He noted that government planning aims to secure the rights of company employees and the country’s flight connectivity under any circumstances.

In statements at the Finance Ministry, Georgiades said that the government has not initiated the company’s forced sale but is looking for investors’ interest.

A decision by the European Commission, in the next few months, will be decisive as to the company’s future, said the Minister, adding that “even in the case of a negative outcome, the government’s priority is not to leave any of the employees uncovered”.

Georgiades also referred to past efforts on a political and technical level to secure the company's future, he added however that “the case of Cyprus Airways, pending at the European Commission, is a very difficult one”.

He noted moreover that the company possesses very few assets and its current market share does notexceed 10%.

The Minister said that efforts have been made to secure the island’s flight connectivity in case of a negative outcome in the European Commission’s decision for Cyprus Airways and added that more connection prospects by other airliners are being programmed for the following year.

Georgiades also said that the company has received payments by the state, worth €130 million, from 2007 to 2014. He added that company loans, guaranteed by the state, were worth €78 million in 2007, while company assets sold from 2010 to 2014 were worth €111 million.

Source: Famagusta Gazette