Church may sue over Hellenic Copper Mines

The Archbishopric may sue the Board members of Hellenic Copper Mines Ltd., including its Chairman Constantinos Loizides for mismanagement and as part of its attempt to reduce its obligations now reported at CYP 7 mln.

Hellenic Copper Mines Ltd, in which the Church holds a 39.96% stake through Hellenic Mining Corporation (EME), faces a massive lawsuit by disgruntled employees, who claim they are owed approximately CYP 165,000 in back salaries and because of a shortfall of CYP 270.000 in the staff pension fund.

Some 50 miners from the Skouriotissa copper mine gathered outside the Archbishopric, in protest at not being paid for the last three months. Employees claim the cash-strapped company is paying of its debts using money from the fund, so they’re ending up paying for the company out of their own pockets.

Backed by trade unions, the officer in charge of the provident fund filed a lawsuit against the Chairman of the Board, Constantinos Loizides (also representing the interest of EME), as well as the board of directors. The Ministry of Labour has reportedly been informed of the discrepancy for some time.

Meanwhile, reports suggest that the Bishop of Paphos has rejected an attempt by Loizides to resign from the company, telling him to remain in his post until the financial obligations of the group are clarified.

Hellenic Copper Mines, which has ceased production, currently owes CYP 17 mln, of which CYP 7 mln are owed to banks and CYP 5 mln to the Iakovou Bros.

If Hellenic Copper Mines foldes, then the obligations of EME will amount to CYP 7 mln, based on its 39.16% stake. Another 2% is reported to be owned by the Hellenic Bank, while the Mytilineos SA. Group holds a 26.69% stake.