Cyprus News Agency: News in English (AM), 98-09-18

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From: The Cyprus News Agency at <http://www.cyna.org.cy>

CONTENTS

[01] EU - Cyprus

[02] Cyprus Stock Exchange

[03] Pourgourides - Michaelides - Corruption allegations

1330:CYPPRESS:01

[01] EU - Cyprus

Responding in writing to a question by Greek Member of the European Parliament, Ioannis Theonas, regarding the Turkish proposal for the creation of a confederation of two states in Cyprus, the Presidency of the European Council said that "the EU remains fully committed to a peaceful political settlement for the Cyprus question".

It added it "strongly supports the efforts of the UN Secretary-General ans his Special Advisor, with a view to creating a bicommunal, bizonal federation".

It points out that "a confederation of separate sovereign states is not consistent with the objective of a bizonal, bicommunal federation, agreed by both communities in the 1977 and 1979 High Level Agreements and set out in all relevant UN Security Council resolutions".

"The EU", it concludes, "deplores initiatives from whatever source which run counter to this objective".

CNA RG/GP/1998

ENDS, CYPRUS NEWS AGENCY

1415:CYPPRESS:02

[02] Cyprus Stock Exchange

   CSE General Index                          87.47 (-0.19)

   Traded Value            CYP 806.623

   Sectural Indices

   Banks                   CYP    515,574    102.78 (-0.11)
   Approved Investment
   Companies               CYP    83,587      59.73 ( 0.40)
   Insurance Companies     CYP    29,213      58.77 (-0.39)
   Manufacturing Companies CYP    23,130      82.70 (-0.83)
   Tourism Companies       CYP    32,814      70.97 (-0.21)
   Trading Companies       CYP    32,647      41.03 ( 0.02)
   Other Companies         CYP    40,012      77.41 (-0.04)

CNA MCH/1998

ENDS, CYPRUS NEWS AGENCY

1530:CYPPRESS:03

[03] Pourgourides - Michaelides - Corruption allegations

According to Pourgourides, who is President of the House of Representatives' Watchdog Committee, Michaelides abused his power as Interior Minister for private profit.

On his part, Michaelides rejected the accusations calling them "false and ungrounded" and talked of efforts aiming at his "political extermination" and to harm the government in general.

Michaelides met President Clerides immediately after the President saw Pourgourides. The minister said Clerides has asked him to reply on Pourgourides' accusations. He plans to give a press conference this afternoon.

He also said he will prepare a reply "on all things mentioned" and will then ask his lawyers "to study the possibility of civil or penal prosecution of those involved".

Pourgourides, an MP from Limassol District of the ruling rightwing Democratic Rally party, made public evidence concerning Michaelides' property, after briefing both President Clerides and House President Spyros Kyprianou.

Claiming that Michaelides has acquired property worth more than two million pounds (one Cyprus pound is about two US dollars) since taking office, Pourgourides remarked that this could not have been achieved by legal means.

Asked whether his accusations could stand before the Court, Pourgourides replied that there are other state organs, as for example the President of the Republic and the Attorney General.

Pourgourides has been offered police protection after he claimed that he had received threats from persons of the underworld, allegedly linked to the accused minister.

CNA RG/AA/MCH/GP/1998

ENDS, CYPRUS NEWS AGENCY

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