Cyprus and the Russian Federation have signed a bilateral loan agreement worth €2.5 billion, with the first installment due before the end of the year. The €2.5 billion loan agreement, valid for 4.5 years, with a nominal annual yield of 4.5 per cent was signed by Finance Minister Kikis Kazamias and Russian Deputy Finance Minister [...]
Nicosia Criminal Court dismissed all charges against five defendants last Wednesday on the now-defunct’s Helios Airways plane that crashed in 2005 killing 121 passengers on board. The Criminal Court ruled there was no prima facie evidence to justify the charges of manslaughter and reckless endangerment against the defendants (four individuals plus Helios Airways) on the [...]
The fiscal union deal achieved during the European Council summit of December 2011 constitutes a fundamental shift not in just in European political history and the path to EU integration, but also in terms of the legal basis on which Member States are bound to each other under International Law. In examining the deal, although [...]
An immunity and leniency programme has been put in force in Cyprus, providing for the procedures entailed in applying to the CPC for immunity from fines or reduction of fines in cartel cases. The programme, which takes the form of subisidiary legislation Issued prusuant to the provisions of the Law by a relevant Decision of [...]
The European Commission’s proposals for Mifid II (as it is widely referred), released on 20 October, state: “Investment firms are allowed to provide investment services that only consist of execution and/or the reception and transmission of client orders, without the need to obtain information regarding the knowledge and experience of the client.” This will exclude [...]
Cyprus will press ahead with a second offshore licensing round for natural gas and may have a schedule in place by the end of this year. Cyprus’s US partner, Texas-based Noble Energy, began drilling an offshore prospect a month ago bordering two significant gas discoveries made by Israel. Licensing will also be seen as a [...]
ANASTASIOS ANTONIOU LLC (“the Firm”), acting for THE WESTERN UNION COMPANY, has successfully filed and pursued the notification and obtained clearance of the concentration involving the acquisition by The Western Union Company of the international payments business operated by TRAVELEX. The Decision of the Cyprus Commission for the Protection of Competition was handed down on [...]
ANASTASIOS ANTONIOU LLC (“the Firm”) was successful before the District Court of Limassol in obtaining an unprecedented interim order. The Court, accepting the Firm’s lawyers’ submissions, ordered the shutting down of a website and the disclosure of the real owners of the website, awarding a Norwhich Pharmacal discovery order, in what can be considered a [...]
The Supreme Court of Cyprus annulled a decision of the Cyprus Securities and Exchange Commission (CySEC) on recourse filed by ASPIS HOLDINGS PUBLIC COMPANY LTD (Aspis). CySEC’s first instance decision imposed an EUR80,000.- fine to the said Company along with suspension of 30% of voting rights for violating legislative obligations in relation to a public [...]
NOBLE Energy Inc. is to begin exploratory drilling in Cyprus’ offshore Block 12 on 21 September. Block 12, located in Cyprus’ Exclusive Economic Zone, is just 12 km from Israel’s Leviathan gas field. Cyprus has signed a production-sharing contract with Noble and Noble is contractually obliged commence drilling before October. The exploratory drilling will last [...]
Recent Comments