Cyprus Mail
Cyprus

Aqua Sol employees delay measures till Monday

Aqua Sol employees demonstrating outside the HQ of the Bank of Cyprus last week

Employees of Aqua Sol and MarisMare have decided to give the official receiver and management until the end of the week before resuming drastic measures, an announcement said on Tuesday.

They have been protesting the fact that they have not been paid several months of wages after Aqua Sol entered receivership by the Bank of Cyprus last October.

Last week, Aqua Sol and MarisMare’s employees staged protests outside the headquarters of the Bank of Cyprus and consultants Deloitte, demanding they be paid their wages.

Aqua Sol was placed under receivership after it failed to repay its loans to Bank of Cyprus, and employees were outraged when it looked like the receiver decided that repaying bank loans was a greater priority than paying them their wages.

On advice from the receiver, a new company was created – MarisMare – and some hotels were transferred to it from Aqua Sol, with revenues diverted to servicing the company’s loans ahead of other creditors.

On Tuesday, a staff meeting warned that the group’s hotels could remain closed – resulting in further defaults on bank loan repayments – if employees’ demands are not met.

The employees decided to allow until the end of this week for a deal to be struck so that they receive their dues – or at least part of them – ahead of the Christmas season.

“Otherwise, further mobilisations will commence on Monday December 22,” the employees’ statement said.

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