NewsLocalCobalt licence revoked

Cobalt licence revoked

Cyprus’ Airline Licensing Authority on Thursday decided to revoke the operating licence of Cobalt, Transport Ministry permanent secretary Alecos Michaelides told the Cyprus News Agency.

He said a letter to this effect will be sent to the company tomorrow.

Michaelides said the company had wanted a suspension of the licence but the authority saw no prospect of the situation changing

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.

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