The Registrar has been given permission to evaluate sanctioned companies

On Friday morning, Registrar of Companies Irini Mylona announced that her office has been given permission to begin with the investigation of petitions for personnel replacements received from companies affected by the penalty lists aftermath.

Mylona revealed on CyBC's morning show that 500-600 enterprises were awaiting processing and that her office was assembling a team of experts to investigate the requests. The registrar refused to comment on the matter's political implications.

According to the registrar, instructions received from the finance ministry on Thursday afternoon allowed for the processing of all firms, with the exception of those with sanctioned natural entities on the US and UK lists.

Mylona said that some companies will thus be ineligible for assessment at the moment, but this only applies to a small proportion. The vast majority of businesses will be eligible for the process and will most likely be able to proceed with replacements.

The registrar will issue a clean bill certification to these companies, which they will then transmit to the banks, allowing them to unfreeze their employees' accounts.

Meanwhile, Christos Clerides, president of the bar association, stated on Tuesday that the registrar had requested the legal services' opinion, which had been delivered to the registrar's offices on May 12.

Intense diplomatic attempts are also ongoing for banks to reach a deal with US and UK authorities to unfreeze funds, according to the news site, which notes that the matter involves banks and that the government cannot intervene.

By fLEXI tEAM