Our law firm participates in the privatization process of Larnaca’s Port, representing the interests of the Licensed Porters. The Licensed Porters are the only persons entitled under the Law to load-unload cargoes and luggage at all Ports of the Republic of Cyprus, pursuant to the Cyprus Ports Authority Law 38/1973, under which Ports Authority was founded.
The privatization process of the Semi-Governmental Services is imperative since is provided by the Memorandum (International Convention) signed by the Republic of Cyprus after its application for accession to the European Support Mechanism in 2012. As a result of its accession to the Mechanism, the Republic of Cyprus signed the Memorandum of Understanding on Specific Economic Policy Conditionality with the European Commission, the European Central Bank and the International Monetary Fund, targeting to rescue the Economy back in 2013.
After durable consultation and participation in meetings with the Parliament, Interministerial Committees and Expert Committees, we have managed to secure our clients’ interests to the maximum. Ports Authority had composed an Agreement for the redemption of the licenses of the Licensed Porters, under which all the Licensed Porters sold their licenses to Ports Authority for the requested fee. Some of the Licensed Porters chose to leave from that field of activity, while some others are still continuing and will continue to work in the Port under a Leasing Agreement. Services have been released as required by the Memorandum, in order to find investors who will now take over the management of Larnaca’s Port.
In the photo, the Managing Partner of our Company, the leadership of Cyprus Ports Authority and the Licensed Porters during the signing of the Agreement.