Cyprus Mail

Parliament scraps privatisation unit

Parliament on Friday passed a bill tabled by communist Akel dismantling the finance ministry’s privatisation unit, the Cyprus News Agency (CNA) reported.

The decision was taken with 26 votes in favour and 24 four against, CNA said.

The unit, set up after Cyprus signed a cash-for-reforms agreement with international creditors in March 2013, failed to privatise state telecom Cyta. It was on the other hand successful in finding a user for defunct Cyprus Airways’ logo and brand name for a 10-year period. Russia’s S7 airline, which now operates under the Cyprus Airways brand name, paid €2m.

The council of ministers appointed Constantinos Herodotou, who headed the unit, at the board of directors of the Central Bank of Cyprus in February.

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