News Local Cobalt chairman rejects 'mismanagement' criticism

Cobalt chairman rejects ‘mismanagement’ criticism

Cobalt chairman Gregoris Diakos has denied mismanagement was to blame for the closure of the airline which left thousands of passengers stranded and 280 employees jobless.

In an interview with Philenews, Diakos said the company had tried to be as effective as possible.

“The last steps we took with the change of the management team led to very encouraging results over the past four months. We managed to increase revenue significantly and everyone could see that the airplanes were full whereas before May they were half-empty,” he said.

He also commented on remarks by  Transport Ministry permanent secretary Alecos Michaelides on Radio Active that he had realised that something was wrong when the CEO — who Michaelides said had managed to resolve the problem with flight delays — was fired.

“The big problem with delays was resolved when the first team was fired from the company. I don’t know what the permanent secretary may have detected but it is not an issue which concerns him.  In contrast he could have approached us and asked to see what results we had before and what we have now… It is not the previous CEO who resolved the problems but the four Cypriot managers who were appointed and who with great dedication and many hours or work managed to resolve these problems,” he said.

Asked why Cobalt had closed, he replied: “Cobalt should not have closed. It closed because it was unlucky… There is a company now which if you press a button, it can be reactivated immediately.”

As to the thousands of passengers who had been inconvenienced he said that regrettably there had been no other option.

“Unfortunately this is the situation in this profession. The company had to cease operations. Unfortunately you cannot warn, issue an announcement today that I am stopping on Monday so as to give passengers time to reschedule their trips. This is the way this sector operates.”

He became emotional when talking about the 280 company employees.

” We had a meeting at the company’s offices with all our people. I don’t think any manager would have the courage to stand in front of them and ask their cooperation if he did not feel their trust. I was very moved by their behaviour… All these employees are by our side because they recognise what had happened.. They want to fight with us and all of us are looking for a new investor. It’s not managers and employees, but a team of 300 people who wants to save the company because we believe it can become great.”

Read more


Top Stories

Child allowance paid to 50,695 families

  Child allowance has been paid to 50,695 families who have received a total of €29 million, the Labour Ministry has announced. It said that an allowance...

Third British scientist warns over rush to lift lockdown

  A third member of a scientific advisory body to the British government has warned that it is too soon to lift the COVID-19 lockdown...

Unrest flares in U.S. cities despite arrest of Minneapolis policeman

The white former Minneapolis police officer shown in video footage using his knee to pin an unarmed black man's neck to the street was...

MPs set to approve tougher penalties to crack down on traffic offenders

  Traffic offenders will need to dig deep into their pockets under long-awaited tougher penalties set to be approved by the House of Representatives by...

Five catering establishments booked for breaking decree

  Five catering establishments in Paphos and Polis Chrysochous have been booked for breaking the Health Minister's decree governing their operation under the quarantine law...


Local cuisine: An introduction

Rich in fresh ingredients and tasty herbs, offers the very best of Mediterranean culinary delights. Head out to a tavern and feast on a...

Spiced lamb with beetroot salad and scented yoghurt

Lay the lamb on a tray, skin side down. Rub with crushed garlic, sprinkle with spices and ground pistachios, wrap in plastic wrap and...

Easy seafood pasta with white wine sauce

Ingredients: 2-3 tbsp olive oil 1 garlic clove, chopped 2-3 tablespoons of whipped cream 1/3 cup white wine 300g spaghetti, roughly broken 300-400g of...

Traditional salads that will blow your mind away

This traditional salads will make you actually love salads! Cyprus may be famous for souvla and kleftiko but if you try the traditional salads with...