Chinese investor to get back to Cyprus after investigation into possible corruption is concluded

Chinese investor to get back to Cyprus after investigation into possible corruption is concluded

Chinese investor Yang Qi, Chairman of Far Eastern Phoenix, interested to invest in the old Larnaca airport explained today to the Minister of Communication and Works Efthymios Flourentzou, that his companys decision to withdraw from the project was the result of a report published by a local newspaper in Cyprus.

According to the report, Director of the Presidents diplomatic office Marios Ieronymides was involved in the negotiations held between the Government of Cyprus and the company, something that raised questions regarding issues of transparency.

Yang Qi, who on August 14 had sent a letter to the Cypriot Minister announcing his intention to stop the negotiations on the project with the Cypriot Government, citing lengthy and complicated procedures followed in Cyprus, met here Wednesday with Flourentzou and stated, according to the Minister, that following the reports in the press his company was added to the corruption watch list.

In statements to the Press, Flourentzou said that in order for the company to be removed from the list the Chinese businessman had to withdraw his interested in the investment and give a clear explanation to the authorities of Macau, in China.

Flourentzou confirmed that Far Eastern Phoenix was added in the corruption watch list following reports in the press, noting that the story was reproduced by other newspapers as well.

As he announced, he will appoint tomorrow an investigating officer who will launch an investigation into the revelations, underlying that the Government of Cyprus is ready to issue an announcement making clear that no corruption offense has been committed by the company.

According to the Communication Minister, Yang Qi expects that the problem created in China for his company will be solved as soon as the investigation is concluded revealing that no corruption offense has been committed by the company.

On his part, Chinese investor Yang Qi stated that the company withdrew its interest in an attempt to protect the project from the current situation, adding that the Chinese media spoke of a government official accused of corruption and that put his company in the watch list of corruption, which is strongly punishable by the Macau law, as he said.

As investors we strongly believe that Cyprus is the best place for us to invest Yang Qi said, noting that we are looking for a friendly investment environment.

Hermes Airports, the company managing Cyprus` airports, and Chinese firm Far Eastern Phoenix concluded on March 23, 2012, a multimillion-euro deal, believed to yield big financial benefits for Cyprus.

Under the deal, the Chinese firm will make a multimillion euro investment to develop the old Larnaca airport to a large commercial showroom, bonded warehouses for Chinese goods as well as a small conference centre.

The project will render Larnaca old airport as a hub connecting Chinese products with Europe, Africa and the Middle East. ??(KYPE)

Source: http://famagusta-gazette.com/chinese-investor-to-get-back-to-cyprus-after-investigation-into-possible-co-p16454-69.htm

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