law degree of the University of Nicosia is, of course, a comprehensive one. Originally accredited by SEKAP in 2005 at Intercollege, the law programme was accredited at University level by the ECPU in September 2007. This is the tenth year of offering the law degree and the University has shown both adaptability and continuous self-evaluation in order to offer the best law programme in Cyprus. The Law Department has proved to be one of the success stories of the University of Nicosia. One of the leading departments of the University, it has grown both in faculty and student numbers, focusing on quality in teaching and excellence in research. The law degree was the first degree from a Cypriot university to be recognised by the Cypriot Legal Council in 2009, thus enabling our graduates to proceed with their professional training and the undertaking of their bar exams. We are proud that our graduates normally excel at these exams and their subsequent professional lives. One outcome of this hard work is that last year, the top student overall in the Legal Council exams was one of our graduates.
What areas of legal practice are covered? The law degree covers all areas of legal practice. Our compulsory
48 | GOLD | The Business Magazine of Cyprus
courses include all major private law (contract, tort, family, succession, land, civil procedure, labour, private international), criminal law (criminal, criminal procedure, evidence), public law (constitutional, administrative, administrative procedure, human rights) and commercial law (commercial, company) courses, as well as legal ethics, public international law and European Union law. Our elective courses cover the widest possible range covering courses such as public procurement, maritime, banking, criminology, law of the sea, tax, arbitration, intellectual property, international trade, media law, sports law etc.
Do you focus on Cyprus and European Law? We are the only university which offers a full range of courses for students in both English law and Cypriot law. Students may opt to follow courses in Cypriot law, English law, or cover courses
in both Cypriot and English law. Thus, a student may focus primarily on Cypriot law but also undertake courses in English law in important common law fields such as company law or tort law. We have been recognized as a leading university by our European colleagues for our willingness to focus on a comparative legal environment and offer a full range of courses of common law (English law), continental law (Greek law) and mixed law (Cypriot law).
Are the courses taught in English or Greek? Our Cypriot law courses are taught in Greek, whereas our English law courses are taught in English.
How would you describe the employment prospects of an LLB graduate from the University of Nicosia? The Law Department is committed to offer its students the best possible education, in preparation for further academic study and their future professional careers. It is because of this commitment that our graduates typically secure employment following the completion of their studies. Employment opportunities for an LLB graduate may be found in fields relevant to the legal profession such as advocates, judges, legal consultants, private and public organisations, NGOs, private companies, the police, etc.
Prof. Achilles Emilianides
A LAW DEGREE IS NOT LIMITED TO BEING A PROFESSIONAL TITLE. IT ENABLES THE HOLDER TO PURSUE EMPLOYMENT IN ALMOST EVERY AREA OF WORK
The law degree remains one of the most versatile and solid qualifications. I note in this respect that our degree has also been recognized by DOATAP and the bar associations in Greece and that the University has been awarded both the Diploma Supplement Label and the ECTS Label, and is a member of the European Universities Association. We retain our association with the LLM External Programme of the University of London and have Erasmus agreements with several leading universities in Europe.
Do you expect all your graduates to become practising lawyers? Of course not. Only some of our graduates become practising lawyers. However, normally most graduates would pursue a career in law until they decide on their further professional career. A law degree is not limited to being a professional title; it is a versatile academic degree which enables the holder to pursue employment in almost every area of work. After all, nearly all professional fields are governed by legal regulations.
The most important part of the law degree is that it offers graduates specialized knowledge and skills for handling difficult situations and resolving practical day-to-day problems. As the former Dean of Yale Law School, Anthony Kronman, has noted, living in the law is beyond learning law – it is about becoming a lawyer, i.e. a particular kind of person. Law facilitates the development of right judgment and the advancement of your way of thinking; it enables you to become a better version of yourself in many ways and it is immaterial if you will eventually practice law or not as a lawyer. You practice law everyday in any field you deal with.
From your experience, is the legal profession still valued as highly in Cyprus as it traditionally has been? The legal profession faces many challenges both in Cyprus and internationally. There are new fields and most practising lawyers today are not the ‘barrister’-type civil and criminal lawyers of the past. They may be specialized corporate lawyers, immigra-
CONTACT INFORMATION
tion lawyers, lawyers dealing with land or succession, competition or intellectual property, energy or medical law, etc. There are lawyers who act as directors of major companies and use their legal skills in order to properly advise or lead banks, hotels, media channels, sports teams, etc. This change in the profession leads to the creation of more opportunities for young lawyers who are willing to invest in knowledge and enhance their skills. I would argue that the legal profession remains more relevant than ever in this respect and that knowledgeable and hardworking lawyers are indispensable to society.
Once a student has obtained his/her LLB, what are the opportunities for further professional qualifications? Our graduates may pursue further academic studies both in Cyprus and abroad. We have graduates who have pursued and successfully completed an LLM or MA in Universities such as Cambridge, London, Leicester, Bristol, Queen Mary, Manchester, Leiden, Athens, Thessaloniki, etc. We also have graduates who are currently pursuing their PhD both in Cyprus and abroad. As a Law Department, we offer a wide range of postgraduate studies, an LLM with
concentration on either European Business Law or Human Rights and Social Justice, an MA in European Public Law and Politics which is offered under the auspices of the Jean Monnet Centre of Excellence of the University of Nicosia and in conjunction with the well-known Tsatsos Centre for European Constitutional Law, a joint LLM in European Commercial Law with the Hellenic Open University and a joint LLM in Criminal Law and Addictions with the Aristotle University of Thessaloniki. We further offer a PhD programme.
Does the University collaborate with any organisations that provide students with internship opportunities during their LLB studies? We offer various opportunities for internships. The Department participates in major calls from the Council of Europe, EU and international organisations and has established solid working relations with many major law firms in Cyprus that have employed a significant number of our graduates. Furthermore, internship opportunities are found also in major corporations, which regularly contact us for collaboration as well as offering internship opportunities to our best students.
Address: 46, Makedonitissas Avenue, 1700 Nicosia, Cyprus Tel: +357 22841528 | Email: admissions@unic.ac.cy | Website: www.unic.ac.cy www.goldnews.com.cy | GOLD | 49
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ANDREAS NEOCLEOUS & CO LLC )WXEFPMWLIH MR Ąă %RHVIEW 2ISGPISYW 'S 00' MW RS[ SRI SJ XLI PEVKIWX PE[ ÁVQW MR WSYXL IEWXIVR )YVSTI ERH XLI IEWXIVR 1IHMXIVVERIER VIKMSR ERH LEW IEVRIH E [SVPH GPEWW VITYXEXMSR JSV UYEPMX]
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eadquartered in Limassol, the firm also has offices in Nicosia and Paphos in Cyprus, as well as in Russia, Belgium, Hungary, Ukraine and the Czech Republic. Andreas Neocleous & Co LLC has a team of more than 140 experienced professionals in Cyprus and mainland Europe, giving the strength and depth of resource to provide international businesses and their advisers with world-class standards of quality and responsiveness. The firm values diversity and its
50 | GOLD | The Business Magazine of Cyprus
staff speak most major European languages. All are fluent in English. All the major independent legal rating agencies place Andreas Neocleous & Co LLC at the top of their Cyprus rankings. The Legal 500 and Chambers & Partners guides rank the firm in their top tier in all practice areas, far ahead of any other Cyprus firm, and a standard achieved by only a handful of firms worldwide. IFLR ranks Andreas Neocleous & Co LLC as the only top-tier firm in Cyprus. The firm has maintained these top rankings for several years, showing consistent quality over time. The inaugural 2016 edition of the Chambers High Net Worth Guide also ranks the firm in the top tier for services to high net worth individuals. Having pioneered the development of business links with Russia and Eastern Europe two decades ago, the firm has unmatched experience of assisting clients in investing in these dynamic and rapidly-growing economies. In recent years it has widened its geographic horizons to include clients in Asia, particularly in China and India, the Middle East and South America.
Alone among law firms in Cyprus, Andreas Neocleous LLC has followed a strategy of specialisation, supported by investment in technology, knowledge infrastructure and an international network. Specialisation enables people to keep abreast of developments in their respective fields and to gain a depth of expertise that is beyond the reach of the general practitioner, given the complexity of modern business. Andreas Neocleous LLC is organised into two main streams, one dealing with non-contentious advisory work and the other with contentious matters such as dispute resolution, with specialist teams in each. For example, the firm’s corporate and commercial group includes specialist teams for banking and finance, corporate and M&A, tax and tax planning, insolvency and restructuring, EU and competition, intellectual property and data protection. The dispute resolution group is organised into four teams, each dealing with a particular area of litigation. There are also industry-sector groups, each of which focuses on a particular sector, such as shipping, real estate, financial services and insurance.
Andreas firms across the Neocleous & UK and key Co LLC is financial centres committed to of Europe, Asia recruiting and and the US. developing the Following thorbest people in ough research order to proand analysis, it vide the highselected the 100 est quality sermost important vice to clients, law firms in (OLDV 1HRFOHRXV ULJKW DQG FROOHDJXHV FRQJUDWXODWH WKH ÀUP·V WUDLQHHV RQ WKHLU VXFFHVV LQ WKH &\SUXV %DU $VVRFLDWLRQ·V with a focus Europe, drawn SURIHVVLRQDO H[DPLQDWLRQV on nurturing from 25 counhome-grown tries across the sistance, concenalso keeps fees talent. It attracts candidates continent. Firms from 42 trating on praclow. with the best academic recountries were evaluated, tical solutions to In July 2016, cords from the highest-ranked but for 17 countries no firm the business isAndreas Neouniversities, and selects trainachieved the required stansues clients face. cleous & Co ees not only on the basis of dards. Recognising that LLC achieved academic achievement, but Commenting on the time is precious another distincjust as importantly on the award, Andreas Neocleous, in today’s fasttion when it basis of their personal qualiChairman of the firm, said, paced business became the only ties of determination and po“Our inclusion in Legal Busienvironment, Cyprus law firm tential for growth. Successful ness’s Euro Elite 100 is an aceveryone in the selected for incandidates benefit from an knowledgement by a leading firm has a focus clusion in Legal intense training programme, market observer of our hard on responsiveBusiness magwhere they need to demonwork and our commitment ness and on getazine’s “Euro strate skill, resilience, stamina, to the highest standards of ting things right Elite”. Legal integrity and aptitude, openquality and service. … Our first time. Every Business is the ing the door to unlimited opconstant mission is to prolawyer in the market-leading portunities with the firm. vide services of the highest firm is familiar glossy monthly The firm’s guiding phiquality and to promote Cywith the latest magazine for the losophy is to understand prus as a world-class financial developments in UK and global clients’ aims and objectives, centre of the highest repute, his or her field, and does not legal market. Published ten and to work with each client attracting foreign investment have to spend time getting up times a year, the magazine to achieve those objectives, and creating economic activto speed at the client’s expense. reaches thousands of senior by providing the best, busiity and employment for our This not only avoids delays; it lawyers at major commercial ness-oriented advice and ascitizens.”
ALL THE MAJOR INDEPENDENT LEGAL RATING AGENCIES PLACE ANDREAS NEOCLEOUS & CO LLC AT THE TOP OF THEIR CYPRUS RANKINGS
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Headquarters Address: Neocleous House, 195, Makarios III Avenue, Limassol | Postal Address: P.O. Box 50613, Limassol, CY-3608 | Tel: (+357) 25110000 | Fax: (+357) 25110001 | e-mail: info@neocleous.com | Website: www.neocleous.com www.goldnews.com.cy | GOLD | 51
special promotional feature 0)%(-2+ 0%;=)67 IN CYPRUS
ANTONIS PASCHALIDES & CO LLC %RXSRMW 4EWGLEPMHIW 'S 00' MW E ']TVYW PE[ Ă VQ FEWIH MR 2MGSWME XLEX LEW TVSZMHIH PIKEP WIVZMGIW SR E PSGEP ERH MRXIVREXMSREP PIZIP JSV SZIV E UYEVXIV SJ E GIRXYV] 8LI Ă VQ [EW JSYRHIH MR ERH EJXIV TEWWMRK XLVSYKL ZEVMSYW WXEKIW SJ IZSPYXMSR IQIVKIH [MXL MXW GYVVIRX WXVYGXYVI MR 3GXSFIV
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ntonis Paschalides & Co LLC is well respected amongst Cyprus law firms and known in the local market for its integrity and high efficiency. It has traditionally maintained a very strong and knowledgeable litigation team and represented top Cypriot clients, including all the major banking institutions on the island. The Cyprus taxation system has, over the years, transformed the island into an international financial centre with more and more European and international law firms using Cyprus companies in cross-border transactions. The firmâ&#x20AC;&#x2122;s reputation has allowed it to work alongside some of the biggest international law firms, exposing it to transactions of an impressive magnitude. The trust of clients and associates in the high quality of work provided by Antonis Paschalides & Co LLC is reflected in the projects in which it has been involved, includ-
52 | GOLD | The Business Magazine of Cyprus
ing some of the biggest investments ever made in Russia and Eastern Europe. Mergers and acquisitions, corporate law, banking and litigation (Family Law, Probates and Estates and Succession Law) have been the firmâ&#x20AC;&#x2122;s strongest areas of practice throughout the years but the recent return of founder Antonis Paschalides from his position of Minister of Commerce, Industry & Tourism (2008-2011) has transformed the firm into one of the leading Cyprus law firms on matters of energy, oil & gas, advising a number of international institutions on Cyprus energy issues. Accredited legal directories have noted Antonis Paschalides & Co LLC for its â&#x20AC;&#x153;flawlessâ&#x20AC;? work, characterizing its people as â&#x20AC;&#x153;highly competentâ&#x20AC;?, â&#x20AC;&#x153;problem solversâ&#x20AC;? and â&#x20AC;&#x153;extremely efficientâ&#x20AC;?. It is the firmâ&#x20AC;&#x2122;s belief that this has been achieved by the team spirit which drives it and the ability to merge traditional knowledge with modern methods of working.
Law firms are a key component of the Professional Services Sector, which makes such a large contribution to the economy. Are there measures that you would like to see implemented so that the sector becomes more efficient and successful? â&#x20AC;&#x153;It is true that law firms are a cornerstone of the Professional Services Sector. However, over the last few years, the legal landscape has changed dramatically due to economic pressures, technological challenges and market competition. The global financial crisis and the 2013 bail-in in Cyprus also had an impact on the legal profession. As a result, clients have become more â&#x20AC;&#x153;sensitizedâ&#x20AC;? to the need for improved efficiency and value and, most importantly, reduced costs.Furthermore, it is important for a good economic performance to maintain a stable, comprehensible and well-functioning legal system. Transparency is also a key factor in the legal services sector and, as such, it should be ensured by adopting the relevant procedures.The
provision of such services has become one of the most lucrative sectors of Cypriot economy. It is therefore time to modernize the procedures followed by the public authorities related to the provision of services, in order to increase efficiency and reduce unnecessary delays caused by bureaucracy.
CORPORATE In particular, the Department of Registrar of Companies should abolish costly and time-consuming procedures and replace them with efficient, effective and simple ones by allowing the online filing of documents. For example, even though there is an online registration procedure available, there is still a persistent need to file and submit documents at the Company Registrar in person. One must also consider the fact that the corporate landscape is no longer a lawyers-only zone. Accountancy firms, for example, can han-
dle a companyâ&#x20AC;&#x2122;s accounts and its disputes and fiduciary services are executed by lawyers and accountants. Lawyers and law firms are regulated and controlled by the Cyprus Bar Association and its relevant committees, which impose stricter controls. Accountants, on the other hand, are able to provide the same services but with less strict controls. Furthermore, law firms are extremely restricted in promoting their work and business, due to the regulations of Cyprus Bar Association, whilst their competitors (fiduciary companies) can advertise and promote in a very aggressive and sometimes unethical way. One suggestion is to allow law firms to be more liberated in the promotion of their services and consider the possibility of being officially allowed to cooperate with accounting firms.
LITIGATION With regard to litigation, it
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may be imperative to introduce a case allocation mechanism in order to deflate the bottled-up caseload of the courts and save time. On a positive note, since 1 January 2016, the introduction and functioning of the Administrative Court has led to a reduction in the overloading of the Supreme Court. Unfortunately, it has not relieved the judicial system from its excessive adjudication of civil and criminal cases. This, in combination with the aftermath of the recession, has had a huge effect on client spending â&#x20AC;&#x201C; and this is unlikely to change in the near future â&#x20AC;&#x201C; leading to the effective abolition of the right of access to justice. As the wellknown maxim states, â&#x20AC;&#x153;Justice delayed is justice deniedâ&#x20AC;?. In resolving the aforementioned matters, it is widely accepted that our Civil Procedure Rules could benefit from a well-rounded review, which would abolish unnecessary and outdated procedures, such as the excessive
use of stamps, and focus on a more efficient electronic-based system of submissions and filings. In addition, in order to reduce the overload of cases ending up in litigation, a more extensive set of rules regarding partiesâ&#x20AC;&#x2122; pre-action conduct and outof court settlement measures could also be encouraged. Such a measure would not only sift out those cases that are actually irreparable and should end up in courts but would also keep costs lower. Legal services are related to every aspect of our everyday life. It is therefore significant to understand that proactiveness in taking legal advice before engaging in business or other ventures could help avoid many problems. Noone has the ability to see into the future, so we cannot predict exactly how things will turn out. For that reason, there is always a need to become better, more efficient and successful.â&#x20AC;? Antonis Paschalides
Address: &RUQHU RI 0DNDULRV $YH $\LDV (OHQLV *DOD[LDV %XLOGLQJ WK )ORRU 2IĂ&#x20AC;FH 1LFRVLD Tel: (+357) 22661661 | Fax: (+357) 22672333 | e-mail: LQIR#SDVFKDOLGHV FRP _ Website: ZZZ SDVFKDOLGHV FRP www.goldnews.com.cy | GOLD | 53
special promotional feature 0)%(-2+ 0%;=)67 IN CYPRUS
C. SAMIR & CO. LLC ' 7EQMV 'S 00' MW E ÁVQ SJ EHZSGEXIW ERH PIKEP GSRWYPXERXW HYP] MRGSVTSVEXIH YRHIV XLI PE[W SJ XLI 6ITYFPMG SJ ']TVYW PMGIRWIH XS TVEGXMGI PE[ ERH VIKYPEXIH F] XLI ']TVYW &EV %WWSGMEXMSR
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ounded in 2011 by Charalambos Samir, who leads the firm as its founder and CEO, C. Samir & Co. LLC consists of high-calibre lawyers, legal advisors, tax con-
54 | GOLD | The Business Magazine of Cyprus
sultants, corporate administrators, accountants and other professionals, who are dedicated to providing clients with the most practical, transparent and cost-effective services while maintaining high standards of professionalism and ethics. Today, the firm is recognized as one of the fastest-growing international law firms specialising in various legal practices including but not limited to Corporate Law, Immigration and Citizenship Law, Shipping and Maritime Law, Energy Law, Intellectual Property Law, International Tax Planning and Commercial Litigation, and dedicated to working with clients to assist them achieve their business objectives and overcome legal challenges anywhere in the world. C. Samir & Co. LLC may be characterised as a truly International Law Firm with a global reach since it operates through its headquarters in Nicosia, the capital of Cyprus, as well as from its global platform of representative offices in the world’s major financial, business and regulatory centres. Specifically, C. Samir & Co. LLC, while being completely legally and financially independent, is the
exclusive partner of SILFA (Staubach International Law Firm Alliance) in Cyprus with offices in: • BEIJING • BERLIN • BRUSSELS • BUDAPEST • DUBAI • FRANKFURT • HAMBURG • KONING-WUSTERHAUSEN • LONDON • LUGANO • MILAN • MOSCOW • MUNICH • NICOSIA • PALMA DE MALLORCA • PRAGUE • VIENNA • WARSAW • WIESBADEN Due to its global presence, strong reputation and professional ethics, the firm is frequently engaged by some of the world’s biggest financial institutions, large organisations as well as Ultra High Net Worth Individuals, helping them achieve their business strategies and providing them with outstanding legal services around the world. Clients rely on the firm’s ability to find pioneering solutions to complex business and other legal issues, and our
lawyers and other professionals use the firmâ&#x20AC;&#x2122;s experience and resources to support clients handle these challenges. C. Samir & Co. LLC is located in one of the most prime and exclusive locations of Nicosia. With a total area in excess of 1,500 square metres, spacious offices, conference rooms, presentation rooms, state-of-the-art technology, a lounge room, fireplace, large reception area, swimming pool, large garden area and plenty of parking space, the buildingâ&#x20AC;&#x2122;s architecture as well as its interior and exterior design give the feeling of being â&#x20AC;&#x153;at homeâ&#x20AC;?, which makes it an ideal workplace as well as the perfect place for meetings with our clients.
AREAS OF PRACTICE C. Samir & Co. LLC offers all types of legal professional services to a clientele coming from over 35 countries and from a variety of business and industry backgrounds. The firm handles a wide spectrum of cases ranging from commercial and corporate to multi-jurisdictional disputes, freezing of assets and international Mareva
injunctions, banking, criminal cases, torts, accidents as well as domestic and family disputes. The Litigation Department offers effective advice on dispute resolution, international commercial litigation and procedural issues on international civil litigation and arbitration, registration of foreign court and/or arbitration decisions in Cyprus, as well as representation of its clients in court proceedings and to out-of-court negotiations and settlements.
Mergers & Acquisitions; Employment Law; Litigation, Arbitration and Dispute Resolution; Aliens & Immigration Law; Sports Law; Torts Law; Human Rights; Data Protection; Industrial Design; Insurance Law; Patents Law; Banking Law; Border Control Law; Trade Marks Law; Copyright Law; Trade & Business Names Law; Domain Name Registration Law; Family Law; Trusts Law; Wills Law.
C. Samir & Co. LLC may assist its clients with any matter related to the following:
Charalambos Samir is the founder and CEO of the firm with great experience in International Corporate Law, Mergers & Acquisitions, International Corporate Structuring and Re-Structuring, Setting-up of International Trusts and Foundations as well as
CLIENTS RELY ON THE FIRMâ&#x20AC;&#x2122;S ABILITY TO FIND PIONEERING SOLUTIONS TO COMPLEX BUSINESS AND OTHER LEGAL ISSUES, AND OUR LAWYERS AND OTHER PROFESSIONALS USE THE FIRMâ&#x20AC;&#x2122;S EXPERIENCE AND RESOURCES TO SUPPORT CLIENTS HANDLE THESE CHALLENGES
Commercial & Corporate Law; Contract Law; European Law; Admiralty & Shipping Law; Competition Law; Aviation Law; Energy Law;
CONTACT INFORMATION
FOUNDER AND CEO
providing cutting-edge legal opinions for various complex legal issues. He is a frequent speaker and presenter at international conferences and has been invited by the Russian edition of Forbes Magazine to comment on certain legal aspects in his professional capacity as International Corporate Lawyer. He is often engaged in advising clients regarding Immigration and Citizenship matters such as acquiring Permanent Residency and/or Cyprus Citizenship through the various investment programmes in Cyprus and abroad. Charalambos Samir is characterised as a focused professional with great respect for the aims and ambitions of the firmâ&#x20AC;&#x2122;s clients, and he never compromises on issues such as safeguarding their interests, promoting what is best for them and their company. He pays great attention to detail and this is one of the qualities that distinguishes him and is well appreciated and recognised by the firmâ&#x20AC;&#x2122;s clients, who receive specialized individual services tailored to their particular needs, since he values in the same way each and every individual relationship he is building with them.
Address: ,JRXPHQLWVDV 6W &RQQHFWHG6N\ +RXVH 6WURYRORV 1LFRVLD _ Tel: (+357) 22258800 Fax: (+357) 22258801 | e-mail: info@csamir.com | Website: www.csamir.com www.goldnews.com.cy | GOLD | 55
special promotional feature 0)%(-2+ 0%;=)67 IN CYPRUS
ONE OF OUR PRIMARY TARGETS AND CONCERNS IN DEALING WITH CLIENTS HAS BEEN TO RESPECT THEIR BESPOKE NEEDS, OFFERING A PERSONALISED SERVICE THAT IS TAILORED TO THEIR SPECIFIC CIRCUMSTANCES
COSTAS TSIRIDES & CO LLC 'SWXEW 8WMVMHIW 'S 00' [EW JSYRHIH MR ERH WMRGI XLIR LEW FIGSQI IWXEFPMWLIH EW SRI SJ XLI QSWX VITYXEFPI ERH VIWTIGXIH PE[ Ă VQW MR ']TVYW
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he firm specialises in civil, commercial and cross-border litigation, among other areas. Managing Director Alexandros Tsirides has been active in the area of civil and commercial law for more than 15 years. He is a member of the Cyprus Bar Association.According to Mr. Tsirides, the use of Cypriot companies in international business structures and
56 | GOLD | The Business Magazine of Cyprus
the countryâ&#x20AC;&#x2122;s reliable legal system make Cyprus an attractive place to litigate. Mr Tsirides is personally seeing an increase in commercial and cross-border litigation in Cyprus. One of our primary targets and concerns in dealing with clients has been to respect their bespoke needs, offering a personalised service that is tailored to their specific circumstances. Moreover, the firm is committed to handling each case with respect and discretion, aiming to develop a personal relationship with clients, based on mutual trust. This philosophy has always helped us offer our expertise by understanding the true needs of our clients, and we pride ourselves on the fact that each client, private or commercial, individual or corporate, receives the same personal service and care. The aforementioned values are
fundamental to our approach, and will always remain so. Our typical clients are currently High Net Worth Individuals and international corporations; however, we aim to strengthen our litigation team by recruiting experienced litigation lawyers. Our cooperation with international law firms in handling the Cyprus aspect of international litigation is testament to our strength in the litigation field and has significantly improved our market position. We believe that our expertise in this area and the positive results we achieve for our clients, give us an advantage in the international litigation field. This is demonstrated by the cooperation we have established with international law firms and large international corporate clients as well as High Net Worth Individuals. Costas Tsirides & Co. LLC has been heavily involved in
international business and has established a strong dedicated department dealing exclusively with corporate formation and administration. This department consists of lawyers, paralegals, accountants and client managers. We have succeeded in attracting and maintaining a strong client portfolio, including major industrial and financial groups from Central Europe, Russia, Ukraine and other CIS countries and the Middle East. In the fast-moving world of business, it is paramount to respond to clients’ needs with speed and efficiency. We pride ourselves in being able to offer both. It has always been our aim to respect our clients’ individual needs and offer them tailor-made personal services. The personal service and attention to each client’s needs and the speed and efficiency with which we respond give us the edge in the competitive area of corporate services. Costas Tsirides & Co. LLC also specializes in takeovers, mergers and acquisitions and has acted as legal consultant in transactions where Cyprus Law is involved.
Furthermore, our firm has extensive experience in IPOs and listings of Cyprus companies on various stock exchanges worldwide. Other areas in which the firm specialises are shareholder agreements, partnership agreements, partnership formation and dissolution, agency and distributorship agreements and joint venture agreements.
ing from breach of contract to fraud and breach of fiduciary duty. The firm has experience in advising clients on all aspects of arbitration law and proceedings, from the drafting of the necessary arbitration agreements to referring disputes to arbitration, the hearing of the matter in dispute and dealing with the enforcement of arbitral awards, both local and foreign. Members of the firm have been appointed as members of the Chartered Institute of Arbitrators. Costas Tsirides & Co. LLC is also one of the leading law firms in Cyprus, with a vast experience of Real Estate and Property Law, offering a wide range of services. Our firm also provides the full range of construction law advice and assistance. The firm is a member of B.G.I. a worldwide association of independent law firms (www.bgi-law.com).
THE FIRM IS COMMITTED TO HANDLING EACH CASE WITH RESPECT AND DISCRETION, AIMING TO DEVELOP A PERSONAL RELATIONSHIP WITH CLIENTS
ARBITRATION
COSTAS TSIRIDES & CO LLC is in a position to provide its clients with services in the field of arbitration as required. Members of the firm have substantial experience in arbitral proceedings of commercial disputes, acting both as counsel and arbitrators. We have a broad experience in a variety of commercial areas and cases involving disputes rang-
CONTACT INFORMATION
AWARDS Costas Tsirides & Co. LLC has received the following awards: • 2010-2015 Business Formation Law Firm of the Year in Cyprus Award (Corporate INTL legal awards) • 2010 Boutique Law Firm of the year in Cyprus Award (Corporate INTL Global awards) • 2011 Litigation Law Firm of the year in Cyprus (Corporate INTL legal awards) • 2011 &2013 Business Formation Law Firm of the Year in Cyprus Award (Global Law Experts Practice Awards) • 2014 Business Formation Law Firm of the Year in Cyprus Award (Corporate INTL Global awards) • 2015 Litigation Law Firm of the year in Cyprus award (Corporate INTL Legal Awards) • 2015 Global Law Experts-Business Formation Law Firm of the Year in Cyprus • 2015 Global Law Experts-Litigation Law Firm of the Year in Cyprus
Tel.: (+357) 25820810 | e-mail: alexandros@tsirides.com | Website: www.tsirides.com www.goldnews.com.cy | GOLD | 57
Professionalism | Loyalty | Trust Ethics | Respect | Understanding | Commitment “Our mission is to provide our clients an international network of innovative solutions and services specifically tailored according to their requirements. Our genuine interest and devotion to human and mutual respect are elements that govern our customer relationship. Our in-house team of qualified lawyers and business professionals guarantees an outstanding legal representation.” Michalis Economides Advocate /Legal Consultant CEO & Founder +*+)% !/ . *+/ ƫ$ ) !./ü!( %/ * %**+2 0%2! * ,.+#.!//%2! *0!.* 0%+* ( 3 ü.)Č /! %* ƫ5,.1/ 3%0$ ,$5/% ( ,.!/!* ! %* 0$! *%0! %*# +)Č %*# ,+.!Č Ƶ( *% Č ǫ $. %* * /. !(Č 3$% $ ,.+2% !/ +),.!$!*/%2! %*0!#. 0! (!# ( * +.,+. 0! /!.2% !/Č !5+* 0$! +. %* .5 +4Č +. %*# 0+ 0$! *!! / +" ,.%2 0! * +.,+. 0! 1/0+)!./Č )1(0%* 0%+* ( +), *%!/Č ü* * % ( institutions and governments. 2!* 0$+1#$ +1. +.! 1/%*!// %/ /! +* 0$! ,.+2%/%+* +" (!# ( * +.,+. 0! /!.2% !/Č +1. capabilities do not end there. Our thorough experience and knowledge of the international +))!. % ( * 1/%*!// %* 1/0.5 / 3$+(!Č ,.+)+0! 1/ 0+ ! 3 %.) 0$ 0 * ,.+2% ! /+(10%+*/ %* (( /,! 0/ +" 0$! 1/%*!// "1* 0%+*%*#Č ".+) )1(0%* 0%+* ( (!2!( 1, 0+ * %* %2% 1 ( start up business. *%#$0/ +.0$Č %2%/%+* +" +*+)% !/ . *+/ ƫ$ ) !./ü!( ,.+2% !/ %*0!#. 0! ġ0 %(+. ) ! /+(10%+*/ %* +**! 0%+* 0+Č %*0!. (% Č +), *5 "+.) 0%+*Č )%*%/0. 0%+* * ü 1 % .5 /!.2% !/ in more than 21 jurisdictions. KnightsWorth’s advisory knowledge covers the entire ) %* 1/%*!// /! 0+. 1* !. 0$! *0!.* 0%+* ( 3Č 3$% $ . *#!/ ".+) 0$! ü* * % (Č ) * #!)!*0 * *'%*# sector to the incorporation and administration of legal entities.
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info@eklawyers.com www.eklawyers.com www.knightsworth.com 333ċ $ ) !./ü!( ċ +) www.cil.com.cy
International Law Firm Areas of Practice: Corporate & Commercial Litigation & Arbitration Family Law EU Law Energy Employment Law Debt Recovery Intellectual Property Criminal Law Immigration Law Internet Business Admiralty & Shipping Banking & Finance Competition Law Real Estate Tax Law
www.goldnews.com.cy | GOLD | 59
special promotional feature 0)%(-2+ 0%;=)67 IN CYPRUS
base, comprising individuals and corporations ranging from local and international entities to financial institutions, public authorities and all the major Cypriot commercial banks. They represent a broad spectrum of sectors, including finance, banking, real estate, industry, trade, information technology, telecommunications and sports. Our staff is multilingual; hence, efficient communication with our international clients is easily achieved.
I.FRANGOS & ASSOCIATES LLC - *VERKSW %WWSGMEXIW 00' MW E PIEHMRK ']TVYW PE[ ÁVQ FEWIH MR 0EVREGE QMRYXIW E[E] JVSQ XLI RI[ MRXIVREXMSREP EMVTSVX EX MXW S[R JVIILSPH TVIQMWIW TVSZMHMRK E GSQTVILIRWMZI VERKI SJ PIKEP WIVZMGIW
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ur team comprises of lawyers, tax advisors, administrators and staff with specific expertise in their field. The firm was founded in 2000 by Mr. Iosif Frangos and has rapidly expanded resulting in now being the largest law firm in Larnaca.
MANAGEMENT
Managing Partner: Iosif Frangos, LLB, LLM joseph@frangoslaw.com, joseph@bybloserve.com Partner: Maria Raphael, LLB,LLM maria@frangoslaw.com
DIVERSE CLIENTELE Over the years, we have created a large and diversified client
60 | GOLD | The Business Magazine of Cyprus
PRACTICES Our versatile law firm operates on a departmental basis, covering the following nine areas of practice: • Litigation • International Debt Collection and Recovery • Alternative Dispute Resolution (Arbitration and Mediation ) • Transactional practice • Corporate, Accountancy and Tax • Real Estate and Construction • Wills and Probate • Immigration (Residence and Citizenship ) • Sports
LITIGATION • Accident and Personal Injury • Administrative Law • Banking and Finance • Company Law
• Competition Law • Construction Law • Corporate Litigation • Cross-Border Litigation • Criminal Law • Debt recovery • Employment and Pensions • Enforcement of court and arbitration decisions in Cyprus and abroad • European Law • Family Law • Insurance Law • International Law (Private and Public) • Intellectual Property Law • Sports Law • Tax Law • Torts • Wills and Estate Administration
INTERNATIONAL DEBT COLLECTION AND RECOVERY Our professional debt collection team provides our clients with worldwide collection services, aiming at the collection and recovery of debts of individuals or entities located or having property abroad.
ARBITRATION AND MEDIATION We frequently engage in domestic and international arbitrations, both as acting counsels and as members of arbitration boards. Members of our firm are also accredited to serve as mediators.
TRANSACTIONAL PRACTICE We daily engage in transactional practice outside the
courtroom, which may include: • Negotiating and planning business and other transactions • Reviewing, structuring and drafting contracts and legal documents • Interpreting and analysing legal documents and contracts • Out-of-court settlement attempts and negotiating disputes • Extensive legal research in nearly every field of law • Drafting legal opinions on complex issues • Conducting complex due diligence reports
CORPORATE, ACCOUNTANCY AND TAX BYBLOSERVE MANAGEMENT LTD
BYBLOSERVE MANAGEMENT LTD in an affiliate of I.Frangos & Associates LLC, which provides specialised corporate management, trust, fiduciary and financial services to a respectable volume of High Net Worth corporations and individuals around the globe.
SERVICES: WORLDWIDE CORPORATE SERVICES: We register, manage and administer companies in all major jurisdictions
BANKING SERVICES: Our close links and cooperation with the banking sector in Cyprus allow us to provide a vast range of banking services with any of the major banks in Cyprus.
MANAGEMENT & ADMINISTRATION SERVICES: Our firm is in a position to provide the A to Z on corporate management and administration.
ACCOUNTING: Our office operates a complete accountancy department with qualified and experienced accountancy personnel.
CORPORATE AND PERSONAL TAXATION: Our tax specialists can provide advice and assistance in the following areas: personal taxation, corporate taxation, international Tax Planning and Structuring, V.A.T and other indirect taxation
INTERNATIONAL TAX PLANNING: Our firm has extensive experience in advising you on: changes in domiciliary, corporate restructures, tax minimization strategies, taking advantage of double tax agreements arrangement and the use of Special Purpose Vehicles (SPV’s) for tax
CONTACT INFORMATION
optimization For more information, visit the relevant web page at www.bybloserve.com
REAL ESTATE AND CONSTRUCTION Our Real Estate and Construction Department is mainly engaged in legal work for foreign individuals and entities purchasing property in Cyprus for residential or investment purposes. Having built a large international clientele over the years, we can now offer our clients a ‘one stop shop’, including but not limited to the following services: • Contract Drafting • Land Registry registrations / transfers/searches • All matters affecting and/ or related to the acquisition of immovable property by foreigners including permits, residence permits etc. • Property Management • Estate and Tax Planning
WILLS AND PROBATE Over the years we have dealt with estate administration cases. We are also well equipped to act as will executors or estate administrators. Main services: • Trusts • Drafting of Wills • Probate and Estate Administration • Advice on contested wills • Resealing foreign grants • Probate Litigation
IMMIGRATION (RESIDENCE AND CIZITENSHIP) Thanks to its many years of experience with clients of different nationalities, our Immigration Law team is able to identify and advise you on the most viable solution for your needs, based on your specific circumstances. The Department deals with: • Employment permits • Temporary Residence permits • Permanent Residence permits • Family Reunification permits • Cyprus Citizenship applications • Long- term Residence permits • Property Acquisition permits
SPORTS Over the years our law firm has represented a number of Cypriot First Division football clubs as well as football players. We have tremendous experience of this aspect of law, which includes, inter alia, drafting and legally analysing contracts with players, players’ agents and football clubs. Our firm has litigated before all the football adjudicating bodies, including the Cyprus Football Association (CFA), FIFA and the Court of Arbitration for Sport (CAS).
Address: 10, Patron Street, 6051Larnaca | Postal Address: P.O. Box 40665, 6306 Larnaca Tel: (+357) 24812581 | Fax: (+357) 24812583 | e-mail: info@frangoslaw.com | Website: www.frangoslaw.com www.goldnews.com.cy | GOLD | 61
special promotional feature LEADING LAWYERS IN CYPRUS
The advice is sound, and all legal matters are handled extremely well."
Dispute Resolution "The team gives sound advice and handles all the cases we entrust to them very well."
Real Estate "Very responsive and continually follows up on issues; nothing gets left behind."
LEGAL 500 RANKINGS Banking and Finance
IOANNIDES DEMETRIOU LLC Ioannides Demetriou LLC, founded only nine years ago by Pambos Ioannides and Andrew Demetriou, is a success story. Ioannides Demetriou LLC has established itself as one of the preeminent full-serZMGI GSQQIVGMEP PE[ ÁVQW MR ']TVYW MR a very short space of time. Its stand-out teams are dedicated to offer legal services of the highest standards to clients. It has specialised litigation, corporate, public law and taxation departments employing experienced lawyers and specialised professionals who are recognized as leaders MR XLIMV ÁIPHW
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oannides Demetriou LLC, as well as being a member of a number of international legal networks, is ISO certified (ISO 9001:2008 – Certificate No QS.1.12.046 from the Cyprus Certification Company). This ensures that it provides its clients with the
62 | GOLD | The Business Magazine of Cyprus
highest possible standard of legal services by giving sound, timely and practical legal advice in a cost effective manner and to act at all times in strict accordance with the highest ethical standards of the profession. Additionally, Ioannides Demetriou LLC has been accredited as an ‘Investor In People’. This achievement reflects their commitment to continuously improve performance and achieve the highest standards via continuous investment in its people and human resource practices. Commitment to quality and the dedication of its human capital yields results and recognition:
CHAMBERS EUROPE 2016 Corporate / Commercial Department "These lawyers give their clients personal attention, fostering an excellent working relationship.
Ioannides Demetriou LLC’s ‘knowledgeable and professional’ team has been involved in various substantial syndicated financings and other mandates. Pambos Ioannides and Christina Ioannidou head the practice.
Commercial, Corporate and M&A The ‘very knowledgeable and professional’ team at Ioannides Demetriou LLC ‘always exceeds expectations’. Pambos Ioannides heads the team, which has been advising Eurobank EFG Cyprus on several corporate-related transactions. Christina Ioannidou is another name to note.
Dispute Resolution Ioannides Demetriou LLC represents local and international clients in several fields including competition, regulatory, fraud, asset recovery, insurance, property and IT disputes. Andrew Demetriou heads the practice, which represented Stockman Interhold in a $350m case relating to a Ukrainian-owned Cyprus holding company in case. The ‘impressive’ Pambos Ioannides
Pambos Ch. Ioannides, Managing Director
Practice: Corporate law, structuring major projects, joint ventures and corporate entities; mergers and acquisitions, IHURPUN PU]LZ[TLU[Z ÄUHUJL international transactions, trade regulation, taxation, stock exchange listings, competition law, public procurements, civil litigation in courts and arbitrations, leading counsel in major KPZW\[LZ" HYIP[YH[VY ̸̸ Chambers 2016 - Corporate / Commercial Department Clients laud Pambos Ioannides as "one of the best in Cyprus" for corporate law advice, adding: "He is very knowledgeable, highly intelligent and has extensive experience," and he can "quickly grasp specialised issues, paying close attention to detail." He has a range of experience in joint ventures, M&A and day-to-day legal advice, acting for clients from an array of industries. Ranked Lawyers Pambos Ioannides – Band 1 Chambers 2016 – Dispute Resolution Pambos Ioannides receives extensive praise for his OPNO WYVÄSL KPZW\[LZ WYHJ[PJL being described as "one of the best lawyers I've ever met - he is extremely good at presenting cases." Ranked Lawyers Pambos Ioannides – Band 1
has been sitting as the arbitrator in a case involving Nicosia General Hospital and chairs an international arbitration involving a substantial dispute between a Greek and a German group.
EU and Competition Regulatory law is an important area of practice at Ioannides Demetriou LLC. The EU and competition group has substantial experience of representing
Andrew Demetriou, Director
Practice: Construction and engineering law, energy law, hydrocarbons law (exploration and production sharing agreements), natural gas contracts, commercial law, investments, international transactions, corporate law, civil litigation and dispute resolution leading counsel in major disputes; chartered arbitrator. Chambers 2016 – Dispute Resolution According to sources, Andrew Demetriou is a "very experienced lawyer" who can "give instant advice on most matters, and grasps specialist issues in meticulous detail very quickly." He focuses on construction and property-related matters, alongside activity as an arbitrator. Ranked Lawyer Andrew Demetriou – Band 1 Chambers 2016 – Real Estate One of the leading lawyers PU [OL ÄLSK ZV\YJLZ KLZJYPIL Andrew Demetriou as "very experienced in construction disputes" as well as "knowledgeable and very responsive." Ranked Lawyer Andrew Demetriou – Band 1
clients before the CPC. Pambos Ioannides and Andrew Demetriou are the names to note.
Real Estate and Construction Ioannides Demetriou LLC is praised for its good advice and notable expertise in construction and project finance. It is acting for Hermes Airports on the building and management of two international airports in a 25-year concession granted by the state of Cyprus, a matter in which the amount to be invested exceeds $800m.
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Christina Ioannidou, Director
Practice: Corporate law, commercial law, banking, ÄUHUJL WYVQLJ[ ÄUHUJL structuring loan and security documentation, mergers and acquisitions, international transactions, structuring corporate entities including international business entities, civil litigation.
Christos P. Frakalas, Director
Practice: Commercial law, construction law, competition law, recoveries, civil litigation, and arbitration. Chambers 2016 – Dispute Resolution Christos Frakalas has experience in litigation and arbitration across a variety of areas, including property and shareholder disputes. Ranked Lawyer Christos Frakalas – Band 2
Nayia Morphi, Director/Tax Advisory and Fiduciary Services (Chartered Accountant)
Practice: Corporate taxation, personal taxation, international tax structurPUN =(; ÄUHUJPHS HK]PZVY` PU[LYUH[PVUHS [YHUZHJ[PVUZ JVYWVYH[L NV]LYUHUJL in the course of international tax structuring.
Law firms are a key component of the Professional Services Sector, which makes such a large contribution to the economy. Are there measures that you would like to see implemented so that the sector becomes more efficient and successful? ;OL :[H[L KVLZ UV[ ZWLUK Z\ɉJPLU[ M\UKZ VU [OL SLNHS ZLY]PJLZ ZLJ[VY Funds have never been made available so as to enable a meaningful and structured review and updating of the civil procedure rules. Which provide the regulatory framework for the conduct of court proceedings. They are a piece of colonial legislation dating back to the 19th Century with which we are still forced to work. The recent review of the procedures for small claims is a case in point. ;OL YL]PL^ ^HZ PZVSH[LK PU ZJVWL HUK SHJRPUN Z\ɉJPLU[ JSHYP[` This caused uncertainty, creating friction between the Bar and the Supreme Court. Court buildings and facilities should also be upgraded and fully computerized. Court fees should be increased so as to adequately reward advocates MVY [OL [PTL HUK LɈVY[ 7YLZLU[S` HK]VJH[LZ HYL Z\IZPKPZPUN SP[PNHU[Z through low court fees. This is wrong. The state should establish a means tested legal aid system. In addition, appeals to a higher court should only be permitted with the authority of the lower court. Alternative dispute resolution methods, such as arbitration and mediation should be introduced to decrease pressure on the court system. The state should recognise that the delays in the court process drive foreign litigants away. Such delays are a major impediment to Cyprus becoming established as an international centre for international arbitrations and an international business center. The Bar also has a very important role to play. An ever increasing number of lawyers struggle to survive in an ever dwindling market. It is not Z\ɉJPLU[S` J\Z[VTLY MVJ\ZLK VY ZWLJPHSPZLK *VU[PU\PUN 7YVMLZZPVUHS +L]LSVWTLU[ T\Z[ IL PU[YVK\JLK ;OPZ ^PSS SLHK [V NYLH[LY LɉJPLUJ` enabling the Cyprus Bar to attain a higher standing in the services sec[VY 0[ ^PSS LUHISL P[ [V IL[[LY JVTIH[ LUJYVHJOTLU[Z PU[V P[Z ÄLSKZ VM JVTWL[LUJL HUK ZWLJPHSPZH[PVU MYVT HJJV\U[PUN ÄYTZ Andrew Demetriou, Co-founder
Address: The City House, 17-19, Themistocli Dervi St.,1066 Nicosia, P.O. Postal Address: P.O. Box 20106, 1601 Nicosia Tel: (+357) 22022999 | Fax: (+357) 22022900 | e-mail: info@idlaw.com.cy | Website: http://www.idlaw.com.cy www.goldnews.com.cy | GOLD | 63
special promotional feature 0)%(-2+ 0%;=)67 IN CYPRUS
KKP LLC //4 00' GSQTVMWIW QSVI XLER Āþ PE[]IVW FEWIH MR MXW SJÁGIW MR 2MGSWME //4 MW E JYPP WIVZMGI PE[ ÁVQ [MXL ER MRHYWXV] JSGYW SR ÁRERGMEP WIVZMGIW MRGPYHMRK ÁRERGMEP MRWYVERGI and banking institutions, intellectual property, real estate and construction, GSVTSVEXI ERH WIGYVMXMIW
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he firm operates in multi-disciplinary teams, which allow us to provide clients with individualized and expert advice. Our team of lawyers counts more than 30 years of experience, combining extensive knowledge of the Cyprus legal system with an in-depth understanding of international and European law. We pride ourselves on our extensive and expanding client base, ranging from private individuals to multinational organisations. Our involvement with both international and Cyprus-based clients has helped us to anticipate our clients’ objectives and provide a 360-degree perception of multidimensional legal issues.
KKP LLC SPECIALIZES IN THE FOLLOWING AREAS: Litigation, Arbitration and Mediation Our litigation engagements – including, among other substantive areas, corporate, financial, insurance, intellectual property, real estate, white-collar criminal, professional liability, tax, bankruptcy and insolvency, competition, employment, administrative and
64 | GOLD | The Business Magazine of Cyprus
constitutional law, securities and investment company litigation – are among the largest and most complex of any law firm in Cyprus. The firm also handles a significant number of arbitration and alternative dispute resolution matters involving government contracts, construction and financial legal issues.
Banking and Financial Services Law KKP is the main legal advisor to Co-operative Societies, Banking and Finance Institutions. In addition, lawyers of the firm regularly advise leading international commercial and investment banks with regard to various aspects of domestic legislation. KKP has extensive experience in drafting agreements and other instruments used by Banks, Co-operative societies and finance institutions. Our litigation team deals on a regular basis with disputes and litigation between banks and customers, disclosure issues, fraud and tracing claims, repossession disputes, mareva injunctions, Norwich Pharmacal orders and garnishee orders.
KKP is also at the forefront in advising funds on all facets of regulatory compliance and transactions, focusing on achieving the client’s business objectives with minimal regulatory burden and risk.
Administrative Law Our lawyers have extensive experience in adjudicating before the Supreme Court of Cyprus on behalf of public and governmental bodies, private individuals and corporate enterprises, in relation to the constitutionality of laws and on administrative actions. Members of the firm have also been actively involved in the drafting of legislation and regulations regarding the functions and operations of key government bodies.
Investment Immigration KKP’s immigration team deals with citizenship and permanent resident schemes. The firm represents High Net Worth Individuals and their family dependents who are eligible to apply for citizenship or permanent residence under the special criteria of the Council of Ministers that waived the minimum
stay in Cyprus, providing a topnotch and efficient service.
Real Estate and Construction KKP represents developers, engineers, general contractors, financial institutions and investors providing an integrated portfolio of legal services which includes disputes arising from construction projects, drafting and negotiating contracts, bid protests regarding awards of public works contracts, lending and commercial real estate financing.
Family Law KKP’s family law practice is one of the strongest practices in Cyprus, advising on all issues of family law such as divorce and separation, child custody, maintenance and care disputes, adoption, cohabitation, financial provision, asset separation and management, pre-nuptial and post-nuptial agreements.
Insurance Recovery and Advisory KKP offers mainly two types of services to clients in this area: claims litigation and insurance coverage disputes and insur-
ance advisory. For more than two decades, the firm’s lawyers have been representing private individuals, corporations and insurance companies in litigating coverage issues through trial before both the Supreme and District Courts of Cyprus. The firm is also very experienced in advising corporate clients on insurance policy wording and structure, adding value to their commercial and business purposes.
Intellectual Property Law KKP’s Intellectual Property Law practice is one of the leading practices in Cyprus. Our IP Team comprises IP specialized lawyers and assisting personnel who are equipped with extensive experience and knowledge. As members of INTA, MARQUES and PTMG, our IP Team regularly participates in conferences organized by these Associations, enhancing in this way our knowledge of the latest issues and challenges in IP practice. Operating internationally, our IP Department has an extensive list of clients, including phar-
CONTACT INFORMATION
maceutical companies and famous brand owners. Experienced in a broad spectrum of sectors, we provide a comprehensive range of services with regard to trademarks, patents, industrial designs, trade names, domain names, counterfeiting, copyrights and all court proceedings relating to these matters.
Corporate, Commercial and Tax Law KKP has an extensive and expanding client base ranging from
Law firms are a key component of the Professional Services Sector, which makes such a large contribution to the economy. Are there measures that you would like to see implemented so that the sector becomes more efficient and successful?
1. Higher criteria to join the profession. This will be achieved by establishing the equivalent of the English professional title of Bar Professional Training Course or Legal Practice Course. 2. Speedier serving of justice, which can be achieved, inter alia, by upNYHKPUN *V\Y[Z PU [OL ÄLSK of technology, the application of electronic justice and the complete revamping of civil procedure rules. Promoting the concept of arbitration and mediation through the modernisation of the current legislation. 3. The active participation of the Cyprus Bar Association in decision-making bodies, especially in cases involving the enactment of laws affecting foreign investments. Loizos A. Papacharalambous, Partner
local to multinational organisations, in the oil & gas industry, insurance, real estate, construction and hotel management and the pharmaceutical industry. KKP’s corporate, commercial and tax law department is highly active in restructuring and insolvency procedures, structuring and negotiating documents, obtaining regulatory approvals for mergers and acquisitions, assisting in the issuance of capital securities and compliance with regulatory capital requirements, lending transactions, acquisitions of shares and real property, establishing, expanding, reorganising and divesting operations and IPOs.
Address: 20 Costis Palamas str., 'Aspelia' Court, 1096 Nicosia, Cyprus P.O. Box 21020, 1500 Nicosia, Cyprus Tel.: (+357) 22664555 | Fax: (+357) 22677485 www.goldnews.com.cy | GOLD | 65
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ACCOLADES
MICHAEL KYPRIANOU & CO. LLC ;MXL Ä UYEPMĂ IH PE[]IVW WIZIR PIKEP GSYRWIP ERH E WM^IEFPI EHQMRMWXVEXMZI WXEJJ 1MGLEIP /]TVMERSY 'S 00' MW RS[ SRI SJ XLI PEVKIWX PE[ Ă VQW MR ']TVYW -X QEMRXEMRW WIZIR JYPP] Ă&#x201A;IHKIH SJĂ GIW MR 2MGSWME 0MQEWWSP 4ETLSW %XLIRW 7EPSRMGE &MVOMVOEVE 1EPXE ERH /MIZ
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he areas of practice that the firm focuses on are the following: â&#x20AC;˘ Dispute Resolution and Arbitration â&#x20AC;˘ Banking and Finance â&#x20AC;˘ Corporate and Commercial â&#x20AC;˘ Investment Firms Regulations â&#x20AC;˘ Intellectual Property â&#x20AC;˘ Taxation and International Tax Planning â&#x20AC;˘ Maritime and Admiralty â&#x20AC;˘ European and Competition Law â&#x20AC;˘ Real Estate and Construction â&#x20AC;˘ Immigration Law â&#x20AC;˘ Debt Collection
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The firm is consistently recommended by the major international law directories for all its fields of work and has been placed in the top tier in Banking and Finance (in the latest edition of Chambers Europe) and in Dispute Resolution (in the latest edition of Chambers Global) . In the area of Banking and Finance, Chambers Europe says the following about our firm: â&#x20AC;˘ â&#x20AC;&#x153;Effective, professional and accurate. The team shows flexibility in its approach to both legal and business mattersâ&#x20AC;? â&#x20AC;˘ â&#x20AC;&#x153;The lawyers are performing to a very high standard. They are responsive and consistent with their adviceâ&#x20AC;?. â&#x20AC;˘ Tonia Antoniou (Head of the Banking and Finance Department) is the lawyer who â&#x20AC;&#x153;makes things happenâ&#x20AC;? and who is â&#x20AC;&#x153;always availableâ&#x20AC;? for her clientsâ&#x20AC;&#x2122;. In the same area (Banking and Finance), The Legal 500 states that our firm: â&#x20AC;˘ â&#x20AC;&#x153;has substantial expertise in domestic and cross-border
lending and security transactions, including syndicated dealsâ&#x20AC;?. In the area of dispute resolution, the 2016 edition of Chambers Global states: â&#x20AC;˘ â&#x20AC;&#x153;The team is always on top of things and understands what the client needs. The lawyers have a very hands-on approach.â&#x20AC;? Likewise, in the 2016 edition of The Legal 500â&#x20AC;?, the firm is described as: â&#x20AC;˘ â&#x20AC;&#x153;An excellent and outstanding firm.â&#x20AC;? Menelaos Kyprianou, who heads the dispute resolution department is described as: â&#x20AC;˘ â&#x20AC;&#x153;An outstanding lawyer.â&#x20AC;? Besides Banking and Finance and Dispute Resolution, the firm has also received high rankings in Corporate and Commercial Law, Tax Law, European and Competition Law, Intellectual Property Law, Maritime and Admiralty Law and Real Estate and Construction Law. Partners Menelaos Kyprianou, Tonia Antoniou, Lambros Soteriou, Savvas Savvides and Ilias Tsintavis as well as Associates Marina Hadjisoteriou,
Lorena Charalambous and Ermioni Pavlidou earned individual rankings in the 2016 editions of The Legal 500 and Chambers and Partners. Our partners and lawyers have also been singled out by other prestigious organisations. Savvas Savvides has been ranked as a one of the most successful lawyers in Cyprus by the publication City Wealth. Similarly, Eleni Drakou has received an award from Corporate Livewire.
also a member of the International Fraud Group a very select group of outstanding international law firms focusing in the fields of commercial fraud and asset tracing. Other memberships include the International Tax Planning Association, the International Trademark Association, the Chartered Institute of Patent Attorneys, the International Association for the Protection of Intellectual Property and the International Association of Commercial Collectors.
AWARDS
THE FOUNDER
The Chamber of Commerce and Industry and the Ministry of Energy, Commerce, Industry & Tourism awarded our firm with the prestigious 2014 Cyprus Export Award for services.
Michael Kyprianou, the Founder and Senior Partner of Michael Kyprianou & Co LLC, has been described by Chambers & Partners as “an esteemed presence in Cypriot litigation, offering substantial experience of multi-jurisdictional disputes to his clients”. Until 1991, hel held the post of Senior Counsel of the Republic of Cyprus. During his Government service he advised various ministries and departments on important legal issues, particularly the
INTERNATIONAL AFFILIATIONS The firm is a member of Multilaw and Word Link for Lawyers, both of which are leading global networks of international law firms. It is
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Ministry of Finance, the Ministry of Commerce & Industry, the Ministry of Interior and the Ministry of Communications & Works. He also appeared regularly in court, in litigation, representing the Government of Cyprus and its various ministries and departments. He concluded his career as Senior Counsel of the Republic with the landmark case of the Republic of
Law firms are a key component of the Professional Services Sector, which makes such a large contribution to the economy. Are there measures that you would like to see implemented so that the sector becomes more efficient and successful?
“I believe that lawyers in Cyprus already operate at a high level of competence and integrity. The profession is very highly regulated with strict rules of etiquette in force. I think this fact should publicly be stressed more, so that common misconceptions about lawyers change. The most practical and important change that has [V IL LɈLJ[LK OV^L]LY PZ to deal with the problem of long delays in the civil claims process. This is very seriously undermining the legal sector as a whole, with the public understandably being very reluctant to engage with the process. Practising lawyers can and should work together as a body to Z\NNLZ[ LɈLJ[P]L TLHZ\YLZ and to ensure their implementation.” Menelaos Kyprianou (Managing Partner)
Cyprus and the Autocephalous Greek Orthodox Church of Cyprus v. Goldberg and Feldman Fine Arts Inc and Peg Goldberg before the Indiana Court and later before the US Court of Appeal. In this case, the US court ordered the return to Cyprus of a handful of the rarest holy artifacts that had been stolen from Cyprus churches during the war of 1974. In 1991 Michael Kyprianou was elected to the Cyprus House of Representatives and chaired the House Commerce, Industry & Tourism Committee for five years.
Address:2, Agias Elenis St., 6th&7th Floor, 1060, Nicosia | Postal Address: P.O. Box 21150, 1502 Nicosia Tel: (+357) 22447777 | Fax: (+357) 22767880 | e-mail: info@kyprianou.com.cy | Website: http://www.kyprianou.com.cy www.goldnews.com.cy | GOLD | 67
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PAPANTONIOU & PAPANTONIOU LLC Papantoniou & Papantoniou LLC was JSYRHIH MR F] %RXSRMW 7 4ETERXSRMSY -X MW ER IWXIIQIH PE[ à VQ XLEX TVSZMHIW ER I\XIRWMZI VERKI SJ LMKL UYEPMX] PIKEP WIVZMGIW XS PSGEP ERH MRXIVREXMSREP GPMIRXW %W XLI TEGI SJ GLERKI GSRXMRYIW MR XLI GSQQIVGMEP [SVPH YRHIVWXERHMRK GPMIRXW¸ HMWXMRGX HIQERHW ERH I\GIIHMRK XLIMV I\TIGXEXMSRW TPE] E ZMXEP VSPI MR XLI PIKEP QEVOIX
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ne major achievement that has helped us become a fast-growing law firm is our membership of the European Law Firms Network (ELF). Since 2004, the firm has been a member of ELF and the exclusive representatve of the network in Cyprus. ELF is an international organisation consisting of law firms from every European country. It was established in 1989 to meet the increasing demand for cross-border legal advice and it was the first legal network to register in Brussels as an European Economic Interest Grouping (EEIG). Today, the network comprises over 950 lawyers across Europe. It is a sophisticated and cohesive network of 29 commercially
68 | GOLD | The Business Magazine of Cyprus
orientated law firms committed to offering outstanding yet cost-effective legal services across Europe and beyond. Membership is by invitation only and is limited to one representative per country. The ELF network advises multinationals, financial institutions, private companies, individuals, government agencies, partnerships and charities. Its main objective is to be the strongest network of independent law firms in Europe ,offering consistent high quality legal advice that clients can trust.
PAPANTONIOU & PAPANTONIOU LLC IS ON THE ADVANTAGEOUS POSITION TO COOPERATE, EXCHANGE IDEAS AND PROMOTE CYPRUS AS AN INTERNATIONAL BUSINESS AND SERVICES CENTER
OUR SERVICES Papantoniou & Papantoniou LLC is comprehensively staffed with associate advocates and the necessary secretarial support. The firm is
active in almost all aspects of the Law, including, but not limited to:
Corporate & Commercial Law Services
Our firmâ&#x20AC;&#x2122;s Corporate Department offers a comprehensive range of services domestically and internationally. Our network, extensive knowledge and experience constitute a significant opportunity for Cypriot entrepreneurs to expand their business operations globally. However, we also represent the interests of foreign investors and entrepreneurs. Drawing from our rich experience in the services sector and long-term ties with professional associates, we can provide the respective fiduciary services to foreign entrepreneurs regarding the management of a Cypriot company. Furthermore, our firm is a qualified Nominated Advisor
(NOMAD), approved by the Board of Directors of the Cyprus Stock Exchange.
Tax & International Tax Law The firm advises clients in a range of fields of taxation such as Corporate Tax, Income Tax, Property Tax, Trusts, etc. Moreover, the firm also provides services and advice on International Tax Planning by assisting clients to utilize a cost-efficient tax structure through a Cyprus company and through the setting-up of International Trusts.
Intellectual Property Law We provide advice and assistance on the acquisition, registration and protection of all types of intellectual property in Cyprus, the European Union and worldwide to clients, companies and organisations wishing to safeguard their IP rights (patent, trademark, copyright).
Litigation Our litigation department has extensive experience and a proven track record in handling a wide range of claims
and disputes including: â&#x20AC;˘ Company Disputes â&#x20AC;˘ Banking Disputes â&#x20AC;˘ Insurance Claims â&#x20AC;˘ Debt Collection â&#x20AC;˘ Stock Exchange cases â&#x20AC;˘ Employment Law â&#x20AC;˘ Family and Matrimonial Disputes
Shipping Law Cyprus plays a prominent role as a leading shipping centre. Tax benefits, combined with economic and the other significant benefits, make Cyprus the perfect choice for ship owners, charterers and ship managers. Papantoniou & Papantoniou LLC is a leading Cypriot law firm in the area of Admiralty and Shipping Law. The firm offers a range of services to ship owners, freight forwarders, insurers and charterers and has experience in resolving legal disputes that may arise in this area.
Energy Papantoniou & Papantoniou LLCâ&#x20AC;&#x2122;s comprehensive energy sector practice includes oil and gas, power, and renewables, providing strategic assistance
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Law firms are a key component of the Professional Services Sector, which makes such a large contribution to the economy. Are there measures that you would like to see implemented so that the sector becomes more efficient and successful?
Cyprus, by virtue of its exceptionally advantageous attractive and particularly appealing tax regime and as a member of the European Union is emerging as the most favored jurisdiction in Europe for individuals and corporations. The World Bankâ&#x20AC;&#x2122;s characterized Cyprus as the regionâ&#x20AC;&#x2122;s â&#x20AC;&#x153;Miracleâ&#x20AC;?. Taking into consideration and acknowledging the competition targeting Cyprus from other advantageous tax jurisdictions, Cyprus continues to provide a complete value proposition MVY MVYLPNU PU]LZ[VYZ HZ H Ă&#x201E;UHUJPHS HUK I\ZPness center. At this point, Law Firms shall implement such measures that will keep Cyprus as a strong competitor among other attractive tax jurisdictions. Via their extensive knowledge and experience, Law Firms must catch the attention of inves[VYZ I` L_WSHPUPUN [V [OLT [OL ILULĂ&#x201E;[Z VM HU investment in Cyprus. Additionally, Law Firms ought to leave the boundaries of legal market and develop their business activities globally. Networking is the cornerstone for the development and the expansion of the business sector. Because technical ability alone is not enough, we build exceptional business â&#x20AC;&#x201C; rela[PVUZ ^P[O SLHKPUN SH^ Ă&#x201E;YTZ PU HSS V]LY [OL ,\rope. As a member of the European Law Firm, Papantoniou & Papantoniou LLC is on the advantageous position to cooperate, exchange ideas and promote Cyprus as an International Business and Services Center. Papantoniou & Papantoniou LLC, through its extensive network attracts national and Foreign Investors, whose purpose is to expand [OLPY VWLYH[PVUZ NSVIHSS` (KKP[PVUHSS` [OL Ă&#x201E;YT is always at the disposal and supports clients MYVT HSS V]LY [OL ^VYSK ^PSSPUN [V NHPU ILULĂ&#x201E;[ of Cyprus legal and Financial Sector. To conclude, Law Firms should not be afraid to change and must set long term goals for [OLPY V^U ILULĂ&#x201E;[ HUK NLULYHSS` MVY [OL JVUstructive development of the Cyprus Financial business Sector.
to clients encompassing the entire energy value chain, from oil majors, independents and transportation companies to power generators and utilities, financial institutions and large customers.
Immigration Investments. Our firm deals with all matters relating to immigration law and citizenship applications through the â&#x20AC;&#x153;Citizenship through Investmentâ&#x20AC;? scheme and the conventional route, providing assistance with the identification and securing of suitable and qualifying immovable property.
Address: 7KHPLVWRFOHV 'HUYLV $YHQXH +DZDLL 7RZHU 2IĂ&#x20AC;FH 1LFRVLD _ Postal Address: 3 2 %R[ 1LFRVLD _ Tel: _ Fax: _ e-mail: SDSODZ#ORJRV F\ QHW _ Website: www.paplaw.com.cy www.goldnews.com.cy | GOLD | 69
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Melina Pyrgou, Managing Director
PYRGOU VAKIS LLC 4]VKSY :EOMW 0E[ *MVQ [MXL SJÁGIW MR 2MGSWME ERH 0MQEWWSP MW ER IWXEFPMWLIH 0E[ *MVQ MR ']TVYW ERH SJJIVW PIKEP WIVZMGIW ERH GSVTSVEXI WIVZMGIW MR VIPEXMSR XS 'SVTSVEXI *MRERGMRK ERH 'SQQIVGMEP 0E[ WIVZMGMRK MRXIVREXMSREP ERH PSGEP GPMIRXIPI
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ocusing on our clients and aiming at offering legal advice and undertaking complex litigation work in all aspects of their business, we tap into our international network of associated professionals to deliver all-round legal guidance and action that will satisfy not only the organisation, but individual needs as well. Pyrgou Vakis Law Firm is a member firm of Telfa Trans-European Law Firms Alliance and EuropeFides, a European association of independent tax consultants, certified accountants and lawyers. Our impeccable track record demonstrates our compliance with the Lawyers’ Code of Conduct, while respecting the professional codes of associated professionals.
70 | GOLD | The Business Magazine of Cyprus
Demetris Vakis, Director
OUR PEOPLE
WE BELIEVE IN GIVING OUR PEOPLE ROOM AND THE OPPORTUNITY TO GROW AND EXCEL
It is both exciting and rewarding to see each one of them develop, individually and collectively. We are very proud of our people, their teamwork and dedication to servicing our clients and looking after the interests of both clients and the firm. Our lawyers, Melina Pyrgou and Demetris Vakis, have been listed as “recommended lawyers” in The Legal 500 Europe, Middle East & Africa 2016. Despo Andreou was
named in The Legal 500 as a Specialist Lawyer, recognized for excellence in the Legal Experts Directory 140 (2012).
OUR ACCREDITATIONS
We were awarded ISO9001:2015 and IQNet certifications in July 2016. Pyrgou Vakis was the first law firm and the third company in Cyprus to achieve this updated ISO9001:2015 certification by the Cyprus Certification Company (CYS).
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insolvencies over the years of their practice. â&#x20AC;˘ Mergers, acquisitions, restructurings We provide transaction support to our clients through drafting and reviewing transaction documents, assisting in any necessary due diligence, providing legal opinions and assisting in the closing procedures. We can assist clients in the preparation stage of a merger and assist in seeing the merger through by drafting the merger plan and obtaining the necessary court order for the implementation. â&#x20AC;˘ Advising large banking institutions Working with large banking/ financing institutions in their efforts to restructure their clientsâ&#x20AC;&#x2122; loans. â&#x20AC;˘ Providing assistance to clients in drafting commercial agreements or resolving commercial disputes
dreou heads the litigation department. We undertake litigation cases in the field of corporate banking and commercial law. We act as lawyers for banking institutions and commercial companies. We also undertake liquidation cases and we utilize a variety of dispute resolution tools, including mediation, to assist our clients in resolving disputes that arise in their business dealings. The firm has also extensive experience in the enforcement of foreign judgments in Cyprus.
OUR CLIENTS RELY ON US FOR FIRST-CLASS LEGAL GUIDANCE
Despo Andreou, Director
Pyrgou Vakis Law Firm is also listed in The Legal 500 (EMEA) 2016 (Commercial, Corporate and M&A), The Law Reviews-Expert Panel 2016, Global Law Experts (2015) for Cyprus Boutique M&A Firm of the Year.
OUR SERVICES CORPORATE / FINANCE / COMMERCIAL
Department headed by Melina Pyrgou and Demetris Vakis â&#x20AC;˘ Advisory: Based on our extensive expertise in this field, we provide advice to clients in setting up corporate structures, reviewing existing structures and providing solutions, and
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providing assistance in instances of disputes between shareholders and other complex corporate law issues. â&#x20AC;˘ Due diligence reports: In the world of international transactions, it is all the more necessary to carry out due diligence reports. Our firm has the knowledge and ability to provide reports of a high standard according to the clientâ&#x20AC;&#x2122;s request in order to assist in providing a full picture of the Cyprus companies involved in the transactions. â&#x20AC;˘ Insolvency law: Our partners Demetris Vakis and Melina Pyrgou are both licensed insolvency practitioners and have handled large
LITIGATION The firmâ&#x20AC;&#x2122;s partner Despo An-
Laws covered â&#x20AC;˘ Advertising & Marketing â&#x20AC;˘ Banking Law â&#x20AC;˘ Commercial Law â&#x20AC;˘ Compliance â&#x20AC;˘ Corporate Law â&#x20AC;˘ Employment Law â&#x20AC;˘ Environmental Law â&#x20AC;˘ Family Law â&#x20AC;˘ Immigration Law â&#x20AC;˘ Insolvency Law â&#x20AC;˘ Intellectual Property Law â&#x20AC;˘ Property Law â&#x20AC;˘ Trusts â&#x20AC;˘ Wills and Estates
+HDG 2IĂ&#x20AC;FH $GGUHVV /DPSRXVD 6W 1LFRVLD _ 3RVWDO $GGUHVV 3 2 %R[ 1LFRVLD _ Tel: _ Fax:
/LPDVVRO 2IĂ&#x20AC;FH $GGUHVV $JLDV =RQLV 6WUHHW UG )ORRU /LPDVVRO Tel: _ Fax: e-mail: LQIR#S\UJRXYDNLV FRP _ Website: www.pyrgouvakis.com www.goldnews.com.cy | GOLD | 71
special promotional feature 0)%(-2+ 0%;=)67 IN CYPRUS
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t is common ground that we have had fundamental changes to the global economy. Which are the main changes affecting the financial sector in Cyprus?
The changes have been ongoing and gradual but recent events, such as the headline-making publication of the “Panama Papers”, have highlighted their existence and intensified the discussions concerning company ownership and the use of so-called “offshore jurisdictions”. In addition, the impact of the global financial crisis has prompted governments to justify their own attempts to increase their tax revenues. Cyprus is
72 | GOLD | The Business Magazine of Cyprus
THERE IS A GLOBAL ECONOMIC SYSTEM AND BUSINESS SHOULD BE FREE IN ITS CHOICE OF A JURISDICTION WHERE IT WILL BE LAWFUL AND MOST EFFICIENT
affected by these global changes but, as is often the case, with a delayed acknowledgement of the magnitude of their impact on our economy. The enactment of FATCA & CRS rules serves as an obvious example. FATCA, the US standard on disclosure of beneficial owners of bank accounts, is probably wellknown to everyone by now but it applies more widely than people are led to believe. CRS (Common Reporting Standard) was drawn up along the lines of FATCA and is currently binding throughout the EU with an expectation that it will be adopted by the majority of the rest of the world by 2018. From a Cypriot perspective, the obligations imposed by FATCA & CRS, which are binding on Cyprus and its financial sector, not only have a direct impact on business being carried out via Cyprus but have
to be complied with locally as well. Thus, whereas only FATCA is applicable in some equivalent financial centres, banks in Cyprus are filing both FATCA and CRS reports since, as I mentioned, the two standards are practically very similar. These standards are putting immense pressure on the use of offshore jurisdictions with the result that, in my opinion, the days of tax heavens such as the BVI, Seychelles, Belize, Panama etc. being used widely are numbered.
How have FATCA and CRS affected international business? Until recently, international businesses in many countries were less concerned about either the sophistication of (existing) exchange of information and tax rules or the stigma of doing business in tax havens. The “Panama Papers”, coupled with FATCA/CRS, have caused a shift in perceptions and risk assessment. I am sure that there will be changes in how business-
es structure their international operations. For example, many international banks are already tracking the operation of companies registered in tax havens (such as the British Virgin Islands) for signs of tax evasion and categorise them (for FATCA/CRS purposes) accordingly. These jurisdictions have, in the past, been much more attractive than Cyprus due to their cheapness and total freedom from taxation. People using them were more interested in the direct cost of doing business and looked at such tax havens as primarily a direct expense minimizing exercise. Nowadays, such carefree use of tax havens is not possible. We are looking at an evolving new global order, spearheaded by FATCA: tax haven (offshore) jurisdictions such as the BVI, Seychelles or Belize will gradually disappear for international business. What will remain are the so-called â&#x20AC;&#x153;mid-shoreâ&#x20AC;? jurisdictions such as Cyprus, Malta, Ireland and others where real businesses can be physically established and developed and reap the benefits of reasonable taxation.
Is this the end of tax havens? As I mentioned, banks are
WE ARE CRITICIZED FOR OUR LOWER TAX RATES AND FOR SO-CALLED â&#x20AC;&#x2DC;TAX COMPETITIONâ&#x20AC;&#x2122;, WHICH HAS BEEN DECLARED HARMFUL
looking for indications of substance or a lack of it. If a company is registered in a tax haven, it cannot have a real office (substance) within that country and obviously does not pay any real taxes in the country of its registration. As a result many banks (presently mostly Swiss) consider it as a passive non-financial entity (NFE) for FATCA/CRS purposes and its business profile does not matter. Eventually, the bank will classify such a company as a passive NFE to allow it to disclose the information it holds on the company and its ultimate beneficial owner(s) (â&#x20AC;&#x153;UBOâ&#x20AC;?) to the appropriate authorities and, in turn, minimize its own compliance risks (being penalized for not making the correct disclosures).
Can the disclosure of personal data by governments be misused? What are the dangers? Unfortunately, in my view, it is a distorted interpretation of
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democracy which has little to do with prevention of terrorism or money laundering. I call it distortion because, in this case, human rights are being abused without those being responsible being brought to justice. It seems more like a crusade against people who have money or who want to do business efficiently and not be subjected to exorbitant or unreasonable rates of tax. There is a global economic system and business should be free in its choice of a jurisdiction where it will be lawful and most efficient. It is a contradiction in terms to insist on free trade and competition on a global level but, at the same time, to try and stifle competition in other respects, such as tax competition. Criminals who operate in certain countries and for whom such information is useful will certainly use it.
Will the Cyprus economy suffer from these developments? Yes. Our country attracts
significant interest from persons who wish to structure their business and investments and it competes with other countries for this interest. At the same time, some people still regard Cyprus as an offshore jurisdiction or a tax haven (such as BVI, etc.) which is actually wrong. We have always had taxation. Yes, taxes have been low (and used to be even lower) for international businesses but they have always existed. Taxation for such business is the same as taxation for businesses owned by Cypriots, but the â&#x20AC;&#x153;offshoreâ&#x20AC;? categorisation has not completely disappeared yet. We are still criticized for our (lower) tax rates and for so-called â&#x20AC;&#x153;tax competitionâ&#x20AC;? which has been declared â&#x20AC;&#x153;harmfulâ&#x20AC;?. But what is its harm? We need a more balanced and fair system. If we are against tax competition, we should not have a free market and vice-versa: if we want a free market, competition should be allowed in all respects, including on taxation.
Address: .DUSHQLVL 6WU 3 2 %R[ 1LFRVLD &<3586 _ Tel.: _ Fax: Email: LQIR# VFRUGLVSDSDSHWURX FRP www.goldnews.com.cy | GOLD | 73
special promotional feature LEADING LAWYERS IN CYPRUS
Criton G. Tornaritis Managing Partner
TORNARITIS & CO LLC Tornaritis & Co LLC is a dynamic law ÁVQ WTIGMEPMWMRK MR XLI TVSZMWMSR SJ PIKEP WIVZMGIW XS E [MHI VERKI SJ PSGEP ERH MRXIVREXMSREP GPMIRXW JVSQ EPP SZIV XLI KPSFI 3YV ORS[PIHKI ERH I\TIVMIRGI XSKIXLIV [MXL SYV MRXIVREXMSREP RIX[SVO TVSZMHI YW [MXL XLI XSSPW XS TVSZMHI SYV GPMIRXW [MXL WSPYXMSRW XS XLIMV FYWMRIWW RIIHW
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ur team, together with our associates, is comprised of professionals who are experts in the fields of law, tax planning and business advisory. We further offer our clients a wide range of corporate administration services including, but not limited to, company formation, company administration, banking, trust administration, virtual office, fiduciary, corporate secretarial, legal and business consulting. We maintain strong internal control systems to ensure confidentiality and the delivery of value added services to our clients. We treat every engagement we undertake with strict professionalism and integrity. Our relationship with clients is our tool for success. We believe that we grow
74 | GOLD | The Business Magazine of Cyprus
Alexandros A. Alexandroou Senior Partner
along with our clients and, for this reason, we provide them with personalized attention for their currents needs and future plans.
A BRIEF HISTORY Since 1924 to its present-day status as a leading law firm, Tornaritis Law Firm has demonstrated its sustained commitment to excellence in the practice of law, to public service and civil society. Our practice and character are deeply rooted in the firm’s history, as exemplified in the historical profiles of our lawyers and services below: • Criton G. Tornaritis QC, started in 1924 as a young lawyer from Limassol. Among his many accomplishments, he came to be the first Attorney General of the Republic of Cyprus. He wrote 65 books and more than 5,000 essays, the contents of which were mainly legal. His work is found in
Marios L. Panayiotou Senior Partner
universities and libraries around the globe. Among the numerous honours and distinctions bestowed upon him were those of the Queen’s Counsel (QC) and the Athens Academy Prize for his outstanding literary work. A fact which is worthy of note is that he became known worldwide for his shrewd legal mind, his sobriety and for always being down-to-earth. • He was followed by his son, George C. Tornaritis, who was registered as an advocate in 1959 with the Supreme Court of Cyprus. Thereafter, he was a practising advocate and defended many famous cases. George C. Tornaritis founded the Tornaritis Marine Life Foundation in 1992 and was its first President. • The Managing Partner today is George C. Tornaritis’ son, Criton G. Tornaritis, registered as an advocate in 1989. With
long experience of the Eastern European Market and especially the Romanian Jurisdiction, he is the founder and Managing Partner of Tornaritis & Co LLC which was formed in 2009, together with co-founders and Senior Partners Alexandros A. Alexandrou and Marios L. Panayiotou. Today, the firm includes lawyers who have the experience, maturity and legal skills to handle a wide range of legal problems and issues. Although the firm has matured since its beginnings in the early part of the 20th century, the character of the firm remains true to the dreams, principles and visions of its founders. We strive to maintain that people working in a professional environment must have a sound knowledge of the principles of their area of specialisation and its allied subjects, together with practical experi-
ence of its day-to-day application. We believe that the only way to achieve this is through hard work. There is no substitute for this and it cannot be stressed too strongly that success for members of staff depends upon their continuous and consistent application of this principle. The firm takes pride in the high standard of its work. Our breadth of experience enables us to offer a wide range of skills to suit the individual needs and demands of each one of our clients. We conduct our work with a high degree of professionalism and dedication and we provide an expert, sensitive service to all of our clients. We are continuously updating and adapting to meet the needs of an ever-changing global market and economy. The firm has a uniquely flexible and entrepreneurial culture that fosters partnerships
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with our clients. Knowing the law is not enough. We understand our clients’ business objectives and address their legal needs in a manner that is consistent with the “big picture.” We take pride in providing our legal services to a number of the most important players, both locally and internationally. We have been dealing with the new Resolution of Credit Institutions Law and subsequently we have been dealing and advising on such matters as the purchase and transfer of credit institutions, mainly in the Eastern European market and, in general, we have been providing legal advice and services to the Special Administrator of the Cyprus Popular Bank. We have also been providing advice to one of the biggest corporate receiverships in Cyprus, regarding the Orphanides chain of supermarkets. We provide
services to banks and have lately been associated with Merger & Acquisition processes in the pharmaceutical markets. We are close associates of international firms and are continuing our expansion both in Cyprus and abroad. We have earned a reputation for being trusted business advisers and we demonstrate our value every day through the successful results we achieve. Our firm has been highly commented by legal rating organisations, such as The Legal 500. Reflecting the firm’s entrepreneurial spirit, with associated offices around the world, we are ready to help you wherever your business takes you. Tornaritis Law Firm’s aim is to provide quality legal services to clients around the world, operating under the highest ethical standards with the principles of time and cost-efficiency in mind.
Address: 16, Stasikratous St., 1065 Nicosia | Tel: (+357) 22456056 | Fax: (+357) 22664056 e-mail: RIÀFH#WRUQDULWLVODZ FRP _ Website: ZZZ WRUQDULWLVODZ FRP www.goldnews.com.cy | GOLD | 75
| FOREX |
GEORGE STYLIANOU TELLS GOLD HOW, IN THE SPACE OF 10 YEARS, HE HAS GONE FROM BEING A GRAPHIC AND WEB DESIGNER TO EXECUTIVE DIRECTOR AND CHIEF EXECUTIVE OFFICER OF THE POSITIVA GROUP OF COMPANIES AND LIQUIDITY PROVIDER POSITIVA MARKETS (CY) LTD By Voula Loizou
A LITTLE
LUCK AND A LOT OF WORK
I
f anyone is surprised by the fact that a talented and creative graphic designer should become the Chief Marketing Officer of a major Forex brokerage and then CEO of a company providing liquidity to other Forex firms, it is George Stylianou himself. “Yes, I’m very surprised at where my career has taken me,” he says, “and in many cases it’s partly been a matter of being in the right place at the right time. However, I also believe that we make our own luck by being positive and always looking forward and that’s something I have always tried to do.” The name of his latest venture, Positiva Markets (CY) Ltd (or PositivaFX.eu) underlines this and there is not only a positive atmosphere in the company’s Limassol offices but a distinct oriental feel to the decoration. What’s more, though you and I would not realise it, the offices were selected according to Feng Shui principles, partly because PositivaFX.eu is one of the few companies in Cyprus with strong links to the Asian market and its main investors are Chinese. What’s more, Stylianou’s partner is Chinese-born Kevin Liu, more of whom later. George Stylianou’s entry into the Forex industry is an interesting story that underlines his “right place at the right time” theory. He received a call from a recruiter saying that a very well-established Forex company needed a graphic designer as soon as possible. “First I had to check what ‘Forex’ was – I knew nothing about it whatsoever – and,
following a swift interview, I was made an offer which I accepted,” he recalls. It was sometime later that he discovered why the company had been so keen to replace his predecessor. “It was launching in the Middle East and, for the accompanying media campaign, needed a photo of an attractive Arab woman. Instead of purchasing a licensed stock photography image, the previous designer had simply looked online and found what he thought was a suitable picture. Unfortunately, it was of Queen Rania of Jordan... The moment the campaign was launched, the company was deluged with complaints and one of the things they were required to do, in addition to apologising, was to dismiss the person responsible for the error. So I often joke when asked how I got into this industry that I owe it all to Queen Rania of Jordan.” Nonetheless, in that particular company, he was still involved in graphic and web design. It’s a big step to the marketing department, with or without royal assistance. In Stylianou’s case, his view was that if someone is going to design an advert for a particular product, he/she needs to know exactly what the product is about. “This led me to going around from department to department at all levels, asking questions,” he says. “I think this is the best way to learn, especially if you have people around you who are willing to answer them, which was the case in that particular company. So I gradually got to learn about every aspect of the business. Then, when I started getting involved in the campaigns, I wanted to develop things myself, so I started taking on a project manager-type of
role. After four years, I moved from graphic design to become Brand Manager.” At that point, another company took an interest in Stylianou and his particular experience. “FXPro was ready to refresh its online brand and offering and wanted to launch a new website in 15 languages, totally different from the one they had. Once again, I was in the right place at the right time, I was made a very good offer and I started immediately on a one-year project, which, I’m happy to say, was very successful.” His next move was slightly unexpected: he decided to start his own business, though not in Forex. “I had gained the confidence to take such a step from the number of external requests for assistance I had been receiving, so I took the risk of starting my own company with a partner, offering online marketing services,” he says. However, no sooner had he done that than the phone rang once again: A major Forex broker – Alpari Financial Services Ltd – was opening new offices in Cyprus. “I wasn’t especially interested in a permanent position there as I had set my mind on making my own company work,” Stylianou remembers, but he went for an interview and suggested that he could provide outsourced services to the company. “The people there insisted that I join them full-time to help them begin their operations in Cyprus. Once again, I was made an offer that was too good to refuse, so I accepted.” The firm started in what he describes as “somewhat humble beginnings in a tiny office” but it was not long before the company had grown and was housed in its own
www.goldnews.com.cy | GOLD | 77
Alpari Tower (now FXTM Tower) and George Stylianou was named Chief Marketing Officer. Eventually, Andrey Dashin, one of the founders of Alpari, decided to set up ForexTime (FXTM) and, says Stylianou, “I was honoured that he chose me to be one of the five people starting the new company.” Over the years, Stylianou has clearly learned a great deal about the Forex business. “If I were to believe what Malcolm Gladwell says about how it takes roughly 10,000 hours of practice to achieve mastery in any field, I’ve already spent that much time learning about the Forex business,” he notes, though he is the first to admit that he does not consider himself a specialist in all of the many elements. But having worked for several major Forex brokers, there is obviously something that has kept him in the industry. What’s the fascination? “My initial interest arose from my need to understand what this thing called Forex was because I had to design in such a way that “the man on the street” would understand it too. Then there came things like regulation, risk factors, documentation, KYC, regional market differences and so on, and I was hungry to learn about them.” He cites the saying ‘You never lose; you either win or you learn’ and says that he has always believed it to be true. “The simple answer to the question is that every situation has its particular challenges; no single solution works the same way for every region, company or client. Every step and scenario is a challenge and I enjoy this.” That said, Stylianou is quick to point out that PositivaFX.eu is not a Forex broker like all the rest. And he is not simply putting on his old branding and marketing hat when he says this. “None of the companies I have worked for in the past are competitors of ours right now because PositivaFX.eu is a purely institutional Forex broker, which means
EVERY STEP IS A CHALLENGE AND I ENJOY THIS 78 | GOLD | The Business Magazine of Cyprus
YOU NEVER LOSE; YOU EITHER WIN OR YOU LEARN that we do not deal with retail clients but only with other legal entities,” he explains. “In most retail Forex companies, it’s a race to either convince people who haven’t traded Forex before to start or to persuade people with other brokers to switch to them. I didn’t want to start another company competing in this ‘rat race’ or being a part of that whole game. Instead, we have chosen to be on the supply side, providing liquidity to other legal entities. It’s a less volatile and more profitable business model.” In fact, PositivaFX.eu is just one part of the larger Positiva Group. A second company is Positiva Markets Services & Technologies Ltd (PositivaMST.com), which provide services, technologies, legal and financial advisory through a network of partners to help other Forex companies achieve their goals. “We’re not interested in getting 100 retail clients a day,” says Stylianou. “We’ll be more than happy to have 100 institutional clients in the lifetime of the company.” When he uses the word “we”, he is referring to himself and his partner, Kevin Liu, whom he met more than ten years ago and the two men have been good friends since then. “Kevin is Chinese but he’s lived in Cyprus for almost 10 years and has been a strong key figure in his previous companies,” Stylianou says, noting that “We’re alike in many ways but we have different approaches and I think that’s the secret to our success. I tend to be soft where he is hard, but while he is risk-averse I’m more of a risk-taker so we balance each other out. I’ve seen other companies where everyone is so confident and moves in the same direction and there’s no extra pair of eyes or someone with the guts to say that maybe it’s a bad idea. We complement each other and this makes for a well-balanced company. The staff see it, the numbers show it
and our current direction shows it too.” Kevin Liu’s Asia links give the Positiva Group what his partner describes as “a key advantage” because a great deal of international business is now coming out of Asia. “China, in particular, is a huge opportunity,” says Stylianou, “and we have more than one foot in the door towards becoming a bridge between China and Europe.” In fact that bridge is already open to twoway traffic. “We have seen that any Chinese company wishing to do business in Cyprus, whether financial services- or technology-related, is likely to pass by our offices because they will find a familiar person to speak to from their country, who speaks their language and is already in the industry,” he says, adding, “Full credit here goes to my partner Kevin, of course.” PositivaMST is also helping companies set up offices in Asia, while the CEO is happy to report that “Just this week, PositivaFX.eu onboarded its first client and we look forward to servicing many more.” This is only the beginning for the Stylianou-Liu partnership but they have already set out their short- and long-term ambitions for both companies. “For PositivaFX.eu our short-term goal is to make sure that we find ourselves in the Top 20 in the industry and the longer term goal is, of course, profit,” says George Stylianou. “We have a solid plan in place to achieve these goals. For PositivaMST.com, the short-term goal is to update and refine our offering regarding the new requests we are getting from China to Cyprus. Longterm, we’ll be happy with 100 clients from that side too”. He concludes by saying, “We have a small team of fantastic people which have adopted an 80/20 rule for working – we plan 80% of the time and execute 20% of the time. This ensures that everything we do is well-planned and executed on time. We aim to keep a hierarchical structure that is as flat as possible, so as to avoid bureaucracy and to ensure that decisions are taken quickly. This, coupled by a very experienced Board of Directors has set us up for success and has allowed us to achieve so much in so little time and I don’t see any reason for us to change that. In some areas, small is beautiful (and profitable) and that’s how we intend to stay.”
ENERGY NEWS www.energynews.com.cy
New dedicated energy news portal in Cyprus EnergyNews.com.cy is the new online portal for up-to-date energy-related news from Cyprus and the rest of the world. The portal 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.
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Collaboration
| EDUCATION |
THE LEICESTER CITY FACTOR Professor Dominic Shellard, Vice-Chancellor of De Montfort University, has seen applications from international students soar by 58% since Leicester won the Premier League. By John Vickers
80 | GOLD | The Business Magazine of Cyprus
T he GREAT Britain campaign showcases the best of what the UK has to offer to inspire the world and encourage people to visit, do business, invest and study in the UK. Following the result of the June 23 referendum, many organisations participating in the campaign have felt the need to raise their public profile, particularly British universities with a large proportion of foreign students. Last month saw the first of a series of summer events held by De Montfort University Leicester (DMU) in a number of European capitals, led by University Vice-Chancellor Professor Dominic Shellard, whose first stop was Nicosia. Although the tour was planned well before the referendum’s surprise result, it gained additional significance afterwards. “I attended a meeting at 10 Downing Street a week after Brexit,” he told Gold, “and it was quite clear that the Remain camp had no plan for losing and the Leave side had no plan for winning! It was felt that we should go on a tour of key European capitals to offer whatever reassurance we can to prospective EU students, some of whom have understandable concerns about funding.” Not surprisingly, there are now many misconceptions following the Brexit vote. Shellard mentioned the case of a Polish student of his who asked him for a letter before he went home for the summer, afraid that he would not be allowed back into the UK. “There’s a lot of anxiety and mistrust so we came here first because, for DMU, Cyprus is our biggest market for EU students,” he explained, noting that due to the university’s good connections with the British High Commission and the British Council and the high level of support from the Cyprus Ministry of Education, “we felt that it was a really good place to start this ‘mythbust-
www.goldnews.com.cy | GOLD | 81
| EDUCATION |
I
ing’ process, offering reassurance where we can but also announcing some practical things our university is doing, such as giving Cypriot students a scholarship of £500 if they want to come to DMU this September. We basically want them to see that we are still very welcoming of EU students, irrespective of what happened in the referendum.” International students are very important to UK universities for a number of reasons, not least financially. While some 13% of DMU students are from overseas, the Vice-Chancellor revealed that, for some universities, the proportion is as high as 35% or even 40%. “It would be a big business threat to some British institutions if overseas students were to decide to go elsewhere,” he noted. It is, of course, too early to predict the impact that leaving the EU will have on the numbers of foreign students enrolling at UK universities, all of whom are “aghast” about the outcome of the referendum, according to Shellard. “My main issue is about September 2017 and beyond,” he admitted, “particularly in relation to whether EU students will still be able to access the loan system. My sense is that this is such a big economic issue for the UK economy that the Government will find some way to maintain the loans but, as with so many other things at the moment, the devil is going to be in the detail.” Although the DMU Vice-Chancellor’s tour of European capitals aims at promoting his own university, he noted that all 122 British universities are united. “A downturn in EU students is bad for all universities and not just ours,” he said, adding that while he will be talking about DMU, he is also using the trip “to get over the key message, which is that UK higher education is pretty much the best in the world and still offers excellent value for money.” He noted that the recent depreciation of the pound is good for Cypriot and other eurozone students because it has suddenly made their education much more affordable. “We’re seeing that they have suddenly realised that there is a positive side to all this,” he said. “It’s a lot of money they’ll be saving. “When it comes to the most popular courses at DMU for overseas students, Cypriots are “very representative” in their choices, according to the Vice-Chancellor. “Our Cypriot students tend to do either Business Management or professional qualifications or they go for creative industry qualifications, and we’re the top university for creative industries in the
country, focusing on subjects like fashion technology, media, arts and design,” he explained. “International students are particularly keen on the employability aspect of their studies because it’s a big investment for them and their parents, who naturally want to know what their chances are of getting a good job. We’ve just been rated No. 1 in the country for student employability, which is obviously a massive selling point.” De Montfort University is not the only university in Leicester. Does Professor Shellard consider that it is in direct competition with the much older University of Leicester? His reply was mixed. “Any Vice-Chancellor who says he’s not aware of what his immediate competitors are doing is being a bit deceptive,” he said, noting that the two universities collaborate on a number of joint initiatives. “But we’re like any other business so we have to be aware of what courses and other incentives people are offering,” he added. In fact, he went on, DMU and the University of Leicester are “quite symbiotic”, noting that “They have a medical school and we have a school of nursing. We’re very focused on creative industries, while they’re very focused on conventional science.” And there can be no doubt that both universities in the city have been positively affected by something almost entirely outside their control: Leicester City Football Club. “We are so lucky because we have been the official university partners of Leicester City for the last four years,” Shellard told Gold. Last November, when they got to 40 points, we thought we’d better renew our sponsorship!” Fortunately, they did and Leicester City went on to surprise and delight football fans all over the world by winning the Premier League title.“It’s been the most incredible thing I’ve ever witnessed in my life,” said Shellard. “This team which, at the end of the previous season, was battling against relegation, was transformed by Claudio Ranieri, whose appointment was described as “disgraceful” by the local press and fans. They soon changed their minds!” One tangible effect of the football club’s remarkable story is that the number of applications to DMU by overseas students has shot up by 58%. “Whenever I travel overseas now, I have to explain where Leicester is and everybody wants free match tickets! Now we’re in the Champions League; it’s absolutely extraordinary,” said Vice-Chancellor Shellard. And he was definitely not complaining.
T WOULD BE A BIG BUSINESS THREAT TO SOME BRITISH INSTITUTIONS IF OVERSEAS STUDENTS WERE TO DECIDE TO GO ELSEWHERE
82 | GOLD | The Business Magazine of Cyprus
THIS IS
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| CONFERENCE |
THE ART OF EFFECTIVE
R
ecent developments in legal, regulatory and governance frameworks around the world have rendered the compliance function an essential and strategic aspect for all corporations. The Compliance role involves the communication and application of both international best practice and company-specific corporate governance principles, through the creation, implementation, and continuing enhancement and refinement of practical processes and methodologies. The ultimate objective of today’s Compliance function is to establish a corporate culture of ethics through the implementation of integrity, transparency and confidentiality. To make this happen, strong and ethical leadership is needed if companies are to deal effectively with regulatory challenges and effectively minimize the compliance and reputational risk. The 2nd International Compliance Forum, which takes place on Friday 14 October at the Hilton Park Hotel in Nicosia, will present the latest international institutional policy trends and challenges, as well as developments in servicing
CORPORATE COMPLIANCE nternational investors international investors, whether High Net Worth Individuals or organisations, specifically relating to compliance. It will bring together banks, accounting, tax and legal firms, administration service providers (fiduciary firms), international corporations and the various regulators, to discuss and exchange practical ideas on how to achieve effective compliance when it comes to European directives, international and local law. This year’s event aspires to gather the most updated knowledge and expertise from organisations and professionals around the world, and combine it with local knowledge and practice, in order to effectively address current compliance challenges in what is a continuously evolving environment. The presentations at the Forum include “Latest Developments and Trends in Corporate Culture and Ethics” by David Jenkins, Director, International Compliance Association, UK, “International Best Practices for a Robustly Governed Board of Directors” by Bertrand Richard, Co-Head of the EMEA Board and CEO Succession Practice, Spencer Stuart, France, “The personal liability of the Compliance Officer and effective ways of managing it” by Dr Barbara Neiger FICA, International
84 | GOLD | The Business Magazine of Cyprus
THE ULT ULTIMATE L IMAT A OBJECTIVE OF TODAY’S COMPLIANCE FUNCTION IS TO ESTABLISH A CORPORATE CULTURE OF ETHICS THROUGH THE IMPLEMENTATION OF INTEGRITY, TRANSPARENCY AND CONFIDENTIALITY Compliance and Anti-Corruption Advisor/Consultant/ Author, “The Evolution of the AML Landscape” by Niki Charilaou, Financial Crime Compliance Manager, Bank of Cyprus Group & Chair of ICPAC’s Compliance Committee, “A New Era for AML: Risk-based maze or rule based craze?” by Gregory Dellas CAMS MICA, Manager Compliance Risk Management, International Banking and Wealth Management, Bank of Cyprus & Chair, ACAMS Cyprus Chapter, “Global Anti-Financial Crime Transparency Initiatives – Significance for Existing Compliance Arrangements” by Samantha Sheen, AML Director Europe, ACAMS, UK, and “Compliance Failures: Lessons Learned” by Douglas Sloan, Director, Deutsche Bank, USA. There will also be a Panel Discussion with the Regulators, to explore local issues of compliance with representatives of the Institute of Certified Public Accountants of Cyprus, the Cyprus Securities and Exchange
Commission, the Unit for Combating Money Laundering, the Central Bank of Cyprus and the Cyprus Bar Association. The discussion will be moderated by Phil Ryan, Chief Executive Officer, International Compliance Association, UK. The forum will be chaired by Marios M. Skandalis Director, Group Compliance Division, Bank of Cyprus Group, Vice-President, ICPAC and Executive Vice-Chairman, Transparency International (Cyprus). The 2nd International Compliance Forum: The Art of Effective Corporate Compliance Powered by: Bank of Cyprus Sponsors: PwC Cyprus and Hellenic Technical Enterprises LTD Communication Sponsors: Reporter Online, IN Business, Accountancy Cyprus Under the auspices of: 7KH ,QVWLWXWH RI &HUWLÀHG Public Accountants of Cyprus (ICPAC) Organisers: IMH and Gold For further information contact IMH. Tel: 22505555, e-mail: events@imhbusiness.com Website: www.imhbusiness.com
| CONFERENCE |
MERGERS AND ACQUISITIONS IN THE SPOTLIGHT
I
t was inevitable that one result of the financial crisis in Cyprus would be an increase in Mergers and Acquisitions (M&A), as companies in all sectors seek to survive in an increasingly competitive business environment. For a business in difficult straits, M&A can be a lifeline, albeit one they wish they did not need, while for a still-thriving company, it is often a chance to fill a gap in its existing portfolio of products and services or to grow bigger and stronger and remain ahead of the competition. The challenges created by Mergers and Acquisitions can be complex and it is here that one of the many roles of the Chief Financial Officer
(CFO) comes into play. CFOs are in a unique position to contribute significantly during the M&A transaction process and to affect the success of the deal. This year’s 12th CFO Management Forum is essentially a Mergers and Acquisitions conference. Organised by IMH and sponsored by EY Cyprus, it will take place on Friday, 4 November 2016 at the Hilton Park Hotel, Nicosia. Leading speakers and M&A practitioners from Cyprus and abroad will discuss the latest developments and share their experience and know-how. The Forum aims to emphasize in the importance of the three phases of the M&A process – pre-planning, agreement and post-planning – and to examine
the key factors that influence the success of any merger or acquisition. It will examine M&A as an instrument for achieving corporate strategy development and long-term growth. Among the confirmed foreign speakers are Dagmar Dubecká, Managing Partner of KSB (Czech Republic) whose presentation on Critical Factors for M&A success will refer to the perspective of the recent private law recodification in the Czech Republic, and Marcin Olechowski, partner with SK&S (Poland), who will share his M&A expertise. Among topics to be discussed at the Forum are “Global Mergers and Acquisitions: A Review of the Worldwide M&A marketplace”, “In Which Industries
12th CFO Management Forum
will Mergers and Acquisitions in Cyprus be Most Common in the Coming Years and Why?”, “Essential tactics for M&A negotiations”, “Mergers and Acquisitions Concepts and Theories”, “M&A Pre- Planning”, “Company Valuations in Cyprus”, “M&A in Family Businesses in Cyprus”, “Essential tactics for M&A negotiations”, “Structuring the M&A Deal”, “M&A Business Culture”, “IT Business Integration after M&A”, “M&A Legal and Regulatory Issues”, “Post-M&A Integration” and “Post-Acquisition Audit and Organisational Learning”.
Main Sponsor: EY | Sponsors: Bank of Cyprus, Cablenet, Fileminders, G.A.P. Vassilopoulos Group, TFI Markets Supporters: General Insurance of Cyprus, JCC Communication Sponsors: Gold, IN Business, reporter.com.cy, Accountancy Cyprus For further information: IMH, 5 Aigaleo Str.,2057 Strovolos, P.O.Box 21185, 1503, Nicosia | Tel: (+357) 22505555 | Fax. (+357) 22679820 e-mail: events@imhbusiness.com | Website: www.imhbusiness.com 86 | GOLD | The Business Magazine of Cyprus
Magazine The official magazine of the Institute of Certified Public Accountants of Cyprus (ICPAC) The Institute of Certified Public Accountants of Cyprus (ICPAC) and IMH are collaborating on the publication and distribution of the quarterly magazine Accountancy Cyprus, which deals with issues pertaining to economics & finance, business, accounting, taxation, audit, compliance, news of the Institute and much more. The magazine is being redesigned and upgraded with additional content to ensure that it remains a point of reference as the most reliable source of information for news of the sector. Accountancy Cyprus will now provide a modern and dynamic information platform for members of ICPAC, the business world, the political leadership and government officials. Accountancy Cypus is published 4 times a year and mailed free of charge to more than 9,000 subscribers in Cyprus and abroad.
The first issue of the magazine to be published under the new ICPAC-IMH arrangement will be available in July. Collaboration For further information contact: IMH, 5 Aigaleo Str., 2057 Strovolos, P.O.Box 21185, 1503, Nicosia, Cyprus Tel.+357 22505555 Fax. + 357 22679820, E-mail: events@imhbusiness.com, website: www.imhbusiness.com
| BUSINESS |
WHAT
MAKES A GREAT CFO?
THE CEO MAY BE IN CHARGE BUT THE CHIEF FINANCIAL OFFICER PLAYS A KEY ROLE IN A C COMPANYâ&#x20AC;&#x2122;S SUCCESS
Info: Sophocles Tymvios is Chief Financial Officer at Swissport Cyprus Ltd and Chairman of the CFO Committee of ICPAC. 88 | GOLD | The Business Magazine of Cyprus
IN ANY COMPANY, A GOOD INDUSTRY FINANCE MANAGER IS OBVIOUSLY NECESSARY AND QUITE VALUABLE. THIS PERSON WILL ENSURE THAT THE ACCOUNTING DATA IS COMPILED AND RECORDED ACCURATELY IN LINE WITH THE LATEST ACCOUNTING STANDARDS, MONITOR AND REPORT ON THE PERFORMANCE OF THE COMPANY, EFFECTIVELY MANAGE ITS LIQUIDITY, ESTABLISH AND MAINTAIN INTERNAL CONTROLS, LIAISE WITH THE AUDITORS AND ENSURE THAT THE COMPANY IS TAX-COMPLIANT. NO DECENT FINANCE DEPARTMENT CAN FUNCTION WITHOUT THE ABOVE PERSON. BUT A GOOD CHIEF FINANCIAL OFFICER (CFO) IS A COMPLETELY DIFFERENT PROPOSITION. A CFO IS A SENIOR MANAGER, PART OF THE LEADERSHIP TEAM AND A PERSON THAT CAN BRING A LOT OF ADDED VALUE TO A COMPANY. HE/SHE WILL NOT ONLY LEAD THE FINANCE FUNCTION BUT WILL BRING TO THE LEADERSHIP TEAM TABLE A GREAT DEAL OF KNOWLEDGE, INSIGHTS AND A POINT OF VIEW THAT DIFFERS FROM THAT OF OTHER SENIOR MANAGERS.
B
ookkeeping and Reporting: The responsibility for the accurate recording of information lies with the Chief Accountant of the company but the CFO ensures that the information is recorded in a timely fashion. Through his/her guidance and an investment in technology and processes, the month end is completed in days and the information can be presented to the leadership team soon after. No matter how accurate the information is, if it is not available when needed then it loses a lot of its value. More importantly, the CFO is the person who has to analyse and explain the data presented to the leadership team. For example, it is not enough to inform senior management and the Board of Directors that personnel costs are above the budgeted or the previous year’s figures. The CFO should be in a position to use the data available through the
BY SOPHOCLES TVMVIOS
accounting systems and explain the negative variance. The increase in costs might be the result of salary increments, increased activity, or reduced productivity. Depending on this analysis, the CFO should recommend different corrective measures that can be discussed with the rest of the leadership team. In addition, he/she should develop useful KPIs (e.g. overtime ratio, absence ratio) and report on them on a monthly basis to expand the management’s understanding of the figures and trends. Finally, the CFO has the role of a medium! He has to look into his/her crystal ball in the finance department and predict the future. Budget, profit
The CFO has to have a 360º view of the whole organisation and understand its strategic direction and options
& loss account, cash flow projections, new project investment estimates are all reports that the leadership team needs in order to reach the right decisions that will positively affect the long-term future of the company. The CFO has to use the historic data and the systems available to him/her together with accumulated experience, knowledge and intuition to improve the accuracy of these projections. 360° Strategic View It is not enough for the CFO to be focused only on the Finance Department and the financials of the company. He/ she has to have a 360° view of the whole organisation and understand its strategic direction and options. Firstly he/she should be in a position to comprehend, assess and analyze information produced by other departments. If we take the example of the previous section of the higher personnel costs, the CFO should have access to information in the HR, Operations and Payroll systems and understand how this data affects the financial data. If, for instance, the problem is one of low productivity, this will be evidenced by the higher number of Full Time Employees (FTEs). This data is produced by the Operations system. Furthermore the CFO should be aware of information outside the organisation in order to be in a better
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| BUSINESS |
position to advice the Board and his/ her colleagues. An organisation does not operate in vacuum. On the contrary, it operates in a very dynamic, ever-changing environment in which the actions of customers, suppliers, competitors or government bodies can sometimes be more important than even the actions of the company. Having access to this kind of information will allow the CFO to (a) explain more accurately the company’s performance and (b) participate effectively in the setting of its strategic direction. In conclusion, a CFO should have access to a broad range of information in order to fully understand the drivers that impact financial performance. Cross-Department Involvement In addition to utilizing information produced by other departments, a good CFO should be involved in projects and activities that are not limited to the Finance Department. Therefore his/her presence and influence should extend to the whole organisation. Cost saving is a good example. Most costs are incurred by other departments and are the responsibility of other managers. The CFO, though, is in a prime position to know the numbers and usually, by nature, has a cost-saving mentality and an awareness of the impact of a lack of such a culture. Cost saving has been particularly important in recent times, due to the financial crisis that engulfed the business community in Cyprus, but it is always relevant because a company will never be able to compete effectively if its costs are higher than those of its competitors. The CFO should therefore lead the cost-saving project but, in order to be successful in this endeavour, the input and collaboration of other department managers is a prerequisite. A CFO will probably play a role in the procurement of the company (assessment of offers, negotiations) and may be involved with sales (customer profitabil-
90 | GOLD | The Business Magazine of Cyprus
The CFO is in a prime position to know the numbers and usually, by nature, has a cost-saving mentality ity analysis, pricing), human resources issues, legal issues, IT and other costs, departmental issues and projects. People Management As a senior manager, a CFO has to be able to manage and influence people. The role dictates that the bulk of the Finance Department workload will be the responsibility of others and functions like financial reporting, treasury, credit control, etc., will be carried out by subordinates. The CFO has to lead these people and is responsible for recruiting the right professionals, identifying those with prospects and developing them. Technically, he/she should be at a level above his team but not be involved in the detailed work. The CFO should supervise the team and spend time on more value added activities, while being available at any time to support his/her staff, offer advice, assign responsibilities and assess the progress of people and projects. He/she should create a strong team spirit, manage people’s expectations, inspire them to work harder and smarter; in a word: the CFO must lead them. Again, the CFO’s management of people is not restricted to the Finance Department. As the senior Finance Executive of the company, he/she will liaise with both external and internal associates. Internally the CFO will be
involved in many cross-department projects, presenting data and information to other managers and departments, participating in the company’s decisionmaking process, supervising the internal controls systems of the whole organisation and being the key liaison among departments. Externally, the CFO will be managing important relations with a number of stakeholders, including shareholders and banks, may be involved in tough negotiations with suppliers and may even participate in meetings with customers. On all these occasions, the CFO’s people skills will be crucial in managing these relationships, promoting the financial interests of the company and achieving challenging goals. Leadership Qualities Above all, a CFO is a leader, not a follower. His/her main job is to provide a clear- minded, unemotional, factual view of the many matters that are discussed at senior level. Armed with facts and figures, the CFO should ensure that the decisions taken do not ignore the financial or business reality. Many decisions are taken for the wrong reasons, e.g. union pressure, to please people, throwing good money after bad, etc. No matter what the pressure, the CFO should have the personality to object if the decisionmaking process is not supported by an objective analysis of the data. Conclusion The CFO is part of a company’s leadership team. His/her role these days is a multi-faceted one: leading the finance function and assisting the sales team to close a deal, the operations department to reduce the costs and the purchasing department in negotiations with suppliers. The CFO should build a culture of cost-consciousness and profit focus and provide the CEO and the Board with fact-based, intuitive data and analysis that ensure that the decisions taken will lead the organisation to success.
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| GOLD | The Business Magazine of Cyprus
| AID |
FINDING GOOD
IN A BAD WORLD
92 | G 92 GO GOL GOLD OL O LD | Th The Bu The Busin Business usin i esss Ma in Magaz Magazine gaz gazine a ine nee off Cyprus Cypru Cy ypru pruss
Cyprus is missing a great opportunity to become a regional hub for civil society, says World Vision International’s Regional Leader, Middle East and Eastern Europe, Conny Lenneberg.
C
By John Vickers | Photo by Andreas Loucaides
onny Lenneberg was two years old when her parents emigrated from Germany to Australia and she believes that their stories of their World War II childhood were key in influencing her own career. From the age of 16, she says, she knew that she wanted to do humanitarian and development work. Despite this, after studying Political Science and International Relations, she actually went to work for the Australian Democrats, a small political party formed in the mid-80s, but soon decided that writing speeches for Members of Parliament was not her style so she decided to do a Master’s Degree, looking particularly at India and the causes of change in rural communities. After teaching for a while, she became involved with Community Aid Abroad, the precursor of Oxfam, and then Australian Volunteers International, where she was responsible for the South Asia portfolio. It was after working in Afghanistan and living in Pakistan that she became aware of World Vision. Gold: World Vision describes itself as a Christian humanitarian, development and advocacy organisation. Does that word ’Christian’ cause you problems, given some of the countries where you are active? Conny Lenneberg: It can but it’s also an asset. Our founder was an American pastor in the Korean War and Christian is who we are in terms of what motivates us. The asset is that it allows us to work with faith-based organisations, and we find it just as easy to work with Muslim faith leaders as we do with Christians. Of course, due to the situation in the Middle East, it is certainly something we
have to monitor: there is extremism everywhere and clearly identifying ourselves as Christian invites hostility from certain groups but, at the same time, it enables us to have different kinds of linkages. I met a Muslim leader who asked me, “What can we do to ensure that all the Christians don’t leave Syria? We actually need them. They have been an important part of our community and that diversity is important for our future.” In Afghanistan there is no Christian community but we have worked with Muslim leaders and helped train them on issues of gender-based violence, child marriage, HIV/AIDS and discrimination so it’s a way into that kind of work, which is much more difficult for a secular agency to gain. Gold: What exactly do you do here in Cyprus? C.L.: World Vision is a global Christian relief, development and advocacy organisation dedicated to working with children, families and communities to overcome poverty and injustice. This is our head office and headquarters for the region. We’re currently working in 14 countries, from Afghanistan and Pakistan, through Central Asia, the Caucuses and the Western Balkans to the Middle East and we have a team of specialists here who support our national offices in nine countries. We provide technical support as well as the management line that then feeds up into World Vision International. Gold: When you became aware of a problem such as Syria, for example, how did you go about working there? C.L.: We have been in Lebanon for 40 years so, when the refugees started coming across the border, we already had relationships with the government and the UN so we were able to work in collaboration with other agencies. Gold: When you see such situations, can you avoid thinking that the world is growing progressively worse? C.L.: I have nightmares about it. We are at a moment in history that we will later look back on and see as a clear turning point. Where it’s going, I’m not sure. On the positive side, I’ve seen how the Millennium Development Goals, which finished last year, made enormous progress in bringing us together as an international
www.goldnews.com.cy | GOLD | 93
| AID | community, with NGOs, governments and the UN working together to address the worst forms of poverty around the world. We now have the Sustainable Development Goals, so that makes me optimistic. At the same time, the conflicts, the breakdown and the political fragmentation that we’re seeing in both the developed and the less developed world are extremely worrying. Obviously, in this region we’re in the middle of some of the worst conflicts and right now it’s hard to see where we can place any hope for a solution. The Israeli-Palestinian conflict, for example, is nowhere close to being settled; Afghanistan/Pakistan is on a knife edge: will it move towards peace or fall back into conflict? There are a lot of things to be worried about in many parts of the world. Gold: So what keeps you positive and optimistic? C.L.: Our focus is on children and our role is to support communities and enable them to have the skills and the insights to focus on what their children need. I think that whatever we do for people – a child that is given an opportunity to be literate or a family that’s helped to survive – is not something you can take away. And eventually, all conflicts do end and so our role as humanitarians is to help people survive with dignity so that when a conflict ends they can rebuild their lives, and hopefully we’ll be there alongside them to help them do that. I feel that, as Christians, this is something we are called to do and I do feel optimistic that, in the end, human beings are good. While we descend into incredible conflicts at various times, ultimately it’s our essential goodness which pulls us back from them. If you take the long view, that’s the history of our world. Gold: You say “all conflicts do end” but don’t you sometimes despair of there being any real solution to the problems that you are having to deal with? C.L.: In the heat of the moment, yes. When you go into the refugee camps in Lebanon and you see families living under old advertising hoardings in desperately cold winters and searingly hot summers, with very little access to clean water and no ability to work, it is astounding that people still retain hope. All we can do is help make that hell a little more liveable but it is hard because there are not enough resources to meet the need. When I see that Lebanon has 1.5 million refugees in a population of 4 million, I feel overwhelmed. On the positive side, I always tell myself that a conflict will end and then there will be an opportunity to start rebuilding and that’s where the hope lies. I remember my grandmother telling me about fleeing with four children under the age of 10 and not knowing how she was going to feed them. They lived for almost two years on what she could gather from the forest – cooking stinging nettles and mushrooms and whatever she could get from others. If we look at how Europe was in 1945 and how it is today, this should help us take the longer view that, however bad a conflict may be, one day it will end. Gold: How did World Vision come to be in Cyprus? C.L.: Twelve years ago we were looking for what we thought of as a “sensible” point where we could be based in this region – a place that was peaceful, well-connected, with what we needed in order to be able to do our business, where we could employ who we wanted – and Cyprus ticked all of those boxes. Moreover, it’s a highly
94 | GOLD | The Business Magazine of Cyprus
WE ARE AT A MOMENT IN HISTORY THAT WE WILL LATER LOOK BACK ON AND SEE AS A CLEAR TURNING POINT educated Christian community (we employ Christian staff in senior roles, although we also have Muslim, Hindu and Buddhist staff), it’s part of Europe and it has a cost-effective economy for us to live in. In addition, the almost indefinable part is that people in Cyprus know what it means to live through a war and what it is to be a refugee. They have a sensitivity to the issues that we face; that compassion, empathy and understanding is very deep in Cyprus. So it was not difficult to choose Cyprus, which really ought to take advantage of this and become a hub for organisations like ours. Gold: Why do you think it has not done so? C.L.: I wish I knew! Five years ago we carried out a review and we looked at 46 capitals. Cyprus came top of the list. Other agencies frequently ask us what it’s like here and I am sorry that the Government here does not recognise what an opportunity it has to be a hub for civil society in this region. Unfortunately, Cyprus does not make it easy for international organisations if they are not businesses. In Australia I can get a meeting with a senior minister in no time; here I have to wait six months for an appointment with a Head of Department and I may end up talking to the secretary or being told to write another letter! There is no customer-focus at all but we contribute to the economy, the people we bring here stay in hotels, use taxis, go to restaurants, and half our staff are Cypriots. We bring something to the country and others would willingly do the same if they received a warmer welcome. Gold: Since you’ve been here for 12 years, it can’t all have been negative? C.L.: In fairness, the Ministry of Foreign Affairs has been excellent with us. We do a lot of training and we probably bring in €2.5 million every year just from a couple of hundred people who come for our training programmes. The Ministry knows and trusts us and one of the reasons we use Cyprus as our global hub is that we can bring people in – Palestinians, Afghans, Bosnians and so on. They are people working within our organisation, they are professionals and we know them. In our 12 years here, we’ve never had anyone overstay. The area where problems arise concerns taxation arrangements. The Tax Department and the Department of Social Security say and demand different things, including placing limits on how many non-EU expatriates we can have and insisting on bank guarantees every time we bring people for training. This not only ties up an enormous amount of money (and, as far as our organisation is concerned, it’s taking it from hungry children) but I have to employ and pay people to do the work and then it takes forever to get the money back. We have proposed easier ways, such as having a certain amount there on a permanent basis, and while everyone says that this is very reasonable, it’s impossible to get anyone to actually agree to it in practice. It’s a shame because Cyprus could benefit from the presence of other organisations like ours if it were only better coordinated and had a little more vision.
IN GOOD COMPANY
COMMUNICATING
CREATIVITY
+2: '(/(0$ 0&&$11 ,163,5(6 (1(5*< $1' 3$66,21 $021* (03/2<((6 By Artemis Constantinidou | Photos Christos Tsekouras
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96 | GOLD | The Business Magazine of Cyprus
T
he communication agency behind three decades of memorable campaigns, creative events and innovative advertising on behalf of many of Cyprus’ most prestigious
companies, goes by the name of DeLeMa McCann Cyprus. Founded in 1985, it is the first company of the DeLeMa Group, one of the largest and most creative communication groups in Cyprus, affiliated with McCann-Erickson, the largest communication group in the world. It is best known for covering both external and internal communications, with a 360° approach, for major local and international clients including Photos Photiades Group, Char. Pilakoutas Group, MTN, Bank of Cyprus, Lefkaritis Group, Coca-Cola Company and Lanitis Bros, MPM group, Universal Life and Mitsides Pasta. “The main focus, since our establishment, has always been to produce results for our
clients, supporting them in achieving their business objectives through excellence – breakthrough creative, relevant and insightful strategy, exceptional media (traditional, online and social), out-of-the-box ideas for PR, events and promotions – and to do this with profitability, allowing us to maintain an environment where our people can grow professionally and personally,” explains Despo Lefkariti, CEO of DeLeMa McCann. ‘Truth’ and ‘respect’ are the two words which fully describe the agency’s corporate culture and philosophy, says Lefkariti. “We never promise something we cannot fulfil. We nurture curiosity, as we consider it the number one characteristic that motivates a person to develop. We provide the tools and
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push our team to expand their knowledge constantly. Through our affiliation with McCann,” she goes on, “we benefit from many exclusive tools and have at our disposal many learning programmes and platforms covering almost everything one would want to learn. We trust our people. We know they work with us because they are passionate about producing excellent work.” Evaluating employee satisfaction in the workplace, the company’s CEO notes that, “The fact that many members of our team have been with the company for decades says a lot. Several people have also re-joined our company after leaving for further studies or other jobs. I believe this means they feel happy working here!” Besides having a fully paid medical scheme, DeLeMa McCann’s 41 professionals enjoy various benefits, such as additional holidays, extra holidays when they get married, paternity holidays, wedding and childbirth gifts, parking spaces for several people, company mobile phones for a large number of employees, an in-house cafeteria providing free drinks, discounts offered by clients and a stylish office environment. The agency also shows flexibility over absences due to errands relating to its employees’ children, as this is considered an important aspect in the company’s culture. “In addition, through our profit-sharing scheme, which was introduced around 20 years ago, we share the good results. As they are a product of work coming from the whole team, so we feel it should be rewarded,” Lefkariti says. Moreover, the Heads of Department team plans various activities – from fun outings to internal trainings – to keep up spirits. However, as Despo Lefkariti states, everyday practices are what have made the workplace what it is today. “Our people know that they need to put energy and creativity into their work, they have to work to tight deadlines and every piece of work they do needs to be excellent. They feel passionate about quality and are motivated when receiving their colleagues’ praise.” The agency has adopted a system of policies and procedures that people are obliged to follow while, at the same time, they are encouraged to offer suggestions on altering any procedures that can bring about im-
98 | GOLD | The Business Magazine of Cyprus
:( 0$,17$,1 $1 (19,5210(17 :+(5( 285 3(23/( &$1 *52: 352)(66,21$//< $1' 3(5621$//< provements to the business or increase productivity. “People need to be appreciated and feel satisfied with their jobs. We try to retain our key people by discussing their career ambitions and setting S.M.A.R.T. goals to achieve them,” Lefkariti explains. “Salary increases take into account people’s performance while our profit-sharing scheme is based on a point system rewarding loyalty and excellence, which gives specific people the option to purchase shares at a 50% discount.” The company has received international recognition at the London International Advertising Awards, the Ermis Awards and the European Digital Communication Awards and it is the only Cypriot company honoured by the European Union for adopting “Best Practice for Gender Equality”. According to Lefkariti, a sense of fairness among employees is crucial. “The first time a male member of our team became a father, we realised that we did not treat our male employees fairly. So we introduced
a special paternity holiday, extended the childbirth gift to cover fathers and changed several policies to protect our male team members and treat them equally.” With its creativity, energy and passion, DeLeMa McCann is, unsurprisingly, a vibrant workplace. People are loud, they research, brainstorm, discuss, argue, laugh, applaud, criticise, compete and give feedback and input, all in a positive way and in good faith. It is clear that they are all working together to achieve their CEO’s stated goal: to produce results for their clients through excellence.
presents the
PETER FISK
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«Gamechangers Cyprus: Innovative strategies for business and brands in a fast changing world» A global thought leader, expert consultant and keynote speaker in marketing, strategy and innovation A founder and CEO of GeniusWorks Key clients include:
Helps organizations to develop innovative strategies for their businesses and brands Former CEO of the world’s largest marketing organization, the Chartered Institute of Marketing, worked in a variety of consulting businesses and line management roles, having started out as a nuclear physicist Professor at IE Business School, ranked as Europe’s No 1 Business School A global thinker, advisor and practical entrepreneur Experience in diverse sectors such as fashion, pharmaceutical, technology and travel, consumer goods etc Bestselling author of 7 books such as:
Friday 30 September 2016 | 08:30-13:10 | European University Cyprus | Nicosia For further information & registration contact: IMH, 5 Aigaleo Str., 2057 Strovolos, P.O.Box 21185, 1503, Nicosia, Cyprus Tel.+357 22505555 Fax. + 357 22679820, E-mail: events@imhbusiness.com, website: www.imhbusiness.com Main Sponsor
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How often do you travel, whether for business or pleasure? 8\P[L VM[LU I` ^OPJO I mean one or two trips H TVU[O MVY I\ZPULZZ and twice a year MVY OVSPKH`Z `
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Dmitry Popov
For the Managing Director, Corporate Services of Korpus Prava , Italy is a favourite travel destination, though Hong Kong and Shanghai are both impressive...and very different from his present base of Cyprus. What is the most impressive hotel you have ever stayed at and why?
Tell us about your best corporate travel experience.
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What is your favourite international destination and why?
If you could travel anywhere tomorrow, where would you go?
E Emirates Airlines. They have very convenient JVUULJ[PUN ÅPNO[Z MYVT J Z MYVT Cyprus to Asia and nd they provide provid great service vice on board.
Hong Kong. It’s an amazing place MVY I\ZPULZZ HUK SLPZ\YL H[ [OL ZHTL [PTL 0[»Z H \UPX\L destination where Asian culture meets the highest European standards.
5L^ ALHSHUK 100 | GOLD | The Business Maga Magazine azin of Cyprus
What is your favourite airline,, and why?
The Ritz Carlton in Shanghai, where I stayed during a business trip to China. It not only has a convenient SVJH[PVU I\[ P[ VɈLYZ WYLTP\T X\HSP[` HUK NYLH[ JVTMVY[ PU [OL YVVTZ plu stunning 100-metre high views plus over Shanghai city, which is especially impressive by night.
How does Cyprus compare to this location?
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Friday 16 September 2016 | 8:30am-11:30am | Hilton Park Hotel | Nicosia 6HFUHWDULDW
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Art
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VAN GOGHâ&#x20AC;&#x2122;S EAR: THE TRUE STORY By Bernadette
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Why did Vincent van Gogh cut off his ear? How much of it? This compelling story finally reveals the mystery surrounding one of the worldâ&#x20AC;&#x2122;s most famous artists. The author not only discovered a note written by the doctor who treated the painter but was able to identify the woman to whom van Gogh gave his sliced-off ear as he edged towards madness.
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Described a book â&#x20AC;&#x2DC;for everyone who has ever been told to slow downâ&#x20AC;&#x2122;, its main premises is that itâ&#x20AC;&#x2122;s better to lean towards action rather than inaction and McKeown explains how taking a â&#x20AC;&#x2DC;Nowistâ&#x20AC;&#x2122; approach to life can improve it on many levels, enabling you to take action and fast and effective decisions, and at the same time, to enjoy the moment.
The third book in the acclaimed crime fiction series by J.K. Rowling (writing under the pseudonym Robert Galbraith) has been described as the best book in the Cormoran Strike series so far. As usual, it is a gripping thriller with plenty of unexpected twists of plot and welldrawn characters but it is also a story of a man and a woman at a crossroads in their personal and professional lives.
Liz and Jane have come home to suburban Cincinnati where they are soon being berated for their single status. Things change when some eligible single men arrive on the scene: Chip Bingley, a charming doctor and reality TV star, and his haughty neurosurgeon friend, Fitzwilliam Darcy. Recognise the names? Yes, itâ&#x20AC;&#x2122;s yet another modern-day rewrite of Pride & Prejudice but itâ&#x20AC;&#x2122;s received plenty of praise from Jane Austen fans.
#NOW: THE SURPRISING TRUTH ABOUT THE POWER OF NOW By Max McKeown (Aurum Press Ltd, 2016) R.R.P. ÂŁ12.99 (ÂŁ9.09 FROM AMAZON.CO.UK)
102 | GOLD | The Business Magazine of Cyprus
CAREER OF EVIL By Robert Galbraith (Sphere, 2016) R.R.P. ÂŁ7.99 (ÂŁ3.99 FROM AMAZON.CO.UK)
ELIGIBLE By Curtis Sittenfeld (The Borough Press,
2016) R.R.P. ÂŁ14.99 (ÂŁ10.49 FROM AMAZON.CO.UK)
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THE ROMANOVS: 1613-1918 By Simon Sebag 0RQWHĂ&#x20AC;RUH : 1
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This is the intimate story of twenty tsars and tsarinas, some touched by genius, some by madness but all inspired by holy autocracy and imperial ambition. It is peopled by a cast of courtesans, revolutionaries and poets, from Ivan the Terrible to Tolstoy, from Queen Victoria to Lenin, climaxing with a fresh, unforgettable portrayal of Nicholas and Alexandra, Rasputin, revolution and the harrowing massacre of the entire family.
READING 6
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Twenty years ago, Bryson took a trip around Britain, immortalised in the bestselling Notes from a Small Island. Now he has made a new journey and, once again, with his instinct for the quirkiest, his unerring eye for the idiotic, the endearing, the ridiculous and the scandalous, he shares his views of all that is good (and bad) about Britain today.
From her Greenwich Village café, Smith reflects on the world as it is and how it was, taking us to Frida Kahloâ&#x20AC;&#x2122;s Casa Azul in Mexico, a meeting of an Arctic explorerâ&#x20AC;&#x2122;s society in Berlin and to the graves of Genet, Plath, Rimbaud and Mishima. The book is a powerful, moving meditation on travel, detective shows, literature and coffee by one of the most remarkable and eloquent musicians around.
THE ROAD TO LITTLE DRIBBLING: MORE NOTES FROM A SMALL ISLAND By Bill Bryson (Black Swan, 2016) R.R.P. £8.99 (£3.99 FROM AMAZON.CO.UK)
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M TRAIN By Patti Smith (Bloomsbury Paperbacks, 2016) R.R.P. £25.00 (£11.00 FROM AMAZON.CO.UK)
Thriller
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This is not the first biography of McCartney by any means but the most up-to-date one and not simply another rehashing of the Beatlesâ&#x20AC;&#x2122; story (Norman has also written a Beatles and a Lennon bio). So while you may have read about Wings and his solo albums, thereâ&#x20AC;&#x2122;s much more personal/ family stuff here, including the post-Linda years and Heather Mills right up to his 2011 marriage to Nancy Shevell.
The book has been promoted as â&#x20AC;&#x2DC;the most shocking thriller youâ&#x20AC;&#x2122;ll read this yearâ&#x20AC;&#x2122; (thatâ&#x20AC;&#x2122;s code for â&#x20AC;&#x2DC;thereâ&#x20AC;&#x2122;s lots of sex in itâ&#x20AC;&#x2122;). Its main character quickly (and not entirely believably) develops from a quiet girl trying to make it in the art world into a coldblooded, deadly woman who knows exactly what she wants and how to get it. A sequel is guaranteed, as is a movie.
PAUL MCCARTNEY: THE BIOGRAPHY %\ 3KLOLS 1RUPDQ : 1
R.R.P. £25.00 (£12.00 FROM AMAZON.CO.UK)
10.
MAESTRA By L. S. Hilton (Zaffre Publishing, 2016) R.R.P. £12.99 (£5.00 FROM AMAZON.CO.UK)
DESTINATION EARTH: A NEW PHILOSOPHY OF TRAVEL BY A WORLD-TRAVELER %\ 1LFRV +DGMLFRVWLV %DPERR Leaf Press, 2016) R.R.P. £17.24 (£17.24 FROM AMAZON.CO.UK)
In 2005, Nicos Hadjicostis embarked on a round-the-world journey that eventually lasted six and a half years. His aim was explore the entire planet as if it were one huge country. As the title suggests, the result is not your usual travel book, although it does describe some of the situations that inspired the authorâ&#x20AC;&#x2122;s often poetic and philosophical reflections.
www.goldnews.com.cy | GOLD | 103
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GAMES PEOPLE 104 | GOLD | The Business Magazine of Cyprus
"One Christmas,
PLAY
STAVROS AGATHANGELOU WAS ATTRACTED TO VIDEO GAMES FROM A VERY YOUNG AGE, WHEN HIS FAMILY WOULD TAKE HIM TO AMUSEMENT PARKS WHERE HE COULD HAPPILY SPEND HOURS PLAYING ARCADE GAMES. HIS FASCINATION GREW EVEN STRONGER WHEN HE GOT HIS FIRST SUPER MARIO BROS CONSOLE. By Voula Loizou Photograph by Christos Tsekouras
‘Santa Claus’ brought me an Atari but by then it was already very old and there were better and newer consoles available, so I wasn’t that happy!”, Stavros Agathangelou recalls. Fortunately, his disappointment didn’t last too long, however. His godmother gave him a Nintendo NES as a birthday present and he also received a Game Boy from his grandmother. Needless to say, he was delighted but, he remembers, “I later played on a Sega Mega Drive and things changed!” He eventually started saving all the money he received as birthday and nameday gifts and by the time he was 11 years old, back in 1998, he had managed to save enough to buy a second-hand Sega Saturn console. “That was the beginning of my collection,” he says. Agathangelou, the owner of a computers and electronics repair firm, notes that since those early days, technology has made huge steps forward. “The experience has been improved in such a way that video game environments look very much like the real world,” he says. “There is so much detail in the graphics as developers are always trying to make everything as real as possible.” He is the first to admit that “older video games look ancient nowadays” but he insists that “they look more like real video games. First they started as 2D games, in a very cartoonish style. Even when they became 3D, the first results needed more imagination. They were still not so realistic.” His collection has now grown to around to 400 different video game titles, played on various consoles but Agathangelou is a believer in ‘quality, not quantity’. “You can collect games worth €1 each,” he explains, “but you can also find a game that’s worth hundreds of euros or more.” Indeed, he believes
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that he has some rare video games in his collection that nobody else in Cyprus has. “People may not even know that they exist,” he says. The rarest and more expensive video game in his collection is Panzer Dragoon Saga, one of the last Sega Saturn games, which was released in 1998 in very limited number of copies. As a consequence, people will pay as much as £300 for a copy today. “Every collector wants to add a rare video game to his list,” Agathangelou says,” and they can be really expensive. For me, it needs to be a nice game as well as a rare one before I decide to get it.” Of all the games in his collection, his favourite is Shenmue, released on Sega
Dreamcast in 1999. “It was a true masterpiece for its time,” he says enthusiastically. “The game was an RPG open world, with
Every collector wants to add a rare video game to his list and they can be really expensive close to real-life graphics and as realistic as it could be. For the first time, you could work and earn money, then you could buy a lot of items from
106 | GOLD | The Business Magazine of Cyprus
coin machines. You could even buy and drink a cola but, best of all, you could play an arcade video game inside the video game! It contained endless action and introduced many things that other developers later ‘stole’ and used in their own video games.” Would he ever consider selling his collection? Agathangelou already has a vision of where he would like his prized games to end up: “I would like to donate everything to a nice museum that will keep them in good condition forever, if ‘forever’ exists,” he says. “We are all going to die one day but, unless somebody destroys them, other things – like this collection – can live on after us.”
7+( 77+ /,0$662/
)2580 Friday | 21 October | 2016 Four Seasons Hotel | Limassol | Cyprus
The Main Economic Challenges for Europe and the World in 2017 The Forum is a prestigious and major platform of debate on political, economic and business issues in Europe and the Eastern Mediterranean. Featuring Speakers: HE Mr. Nicos Anastasiades President of the Republic of Cyprus
Jan Schildbach
Arup Banerji
Director & Head of Banking, Financial Markets and Regulation, Deutsche Bank Research, Germany
John Bruton Former Irish Prime Minister, Ireland
Regional Director for the European Union Countries, Europe and Central Asia, World Bank, Belgium
Stephen Fidler
Michael Imeson
Jakob Wegener Friis Head of Unit, Economic and Financial Affairs DG, European Commission, Belgium
Brussels editor, The Wall Street Journal, Belgium
Contributing Editor, The Banker, Financial Times Group, UK
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This year’s agenda includes: Global Economy and the Challenges of 2017 Brexit and its impact on the economy Managing Immigration in Europe Geographical Issues and the Economy Europe’s Future: Fragmented Implosion or Greater Integration The Refugee Crisis: Europe’s Ultimate Stress Test Financial Stability, Financial Services and Capital Markets Union European Politics and Economics
Attendance is by invitation only
For further information contact: IMH, 5 Aigaleo Str., 2057 Strovolos, P.O.Box 21185, 1503, Nicosia, Cyprus Tel.+357 22505555 Fax. + 357 22679820, E-mail: events@imhbusiness.com, website: www.imhbusiness.com Sponsors To Be the Best in Everything We Do
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In Association with
Lunc Lunch with CARMEL BONELLO
THE DIRECTOR, PUBLIC RELATIONS OF BPC INTERNATIONAL LTD. STARTED HIS PROFESSIONAL CAREER IN JOURNALISM BUT HE WAS SOON ATTRACTED BY WHAT WAS THEN A FLEDGLING PROFESSION IN HIS NATIVE MALTA: PUBLIC RELATIONS. ALMOST 28 YEARS AFTER INTRODUCING IT TO HIS AGENCY, HE IS STILL AS PASSIONATE ABOUT IT AS HE WAS BACK THEN. HE IS ALSO ONE OF THE FEW PEOPLE YOU WILL MEET WHO DOESN’T DESCRIBE CYPRUS AS A SMALL COUNTRY.
Gold
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108 | GOLD | The Business Magazine of Cyprus
s happens to more and more people these days, I first became acquainted with Carmel Bonello by e-mail and, from the name, I had no idea whether the Public Relations Director of BPC International in Malta was a man or a woman. It was not until my correspondent informed me of an imminent visit to Cyprus that I thought it wise to find out more about this person, so I did what anyone would do and Googled the name. The first result to
By John Vickers
ANT RESTAUR FONTANA s, 98, Arch. ru Hilton Cyp osia I Ave., Nic II s o ri a k Ma
) €44.00 KEBAB (2 CHICKEN €12.00 BEER (2) O ESPRESS €5.20 ) COFFEE (2 €61.20 TOTAL
appear was “Carmel Bonello: Artist”. I was impressed. This particular Carmel was a painter (male). However, I couldn’t find anything about his PR work at all. And after a bit more investigation I discovered that there are two well-known Maltese bearing the same name. “My” Carmel Bonello is not the painter but, as I was to discover during our recent lunch, I am by no means the first person to confuse the two.
Over the past couple of years, we have discovered that we share quite a number of similarities and experiences, and several of them come up during our chat in the cool of the Fontana Restaurant at the Cyprus Hilton. Indeed, the first appears when we order and my companion states his preference for “something simple” and we both decide that chicken kebab and a small beer fits the bill perfectly. He is also keen to reveal to me that he has discovered a mutual friend in pianist/conductor Yiannis Hadjiloizou whom he met in Malta at a concert in whose organisation he was involved. Then there are our parallel careers in radio and the fact that, like me, he has grown accustomed to being recognised by the sound of his distinctive radio-friendly voice. Although he has not worked on national radio for over 30 years, that has not prevented his former listeners from knowing who he is and, since then, he has continued to produce and present occasional programmes for commercial stations. “In 2009 I did a series of interviews with well-known personalities, in which my aim was to get behind the public persona and reveal as much as possible of the ‘real’ person,” he tells me. He won Malta Journalism Award for the series and, he says, he misses being on the radio but he hasn’t time for two careers. Journalism, though, was the profession at the top of the list of possible careers that he drew up as a teenager in Malta. “When I was a kid, there weren’t many options,” he
recalls, “and every parent wanted their children to go into the civil service, banking or teaching. I knew that I didn’t want to do any of those things and I also knew that I wanted to study humanities at university. It was as if I had a spiritual need to understand other cultures so I studied the History of Mediterranean Civilisation. I wanted to focus on that without giving much thought to what I was going to do after graduating.” University was quite an eye-opener for the young Bonello,
was able to go to university,” he recalls. “I was the first in my family to do so and so I and many of my fellow students considered that merely passing through those gates was quite an achievement. So, as you can imagine, we were all taken aback when the professor told us: ‘When you graduate from here in three years’ time and you realise how ignorant you are, the university will have fulfilled its role’”! Of course,
their lack of knowledge and, consequently, want to pursue knowledge for the rest of their lives. But that particular moment has remained in Bonello’s memory as a real turning point: “From that time, I was always shocked – and I still am – by people who behave as if they know all there is to know. I feel uncomfortable. OK, we all know what we know but it’s a drop in the ocean! I sometimes wonder how the human race has survived this long when we all know so little.” After graduating – and recognising his ignorance! – Carmel Bonello spent six months trying to decide what he wanted to do with his life. Eventually, through a process of elimination of the things he did not want to do, he set himself three aims: to become a journalist, then to go into a public relations agency and eventually to represent a major client in his own right. Why journalism? In part, it was because, as a schoolboy in Malta, he spent a lot of time listening to Italian radio and watching Italian TV stations. “I came to understand the Italian political scene very well, even at 14 years of age,” he says. “I would spend my
RETAINING A CLIENT SINCE THE 1960S SHOWS THAT WE MUST BE DOING SOMETHING RIGHT! who has never forgotten the shock of what his linguistics professor told him and the rest of the class during their very first lecture. “In those days, not everyone
the students eventually understood what he was saying – how some people think that after three years at university they know everything when they should recognise
pocket money on magazines like Time and Newsweek and I began to love current affairs, both local and international. So when the opportunity arose to join the national radio
www.goldnews.com.cy | GOLD | 109
| LUNCH WITH GOLD |
and TV station, I went for it. Once I was accepted, I soon decided that I had found my calling in journalism.” If you ever feel that Cyprus is a small place, spare a thought for people in Malta. Carmel Bonello loves Cyprus, partly because it is 20 times bigger than his homeland and, although he originally thought that a career in radio journalism there was ideal, he soon felt that he was going to get “stuck in a rut” as he describes it, and so he began looking around for a way of getting into the second area he had noted on his career list: Public Relations. Initially he joined a subsidiary of BPC and found himself producing and editing documentaries, features and commercials. In those days, 35mm film editing had to be done in London, something that caused numerous and repeated problems. “I had my fair share of adventures at airports,” he says, explaining how “It was a nightmare trying to persuade the customs people not to open the film canisters because the contents would be destroyed. I reached the stage of telling them that they could arrest me but they shouldn’t open the film canisters!” Bonello did that for about five years and even won a couple of awards in New York for commercial production/ editing but he still wanted to do Public Relations. “In those days,” he says, “clients would give you an advertising budget and expect the company to offer PR services for nothing. Eventually I convinced the founder of BPC to add Public Relations to our portfolio of paid services, which meant in essence that I was proposing that we change the way the system worked. We had to educate a few of clients about the new way of doing things but we soon had plenty of new ones knocking on the door and the PR division grew quite fast.” Bonello is especially proud of the fact that one of the agency’s PR clients was HSBC, when it was the Mid-Med Bank and, before that, Barclays. “We have been supplying them with uninterrupted PR services since the Barclays era,”
110 | GOLD | The Business Magazine of Cyprus
he notes. “Even when Mid-Med was nationalised and came under the control of various governments, we never lost the contract. I think that retaining a client since the 1960s shows that we must be doing something right!” I tell my dining guest about how I originally thought that he was an artist and he relates a story from the 1990s about the same confusion of names. “Our founder was a great art lover and we have a very good collection at our offices. For BPC’s 40th anniversary celebrations, we decided to hold a competition for a new painting to
that!” he laughs.) “I wouldn’t mind living here at all,” he admits. “It’s a very relaxing place, there’s lots to do, plenty of places to go. I know you all think that Cyprus is a small country but it’s all relative, believe me.” For the past 16 years, Carmel Bonello has been teaching ‘An Introduction to Public Relations’ at the University of Malta, something he enjoys because, he explains, “It gives me the opportunity to keep in touch with the younger generation and to see their way of thinking. I can teach them the theory but how they apply it can be quite revealing.” He tries not
I KNOW YOU ALL THINK THAT CYPRUS IS A SMALL COUNTRY BUT IT’S ALL RELATIVE, BELIEVE ME display in our reception area. Carmel Bonello was then a good upcoming artist and his artwork was chosen. Soon afterwards, people seeing the signature on the painting would tell me things like ‘I didn’t know about your artistic side’! When the result of the competition was publicised, I had people coming up to me and saying ‘Well done Carmel. You hold a competition and give the money to yourself!’ Little did they know that Carmel Bonello was someone else! Nobody makes the mistake anymore because he’s very well-known these days but back then they had some fun with the story!” Bonello is now a regular visitor to Cyprus and, like most visitors, he sees plenty of things that we residents probably don’t. For example, he finds that, compared to Valletta, Nicosia has a great deal of greenery. Indeed, he says that he singing Cyprus’ praises so often that some of his friends jokingly refer to him as ‘the Cypriot Ambassador’. (“I hope the real one doesn’t hear about
to shock his young students in the way his linguistics professor did many years ago. Before we leave, he orders a coffee and I ask him if he has thought about retirement. He pauses and then says, with a straight face, “Can you repeat the question? I didn’t understand that word you used: retirement.” Yes, he has a sense of humour! He then offers a second response: “I have stayed at the agency so I haven’t actually taken the third step that I set myself all those years ago but as long as I’m healthy and I have challenges to keep me on my toes, I’m not planning to stop. The truth is, I’ve never had a dull moment in my working life. On the contrary, I’ve probably suffered from too much excitement. PR is not just about selling soft drinks. furniture or airline tickets It’s often an educational process. In the end, it’s a bit like a religion: you either believe in it or you don’t. I think it’s obvious that I’m a believer!”
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WHAT’S
ON
THINGS
to do GUABA SUMMER R CARNIVAL
MAR MARLO ARLO The Dutch DJ and produce producer of electronic m music.
DVBBS The Dutch-Greek-Canadian electronic duo.
GUABA BEACH BAR, LIMASSOL SUNDAY AUGUST 21, FROM 5PM
GUABA BEACH BAR, LIMASSOL SUNDAY AUGUST 28, FROM 5PM
Ivi Maliotou Park, Paphos Saturday, 7ITXIQFIV Ć ā TQ Faneromeni Square, Nicosia Sunday, 7ITXIQFIV ÿÿ Ć ā TQ
JJAZZ MUSIC GUABA BEACH BAR, LIMASSOL. SUNDAY SEPTEMBER 4, FROM 5PM
GABRIEL G ABRIEL & DRESDEN American DJs and producers Josh Gabriel and Dave Dresden.
IN IINVITATION PROJECT FEATURING TONY LAKATOS F Free concert by Hungarian saxoF phonist Tony Lakatos with three jazz musicians from Poland, Chile and Cyprus. Part of the 2016 Kypria International Festival.
OPERA
GREEK MUSIC
DON GIOVANNI Paphos Harbour 8pm One of the island’s annual cultural highlights, this year’s opera is the Parma Opera Organisation’s production of Mozart’s Don Giovanni, with the Cyprus Symphony Orchestra. Castle Square, Paphos Harbour Friday- Sunday, September 2-4, 8pm Saxophones under the stars
FULL ENERGY LIVE Four leading Greek acts – Antonis GSP STADIUM,, Remos, Despina NICOSIA Vandi, Helena WEDNESDAY,, Paparizou and SEPTEMBER 7, 9PM Melisses – in what promises to be the biggest concert of the year.
112 | GOLD | The Business Magazine of Cyprus
WINE & BEER FESTIVALS LIMASSOL WINE FESTIVAL Cyprus’ bestknown festival started in 1961 and is still going strong.
Tuesday, August 30, 7pm • Stavento, Papillon MUNICIPAL GARDENS, Wednesday, August 31, 7pm LIMASSOL • Themis Adamantides, Stelios FRIDAY Dionysiou AUGUST 26, 7PM. UNTIL Thursday, September 1, 7pm SEPTEMBER 4. • Stelios Rokkos Friday, September 2, 7pm PEDAGOGICAL • Nikos Makropoulos ACADEMY Saturday, September NATIONAL 3, 7pm FOREST PARK, • Minus One, NICOSIA Zilla Project Saturday, SepSEPTEMBERFEST tember 4, 7pm Week-long festival of beer and music by Greek and Cypriot singers and bands. • Babis Stokas, Mple, Prospectus Monday, August 29, 7pm • Giorgos Tsalikis, Anna Iracleous
THEATRE SOCRATES NOW! Emmy Award-winner actor and director Yannis Simonides’ acclaimed one-man theatrical rendition of Plato’s Apology. Part of the 2016 Kypria International Festival. Strovolos Municipal Theatre, Nicosia Thursday & Friday, September 1 & 2, 8.30pm Technohoros ETHAL, Limassol Saturday, September 3, 8.30pm Polihoros Cultural Centre, Paphos Monday, September 5, 8.30pm ANTIGONE Sophocles’ ancient tragedy in the first collaboration between the National Theatre of Greece, the National Theatre of North-
ern Greece and the Cyprus Theatre Organisation. In Greek. The performance on September 16 has English and Turkish surtitles. Makarios III Amphitheatre, Nicosia Friday, Saturday & Sunday, September 16-18, 8.30pm
NICOSIA BEER FEST 2016 Six nights of beer and two music acts each evening in the capital’s biggest annual event. Constanza Moat, Nicosia Big Band Theory Friday, September 2, 8pm Lavrentis Machairitsas Friday, September 2, 10pm Constantinos Komodromos & De Skordions Saturday, September 3, 8pm Maraveyas Ilegal Saturday, September 3, 10pm Marios Koumas & Corona Grammata Sunday, September 4, 8pm Peggy Zina Sunday, September 4, 10pm On Tour Monday, September 5, 8pm Panos Mouzourakis Monday, September 5, 10pm Theodoros Trachonitis & Band d Tuesday, September 6, 8pm Tues Melina Aslanidou Tuesday, September 6, 10pm Big Band Theory Wednesday, September 7, 8pm Imam Baildi Wednesday, September 7, 10pm From: Friday, September 2nd, 2016 Until: Wednesday, September 7th, 2016 016
DANCE
THE AUDIENCE Helen Mirren reprises her Olivier Award-winning performance as Queen DANCECYPRUS Elizabeth II in this screen10TH ANNIVERSARY ing of the 2013 West End GALA production. It features an Principal exclusive Q&A with SteRIALTO and phen Daldry and Helen THEATRE, Soloist LIMASSOL Mirren. SATURDAY, dancers Rialto Theatre, Limassol SEPTEMBER 3, 8.30PM from the Royal STROVOLOS Tuesday, September 13, MUNICIPAL Ballet, Covent 8.30pm THEATRE, NICOSIA Garden, the SUNDAY, Royal Ballet of SEPTEMBER 4, 8.30PM, Flanders, Belgium and Dancecyprus.
MUSIC FESTIVALS CLASSICAL CYPRUS HIP-HOP FESTIVAL An evening with DJs, MCs and Breaking, this is the festival’s third year. Red Music Stage, Nicosia, Sunday, August 28, from 6pm 6TH ROCK FESTIVAL Free concert featuring Contour, Αneresis, Atoutaleme, The Coop Band, Isovites and Lopodites HEROES SQUARE, LIMASSOL, SATURDAY, SEPTEMBER 10, 8PM.
MUSIC MUSICAL JOURNEYS Seven Greekand Turkish-Cypriot musicians perform Bartok, Brahms and Dohnanyi.
PALLAS THEATRE, NICOSIA SATURDAY, SEPTEMBER 17, 7.30PM
FANEROMENI S QUARE, NICOSIA MONDAY, SEPTEMBER 12, 8.30PM MOUSALLAS CAR PARK, PAPHOS TUESDAY, SEPTEMBER 13, 8.30PM
THE HISTORY OF TANGO Tango, through the music of, Piazzolla, Mendizabal, Villoldo, Donato, Plaza, Gardel, and Ziegler, by the Cypriot Ensemble Casual. Part of the 2016 Kypria International Festival. Admission free.
www.goldnews.com.cy | GOLD | 113
Gregory Dellas
I
have to be at work by 7.30am so I’m usually up by 6.20am. I have two daughters aged 19 and 16 and a son of 11 so my wife prepares them for school, I take one of the girls and then it’s straight to the office, listening to the news as I drive. As with most people these days, the first thing I do is look at my e-mails and see if anything needs to be dealt with urgently. After that, it’s very rare for one day to be the same as any other. It may sound unlikely but I wanted to be involved in banking from the age of 10 or 11, partly because my grandparents’ house was next door to a Bank of Cyprus branch and I remember how, when they installed the first ATM there, I was really fascinated to
A DAY IN THE LIFE
fin find out how the system w worked. When it came to choosing a field of st study (at the University of Warwick), I decided on Industrial Economic ics, the course of which w was structured in such a w way as to let us work on m management, HR and in industrial relations, marke keting and accounting ra rather than pure economic ics. After completing my fir first degree, I decided to do an MBA (at Lancaster U University) because I was more attracted by management and consulting/advisory services. etc. I’ve never regretted becoming a banker and even though the past few years have been extremely challenging, they have taught us a lot. What I find particularly interesting and appealing about my job is the fact that it requires a lot of critical thinking, good judgment calls and quick decisions. I enjoy the challenge of finding the right balance. I usually leave work by 5pm. Dinner in the evening with the family is an important part of the day since it’s the time when we’re all at home. I try not to take work home with me but I do, especially articles for research purposes. And having 24/7 access to e-mail
The Manager Compliance Risk Management, International Banking & Wealth Management, Bank of Cyprus on his love of music, sitcoms and the British countryside and why he still enjoys going to work.
means that it’s very tempting to keep checking the phone! In the evening I like to watch American TV series like Scandal, Suits, Homeland and sitcoms like Big Bang Theory, Two Broke Girls, Friends - I could happily watch 5-6 episodes of Friends every day! If I like a series I could watch all of it over a weekend as I prefer to see one episode after another rather than waiting for a week for the next one. I love music and I used to play guitar, piano and oboe, write my own songs and sing a lot. Music relaxes me and lately I’ve been part of an acapella vocal ensemble called Convocanti. Unlike many people of my age, I love pop and I still follow the Top 40! I’ve always listened to ‘80s music, of course, and I hated the ‘90s but I think the pop scene has become more melodic again. And there are some talented people out there – Adele, Olly Murs, etc. I liked sci-fi and action movies when I was younger but with age my taste has changed more to comedies and more relaxing stuff. I still go to the cinema – we saw My Big Fat Greek Wedding 2 and the latest Star Wars movie – but it has to be for something special. I enjoy travel and
I’ve been to Sweden a few times and I like the lifestyle and mentality of the people I never grow tired of this series! there but I especially love the countryside in England and Scotland: the little villages One of my with the musical favourites traditional pubs, sitting by the river, the greenery…beautiful! I still have many years I always enjoy ahead of me a relaxing comedy at work and there are lots of things I want to do. I tend to be quite conservative but I do enjoy challenges as and when they arise. On a personal level, I love spending time with my kids. It’s a challenge to accept that they are growing up but they keep me feeling young too so there are still many things to look forward to. To quote Albert Schweitzer, “Eventually all things fall into place”.
MY JOB REQUIRES A LOT OF CRITICAL THINKING,
GOOD JUDGMENT CALLS AND QUICK DECISIONS
114 | GOLD | The Business Magazine of Cyprus
www.pwc.com.cy
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