News Local Cobalt employees slam top Transport Ministry official

Cobalt employees slam top Transport Ministry official


Cobalt employees have rejected remarks made by Transport Ministry permanent secretary Alecos Michaelides regarding the closure of the company as misleading,

In a written statement, the employees — who have been out of a job since the company suspended operations a little before midnight on Wednesday — also thanked  Cobalt president and his associates for their efforts to find a new investor and keep it alive.

They said Michaelides had made misleading statements to justify a decision to revoke the airline’s licence, rather than suspend it, and thereby leave open a possible rescue.

The permanent secretary had told the Cyprus News Agency on Thursday night that Cyprus’ Airline Licensing Authority had decided to revoke rather than suspend Cobalt’s licence because it saw no prospect of a change of the situation.

He said Cobalt had told the Authority that it had found an investor but that he had failed to transfer the money at the last minute. It also said that it was looking for other investors, and that there was interest.

“There is nothing specific. From the accounts, the company appears to have sustained losses of some 30 million euro a year over the past three years. The investors from China have invested 100 million euro. And the losses are continuing,” he said.

“So what prospects are there? Who would invest in a company with such high losses? With this in mind, we took the decision that we took,” he said.

The employees said that after the death of Cyprus Airways, Michaelides has become an expert in the closure of Cypriot airline companies at the expense of the Cypriot consumer and without  sparing a second thought to Cypriot employee.

Cobalt had not asked for a single euro, they added. And in querying why the rush to revoke its licence, they urged authorities to reconsider.

Read more


Top Stories

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...

Fire causes extensive damage to Pissouri restaurant

  A fire that broke out at a restaurant in Pissouri early on Saturday money caused extensive damage, the fire service said. It said that fire...

Trump cutting U.S. ties with World Health Organization over virus

The United States will end its relationship with the World Health Organization over the body's handling of the coronavirus pandemic, U.S. President Donald Trump said on...

Paralimni: Biker injured, police looking for driver who left scene

  A 23 year old biker has been hospitalised after a traffic accident in Paralimni and police are looking for the driver of a vehicle...

Sporadic COVID-19 infections “part of our new normality,” says health expert

    Sporadic COVID-19 infections should become part of our new normality and should not be a concern until they are reduced to zero for ever,...


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...