Правительство ставит своей целью завершить строительство терминала сжиженного природного газа в Василико к концу 2025 года. С таким заявлением выступил министр энергетики, торговли и промышленности Йоргос Папанастасиу 3 декабря.
Выступая на мероприятии в штаб-квартире Электрической компании Кипра (EAC), он сказал, что правительство планирует начать использовать природный газ для производства электроэнергии с 2026 года. «Я знаю, что это звучит оптимистично, но мы должны ставить перед собой оптимистичные цели», ― сказал он.
Заявление было сделано спустя несколько недель после того, как президент Никос Христодулидис объявил, что работы по строительству терминала возобновятся в ближайшее время. Как только Государственная компания по инфраструктуре природного газа (ЭТИФА) выберет менеджера проекта, тот начнет готовить тендерную документацию для оставшихся работ в Василико.
История вопроса
Напомним, ранее в этом году работы были приостановлены из-за того, что консорциум CMC разорвал свой контракт с правительством. CMC обвинил ЭТИФА в задержках оплаты и отсутствии опыта.
Плавучая регазификационная установка (ПРГУ) «Промитеас» стала одним из ключевых пунктов спора между ЭТИФА и CMC, причем последняя настаивала на том, что судно уже готово и что Кипр «по необъяснимым причинам отказывается забирать его». Недавно стало известно, что ПРГУ прибудет на остров в декабре.
Ситуация усугубилась после того, как Европейская комиссия потребовала от Кипра вернуть почти 69 млн евро, которые были выплачены в виде субсидии на терминал. В письме Еврокомиссии, по словам Министерства энергетики, торговли и промышленности, говорится о двух существенных нарушениях: первое касается критериев выбора победителя тендера в декабре 2019 года, второе ― подписания двустороннего соглашения после утверждения дополнительного финансирования в размере 25 млн евро в июне 2022 года.
Европейская прокуратура публично объявила о начале расследования возможного мошенничества при закупках, незаконного присвоения европейских средств и коррупции, связанных с терминалом СПГ в Василико.
Кипр подписал контракт на строительство терминала СПГ в декабре 2019 года. На реализацию всего проекта должно было уйти 22 месяца.
Текст подготовлен по материалам Cyprus Mail
Продажи электромобилей и гибридных авто достигли беспрецедентно высокого уровня. Их количество увеличивается в ущерб автомобилям, работающим на бензине и дизельном топливе.
Статистическая служба Кипра опубликовала свой отчет за период с января по сентябрь 2024 года. По данным службы, в сентябре в стране было зарегистрировано 4428 автомобилей, что на 3,9% меньше, чем в прошлом году (4607).
Количество легковых автомобилей типа седан в сентябре сократилось на 7,5% в годовом исчислении (с 3722 до 3442 единиц).
Однако за весь отчетный период общее количество новозарегистрированных транспортных средств выросло на 13,2%: с 34 280 единиц до 38 819.
Количество легковых машин типа седан увеличилось на 10,3%: с 27 499 годом ранее до 30 344 в январе-сентябре 2024 года. Из них 12 304 (40,5%) были новыми, а 18 040 (59,5%) — подержанными. В частности, количество автомобилей для сдачи в аренду сократилось на 28,5%, то есть до 3438 единиц.
Доля легковых автомобилей с бензиновым двигателем снизилась почти на десять процентных пунктов: с 59,3% до 49,7% от общего числа зарегистрированных транспортных средств. Доля автомобилей с дизельным двигателем осталась на той же отметке: 10% в 2023 году и 9,9% в 2024.
При этом доля электромобилей выросла с 2,6% за три первых квартала 2023 года до 3,6% за тот же период 2024 года, а гибридных автомобилей — с 28,1% до 36,7%. Это самый большой рост этого показателя за всю историю мониторинга.
Текст подготовлен по материалам Financial Mirror
In this interview, Evagoras Lanitis talks about the evolution of one of Cyprus’ oldest and most influential family businesses – Lanitis Group. He shares insights into the group’s origins, its diversification into multiple sectors, and how the family has maintained its legacy through five generations.
The Lanitis Group has a long and rich history. Can you start by telling us about its origins and how it all began?
The Lanitis Group was founded in 1896 by my great-grandfather, Panagis Sykas, who later renamed the company Lanitis after our family’s origins in Laneia, a village near Limassol. He started with farming and agricultural exports, but over the years, the business expanded into trading, banking, hospitality, and other sectors. One of our first major successes was establishing Laiki Bank along with other local businessmen, which began as a local cooperative banking institution in Limassol to serve the local community and gradually grew into one of the leading banks in Cyprus. That is just one example of how we’ve always focused on building both our business and the community around us.
How did the group evolve from agriculture into other industries like banking and tourism?
The move into banking was a key step for us. It provided the capital and the connections we needed to expand. Tourism and constructions followed naturally after that, especially with Cyprus becoming a popular destination. We were the first to establish a five-star hotel in Limassol, which helped elevate the city's profile as a luxury destination. Over time, we’ve continued to diversify into sectors like shipping, leisure and entertainment , and energy. It’s all about adapting to opportunities as they come.
The Lanitis Group is now in its fifth generation of leadership. How has the family managed to successfully transition from one generation to the next?
Each generation brings its own challenges, but we’ve always placed a strong emphasis on maintaining our core values—integrity, reliability, quality and a commitment to the community. These values were passed down from our founders and continue to guide us today. When transitioning leadership, we make sure that the next generation is well-prepared and supported by experienced professionals from outside the family. This balance between family involvement and external expertise has been key to our longevity.
Have there been any particular challenges in keeping the family involved in the business as it has grown and diversified?
It’s never easy to keep family members engaged in such a large and diverse group of businesses. Not everyone prefer or like to take on higher management roles., So we’ve had to make sure that only those that would like to commit long term and of course have the right skills and experience are involved in the managerial decision-making process. At the same time, we bring in professional managers who share our values and have the expertise we need to run such a large group. It’s all about finding the right balance.
The Lanitis Group has diversified into numerous sectors over the years. Can you tell us more about how the group approaches diversification and what industries you are involved in today?
Evolution and diversification has always been a part of our strategy. We began with agriculture, trading and banking, but as Cyprus developed, we expanded into new sectors like construction, energy, hotels, tourism, shipping and entertainment. Today, we have a broad portfolio that includes companies such as Cybarco, which is one of Cyprus’ leading property developers and construction companies, and Amathus, a major player in hospitality and travel. In the sector of leisure and entertainment we have companies like Carob Mill Restaurants and Fasouri Waterpark. We also are one of the initiators and major shareholders in Limassol Marina, which has become an iconic part of the city. Also, Lanitis Group developed Aphrodite Hills the first integrated golf resort in Cyprus and now we are developing Limassol Greens Golf Resort, the first city golf resort on the island. By being open to opportunities in different industries, we have been able to keep the business evolving.
How do you decide which industries to enter? What factors influence these decisions?
We look at a combination of factors: market trends, the potential for growth, and how the industry aligns with our values and long-term vision. For example, we have moved into renewable energy with companies like Lanitis Energy and Conercon Energy Solutions because we see sustainability as a key part of the future. We also believe in adding value to the local community, so when we invest in a sector, we think about how it will benefit not just the company but Cyprus as a whole.
The Lanitis Group operates in diverse sectors, including shipping, farming, and the restaurant business. Could you tell us more about these areas and how they contribute to the group’s overall success?
Our involvement in shipping is longstanding. Through Amathus, we manage logistics, warehousing, and we are also involved in ship-owning. This sector remains a vital part of our business as it supports not only transportation but also trade, which is key for Cyprus as an island nation.
As for farming, our Lanitis Farm in Fasouri holds 2.9 million square metres of land, and while traditional farming has become less viable, we are transforming this land into high-value projects. One such project is the Limassol Greens Golf Resort, which combines residential, leisure, and golfing elements. This is a strategic development for us, focusing on creating a unique lifestyle experience.
In the restaurant and entertainment sector, we own Carob Mill Restaurants, which manages a number of successful venues in Limassol, as well as Fasouri Watermania, one of the most popular waterparks in Cyprus. We have also expanded into the international coffee market through the acquisition of Gloria Jean’s Coffees chain in Cyprus. These ventures not only diversify our portfolio but also create lasting experiences for the community.
In addition to real estate, the group has also made significant investments in the energy sector. Can you tell us more about those efforts?
Absolutely. We see energy, especially renewable energy, as a critical area for the future. Through Lanitis Energy, we have been investing in photovoltaics and other renewable sources. Conercon Energy Solutions, one of our subsidiaries, is focused on providing energy solutions that are both efficient and environmentally friendly. We are also involved in liquid gas distribution through Lanitis Gas. This shift towards energy is part of our commitment to sustainability and long-term growth.
The Lanitis Group is known not only for its business ventures but also for its corporate social responsibility. Could you tell us more about your approach to giving back to the community?
Giving back has always been an integral part of our family values. It is something that was instilled by our founders and passed down through the generations. In 2001, we formalised this with the establishment of the Evagoras & Kathleen Lanitis Foundation. The foundation is a non-profit organization and focuses on supporting education, health, and culture. For example, we provide scholarships in partnership with local educational institutions and contribute to various cultural events across the island. We believe that a strong business must also contribute to the well-being of its community.
Are there any specific projects that you are particularly proud of in terms of social responsibility?
One of the projects We are most proud of is the Evagorio Hospice, which is a palliative care centre for cancer patients. It is operated by the Anti-Cancer Society of Limassol, but our group contributed significantly to its construction and continues to support it with equipment and resources. Additionally, the Lanitio School and its theatre were built with the support of the Lanitis Group, creating opportunities for education and cultural activities. These projects reflect our commitment to improving the quality of life for the people of Cyprus.
How has the group managed to stay relevant and innovative in such a rapidly changing business environment?
Adaptation has been key to our survival and success. We are constantly looking for new ways to modernise our operations. One area we are focused on right now is digitisation. We are working to integrate digital solutions across all our sectors, from real estate to energy. At the same time, we are investing in new technologies and green energy initiatives. These steps are crucial to ensuring that we remain competitive in an ever-evolving market.
What role does innovation play in the group's future plans?
Innovation is at the heart of our strategy moving forward. We are particularly excited about the potential of green energy and the tech sector. While we have traditionally focused on industries like construction, real estate, tourism, shipping, and hospitality, we see the need to embrace more technological advancements. For instance, we are gradually entering the tech space, though we are doing so cautiously by bringing in the right expertise. We don’t just jump into new industries—we carefully assess how we can contribute and grow sustainably.
Looking ahead, what do you see as the key challenges and opportunities for the Lanitis Group?
One of the key challenges we face is maintaining our balance between tradition and modernisation. We are a company with deep roots, but we also understand the need to stay ahead in a rapidly changing world. The opportunities lie in our ability to innovate and adapt—especially in sectors like green energy and digital transformation. We also have a significant land bank, which presents opportunities for future development, such as our Limassol Greens project, a large-scale residential and leisure development that will unfold over the next decade. This will be a major focus for us moving forward.
Finally, what do you think is the secret to the Lanitis Group’s longevity and success?
I believe the secret lies in our commitment to core values—integrity, reliability, quality and social responsibility. These are the principles that have guided us through five generations. From generation to generation we follow an anthropocentric approach and every decision we make is not only about profitability but also about how it impacts our employees, our partners, and the broader community. We have a strong family culture, but we’ve also embraced the need for professional management and expertise from outside. This balance has allowed us to grow, diversify, and thrive for more than 120 years.
Evagoras Lanitis is a business development director at Lanitis Group and the representative of the 5th generation of Lanitis family. After graduating the university he started his career in his family business (Amathus Vacation Club, N.P.Lanitis Group, Lemissoler Shipping Group). Since 2013 Evagoras is a director of CrownSail Management, subsidiary company Lemissoler Navigation Co Ltd. He is also a member of the Board of Directors at Cybarco, one of the largest construction development companies in Cyprus. Evagoras Lanitis has two bachelor degrees in Business administration and computer information systems (NEC, USA) as well as master degree in international business administration (University of Edinburgh, Scotland).
Вслед за покупкой Hellenic Bank со стороны Eurobank может последовать еще одна крупная сделка в банковском секторе, которая обернется поглощением еще одного кредитного учреждения.
Издание Cyprus Mail со ссылкой на Кипрское агентство новостей сообщает, что Astrobank планирует выкупить CDB Bank. По неофициальной информации из источников агентства, Astrobank уже направил предложение CDB Bank. Официальные лица обоих банков пока что воздерживаются от комментариев, ссылаясь на конфиденциальность этой информации.
По результатам 2022 года совокупные активы CDB Bank составили 0,55 млрд евро, что соответствовало примерно 21% от общего объема активов Astrobank (2,73 млрд евро на конец 2022 года). Общая сумма кредитов CDB Bank составила 250 млн евро, депозитов ― 487 млн евро, депозиты в Центральном банке составляли 220 млн евро. Доля необслуживаемых кредитов CDB Bank ― 26,2%. Соответствующий процент в Astrobank за тот же период был равен 19,5.
На конец прошлого года в банке CDB работало 138 сотрудников. В дополнение к головному офису в Никосии у него было еще два отделения в столице и одно в Лимассоле. В Astrobank на конец прошлого года работало 465 человек, имелось 14 отделений по всему Кипру.
Astrobank обладает опытом в области эквайринговых банковских операций, который появился, когда холдинг M. Sehnaoui приобрел дочернюю компанию Piraeus Bank на Кипре в 2016 году, а затем и USB Bank. В 2021 году тот же банк приобрел операции филиала ливанского Byblos Bank на Кипре.
В свою очередь, CDB Bank ― это бывший государственный Кипрский банк развития, из которого государство полностью вышло в 2008 году.
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The founder of the Cyprus Diaspora Forum Paul Lambis discusses his vision for fostering a dynamic connection between Cyprus and its global diaspora. He explains how the Forum, a unique blend of physical and virtual business-to-business events, aims to celebrate and harness the diaspora’s contributions to Cyprus’ economic, cultural, and technological growth. Lambis highlights the Forum’s focus on entrepreneurship, innovation, and the tech sector, aiming to position Cyprus as a prime business and investment hub.
Paul, what inspired you to establish the Cyprus Diaspora Forum?
As a former member of Cyprus’ vast diaspora family, born in South Africa in the 1970s and relocating to Cyprus in the early 2000s, I have always recognised the vital role that Cypriots of the diaspora play in branding our island to the rest of the world.
As ambassadors, our expatriates have not only promoted Cyprus as a tourist destination; they have also contributed to our country’s economic and cultural life for many decades, enriching the societies in which they live and work.
Through my television and web series Culturescope, as well as my work as a contributing writer to the island’s main English language newspaper, I have the luxury of interviewing members of our extended Cypriot family from a broad range of sectors and industries.
Cyprus has evolved into a dynamic business centre, offering numerous investment and employment opportunities to both locals and foreigners. While the Cyprus government continues to nurture the island’s potential, it is essential to use the Cypriot diaspora, their networks of high-net-worth individuals, wealth and investment managers, financial advisors, and so on, to communicate the benefits Cyprus offers as an investment destination – not just a sun and sea resort.
As a result, I decided to establish an annual event to recognise Cyprus’ pioneering individuals abroad, as well as their influence among their own networks, and invite them to an event that will not only showcase them as the island’s international pioneers, but also help strengthen the important work the public and private sectors are doing to further strengthen Cyprus’ importance as a regional business hub.
What are the main objectives of the Cyprus Diaspora Forum, and how do you envision it impacting the diaspora and Cyprus itself?
The Cyprus Diaspora Forum is a four-day physical and virtual business-to-business event that will bring together Cypriot diaspora communities, prominent figures from Cyprus’ public and private sectors, media, academia, and civic society with the goal of recognising and promoting the importance of the Cyprus diaspora, while strengthening relations through entrepreneurship, innovation, philanthropy, cultural and social engagement.
However, in addition to prominent business professionals and talented Cypriot Diasporans who will be attending the event, the Cyprus Diaspora Forum has attracted a high level of interest from high-net-worth individuals and foreign investors interested in the island’s growth sectors and its unique investment opportunities. The event has also piqued the interest of local and international communities interested in networking with Cypriots of the diaspora in their home countries, engaging with Cypriots who have relocated back to Cyprus, and hearing about the multiple advantages of Cyprus from foreign nationals who have either invested or established permanent roots on the island.
The event will also be attended by high-ranking diplomats, ambassadors and high commissioners in an exclusive panel that will highlight the importance of their presence in Cyprus, the strengthening of bilateral ties, and how Cypriots who are based in their countries can assist in further strengthening ties between their nations and Cyprus.
Can you elaborate on the role of entrepreneurship and innovation in the Forum’s agenda, and how it aims to foster these elements within the Cypriot community?
The communal ties that Cyprus’ diaspora maintain with their ancestral homeland play a significant role in forging local-global relationships and building societies. We will look at how Cyprus may assist diaspora entrepreneurs and local organisations that serve as entrepreneurship hubs by providing them with the tools and information they need to succeed.
Another aspect of the forum is highlighting the importance of Cyprus as an established and growing tech hub in the European Union and a promising location for setting up headquarters, bringing together many flagship international tech companies, reinforcing the island’s ability to offer every resource needed for establishing one’s headquarters, launching a regional office such as back offices or development centres, expanding one’s business, or establishing an innovative startup.
Looking ahead, where do you see the Cyprus Diaspora Forum in the next five years, and what legacy do you hope it will create?
The Cyprus Diaspora Forum is ultimately a platform for all, connecting Cypriots in the diaspora, the local community, and friends of Cyprus through a significant event with the primary purpose of improving Cyprus’ status as a leading business destination.
Encouraging investment in Cyprus will also significantly improve the lives of our citizens, create job opportunities, and boost overall human development, resulting in a slowing down of Cyprus’ brain drain of highly skilled individuals who leave the island due to a lack of employment opportunities.
To leave a legacy through your career, you must do something that will have a long-term impact. On a personal level, Cyprus has provided many opportunities for both me and my family, as well as many diaspora individuals who have opted to relocate here. In this case, my legacy is an inheritance, and I want to leave a stronger community of people who believe in Cyprus and its potential.
Кипр отличается очень высоким объемом экспорта услуг по сравнению с объемом экспорта продукции. С таким заявлением выступил министр энергетики, торговли и промышленности Йоргос Папанастасиу.
Он объяснил это явление высокой академической квалификацией кипрских юристов, бухгалтеров и другими специалистов, а также их хорошим знанием английского языка. В 2023 году объем экспортируемых услуг увеличился на 2,2% по сравнению с 2022 годом и на 52% по сравнению с 2019 годом. Основными статьями экспорта в 2023 году стали телекоммуникации, IT и информационные услуги – общая их сумма составила 7,1 млрд евро, финансовые услуги на 4,7 миллиарда евро, перевозки на сумму 4,2 млрд евро, туристические услуги на 3,3 млрд евро, а также исследования и разработки на сумму 1,6 млрд евро.
И напротив, в экспорте товаров Кипр не показывает впечатляющих результатов, заявил Папанастасиу. Общий объем экспорта и реэкспорта составил 4,7 млрд евро в 2023 году, что на 11% больше по сравнению с 2022 годом. Внутренний экспорт составил 2,4 млрд евро в 2023 году, этот показатель вырос на 42% по сравнению с 2022 годом.
Основными экспортируемыми товарами в 2023 году были нефтепродукты (реэкспорт), в основном от иностранных компаний, работающих на Кипре (1,2 млрд евро), медикаменты (354 млн евро), сыр и продукты для его производства (318 млн евро), соки (44 млн евро).
Данные прозвучали в ходе доклада министра энергетики, торговли и промышленности в рамках пресс-конференции, посвященной презентации работы его министерства в 2023 году.
Текст подготовлен по материалам Stockwatch
28 мая в Лимассоле с успехом прошел инвестиционный конгресс Best Invest. Журнал «Успешный бизнес» в девятый раз выступает организатором этого мероприятия. Делегаты конгресса отметили высокий уровень участников панельных дискуссий и содержание бесед, отвечающее самым современным вызовам, стоящим перед кипрским бизнесом и перед инвестиционным сообществом в целом.
В своей статье по итогам конгресса финансовый аналитик Филипп Аммерман назвал современный этап развития бизнеса революцией, сравнимой с аграрной революцией времен неолита или промышленной революцией XVIII века.
Быстрый темп технологических изменений, особенно в области ИИ, машинного обучения и больших данных, а также во всем технологическом спектре, провоцирует радикальные изменения в секторах и профессиях, где много рутинных задачам или повторяющихся действий. Кипр недостаточно готовится к этому на национальном, отраслевом или даже корпоративном уровне.
Быстрый темп регулирования в области климата предполагает огромные затраты на переход к использованию новой энергии. Несмотря на четкие национальные обязательства в рамках политики ЕС, Кипр игнорирует большинство из них, несмотря на быстрые сроки их реализации.
В ближайшие годы мы увидим дальнейшую борьбу между:
– Неэффективными национальными монополиями, особенно в области производства электроэнергии, но также в сфере транспорта, здравоохранения и государственных операций.
– Быстро развивающимся частным сектором, который тормозится неэффективным государственным сектором.
– Технологиями, развивающимися с молниеносной скоростью, которые быстро и неизбежно заменят старые способы управления предсказуемыми процедурами и задачами.
– Политической системой, движимой непотизмом и поиском выгоды, а не дальновидными инновациями и современным управлением.
«Эта ситуация создает невероятные возможности, равно как и невероятные вызовы. У нас редко бывает возможность наблюдать за крупным технологическим переходом такого масштаба, но это похоже на Первую сельскохозяйственную революцию в неолитические времена или на Промышленную революцию около 300 лет назад» - пишет Филипп Аммерман в своем обзоре по итогам конгресса.
Limassol, Cyprus - June 12, 2024 - Only a few days left until Quadcode's highly anticipated HackAIthon event! On June 15th, The Warehouse by IT Quarter in Limassol will transform into a hub of innovation and technological advancement. The event is endorsed by Demetris Skourides, the Chief Scientist for Research, Innovation and Technology of the Republic of Cyprus. This groundbreaking event promises to be a dynamic gathering of innovative minds, featuring a diverse lineup of judges, mentors, participants, and sponsors.
A Unique Hackathon Experience
Unlike any other hackathon, HackAIthon combines intensive coding sessions with public keynote speeches and workshops, creating a dynamic and inclusive environment for learning and innovation. This 2-day marathon of coding, creativity, and collaboration will see participants develop cutting-edge solutions to real-world problems, centered around this year’s theme: the transformative power of AI in the fintech industry.
With over 350 registrations, HackAIthon has attracted some of the brightest minds in tech. After a rigorous selection process, more than 100 top-tier individuals split into over 20 teams have advanced to the next round. Their innovative ideas will be evaluated by eight esteemed judges, each a leader in their fields of tech, entrepreneurship, and finance. Additionally, over 20 experienced mentors will be on hand to provide invaluable guidance and support.
Driving Innovation in Fintech
By the event's conclusion, several Minimum Viable Products (MVPs) are expected to be market-ready, showcasing the exceptional talent and dedication of the participants. These MVPs have the potential to significantly impact the fintech industry, underscoring Quadcode's commitment to driving innovation and advancing the tech sector in Cyprus.
Beyond Coding: Celebrating Technology and Education
HackAIthon stands out by offering more than just a coding competition. Attendees will have the unique opportunity to gain insights from keynote speeches by tech giants such as Google, TikTok, Palta, and Malloc. These sessions aim to inspire and provide valuable knowledge for both personal and professional growth.
The event is proudly sponsored by ECOMMBX as the Quantum Sponsor and AdTech Holding and Roosh Circle as the Silver Sponsors, with additional support from Capacitor Partners and TechIsland as community partners. Also, HackAIthon has received great support from prominent media collaborators such as FastForward, InBusiness News, CBN, Protathlima, Cyprus Mail, MixFM, and Vestnik Kipra.
Stay tuned for more updates and follow HackAIthon on social media to get the latest news and insights first. Join us as we pave the way for the future of technology in Cyprus!
Confidentiality clauses are critical components of modern commercial contracts, where they play a significant role in safeguarding sensitive information. These clauses are designed to prevent unauthorized disclosure or misuse of confidential information exchanged between parties during the course of business dealings. This article explores the nature and legal implications of confidentiality clauses, including the consequences of their breach, drawing on relevant case law from both Cyprus and the UK.
Nature and Purpose of Confidentiality Clauses
Confidentiality clauses, also known as non-disclosure agreements (NDAs) when in standalone form, are contractual provisions that impose an obligation on one or both parties to keep certain information secret. This information may include trade secrets, business plans, customer lists, financial data, or any other information that the disclosing party considers sensitive.
The primary purpose of these clauses is to protect the disclosing party’s proprietary information from being disclosed to third parties or used in a manner that is not authorized by the contract. This is particularly important in industries where intellectual property and trade secrets are valuable assets.
Legal Framework
Both Cyprus and the UK recognize the enforceability of confidentiality clauses, although the specifics of their enforcement may differ.
In the UK, confidentiality clauses are governed by common law principles and contractual obligations. The courts have consistently upheld the validity of these clauses, provided they are clearly defined and reasonable in scope. The key legal principle is that the information must have the necessary quality of confidence about it, and it must not be in the public domain.
The landmark case of Coco v. AN Clark (Engineers) Ltd [1969] RPC 41 laid down the three elements required for a breach of confidence:
• The information itself must have the necessary quality of confidence.
• The information must have been imparted in circumstances importing an obligation of confidence.
• There must be an unauthorized use or disclosure of that information to the detriment of the party who communicated it.
In Cyprus, confidentiality clauses are similarly governed by principles of contract law, which are largely influenced by English common law due to the historical ties between the two jurisdictions. The Cypriot courts are likely to follow the reasoning set out in cases such as Coco v. AN Clark, applying similar tests to determine whether a breach has occurred.
In both jurisdictions, the courts will assess the reasonableness of the clause, particularly in terms of its duration, scope, and the extent of the information covered. If a confidentiality clause is too broad or vague, it may be deemed unenforceable.
Breach of Confidentiality Clauses
A breach of a confidentiality clause occurs when the party bound by the obligation discloses or uses the confidential information in a manner that is not permitted by the contract. The consequences of such a breach can be severe, including:
• Injunctions: The injured party may seek an injunction to prevent further disclosure or misuse of the confidential information.
• Damages: The injured party may also claim damages for any losses suffered as a result of the breach. In some cases, these damages may be difficult to quantify, particularly if the breach involves intangible assets like intellectual property or trade secrets. The courts may award compensatory damages to cover the actual loss, or in some cases, account for profits made by the breaching party from the misuse of the information.
• Termination of Contract: A serious breach of confidentiality may also give the injured party the right to terminate the contract, especially if the breach goes to the root of the agreement.
The case of Attorney General v. Guardian Newspapers Ltd (No 2) [1990] 1 AC 109 (often referred to as the "Spycatcher" case) highlighted the importance of confidentiality clauses and the willingness of the courts to enforce them through injunctions. The case also illustrated the balance between public interest and confidentiality obligations.
Key elements for enforceability
To ensure a confidentiality clause is enforceable, certain elements must be present:
• Clear Definition of Confidential Information: The clause must clearly define what constitutes "confidential information." This can include trade secrets, business strategies, customer lists, financial data, and any other sensitive information the parties wish to protect. Ambiguously worded clauses may be deemed unenforceable.
• Scope and Purpose: The scope of the confidentiality obligation must be reasonable and tied to a legitimate business interest. Courts will scrutinize clauses that are overly broad in scope, duration, or geographical limitation. The purpose of the confidentiality obligation should be clearly stated, such as to protect business interests or intellectual property.
• Circumstances Implying Confidentiality: The information must be imparted under circumstances that imply an obligation of confidentiality. This can be explicit, as in a signed contract, or implicit, based on the nature of the relationship (e.g., employer-employee, solicitor-client).
• Reasonableness: A clause must be reasonable in its application. Courts will not enforce confidentiality obligations that are deemed to be excessive or that unjustly restrict an individual's or business’s activities.
To summarise, Confidentiality clauses are vital in protecting sensitive business information. The enforceability of these clauses depends on their clarity, reasonableness, and the specific circumstances surrounding their breach. The courts provide robust mechanisms for addressing breaches, including injunctions and damages, while also considering the broader public interest.
Businesses operating across these jurisdictions should ensure that their confidentiality clauses are carefully drafted to maximize enforceability and protect their interests, while also being mindful of the legal limits imposed.
Marina Kharchenko
LLB, LLM, Advocate - Legal Advisor
www.pravo.com.cy
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The Cyprus Fintech Summit (CFS) event is back, and this time it’s bigger than ever! Happening this Friday, 6th December 2024, at the Crowne Plaza hotel in Limassol, CFS has officially sold out for the first time in its three-year history.
With nearly 250 tickets gone, it’s clear that this event has become the must-attend fintech gathering in Cyprus and beyond.
This Friday marks the fifth CFS. From the first-ever Cyprus Fintech Summit, which took place online during Covid, to last year’s incredible event, CFS has grown from a small industry event to a phenomenon, drawing fintech innovators, disruptors, and visionaries from across the globe. It’s not just a conference, it’s a celebration of the incredible progress and limitless potential of the fintech industry.
“CFS is an event my team and I look forward to each year. From attending the first-ever Cyprus Fintech Summit to our ongoing participation, nothing will keep us from being part of this outstanding experience. It’s a premier networking opportunity that has driven significant growth for my team and company. Beyond that, CFS plays a vital role in positioning Cyprus as an international fintech hub, driving innovation and connecting key players across the industry.” Andreas Orphanos, novusalpha.
This milestone moment wouldn’t be possible without the efforts of XValley, the team behind CFS. Known for creating tailored ecosystems for start-up forex & crypto brokerages, as well as core banking solutions for banking start-ups, XValley is all about helping businesses grow without losing sight of their bottom line.
Unlike traditional solutions, XValley’s modular approach is designed for flexibility and scalability, empowering clients to achieve their goals faster and smarter. It’s that same innovative spirit that drives XValley’s work, and more importantly, it’s the heartbeat of CFS.
A Line-Up of Visionaries
This year’s event brings together a phenomenal roster of speakers who are shaping the future of fintech. Each speaker brings a wealth of expertise and a unique perspective on the trends and innovations to watch in 2025 and beyond.
Here’s a glimpse at some of the incredible minds you’ll hear from this Friday:
- Nicolas Evrard, Regional Director EMEA, India, LATAM at G2 Risk Solutions, who will provide an insider’s view on managing risk in the ever-changing fintech landscape.
- Vitaly Kirshchenya, Senior Territory Account Executive at Cloudflare, will discuss the critical role of security in modern fintech.
- Akis Tsekouras, Mastercard Advisors Cluster Lead for Central Eastern Europe, who will explore the evolution of payment solutions in a globalised economy.
- Maria Leontiou, Head of Eurobank Next – Digital Growth & Future Competitiveness, who will share strategies for driving digital transformation in the financial sector.
- Eirini Fotiou, Founder of Lifelines, who will offer insights into how fintech can create meaningful impacts on businesses and communities.
- Marijana Gligoric, CEO and Co-Founder at brigit.dev, will share insights on bridging development and design in the industry.
- Noam Levi, Co-Founder & CEO at Excela, who will talk about the future of blockchain technology in financial services.
- Daniel Elsawey, visionary fintech leader, who will share his perspective on emerging trends and challenges in the industry.
- Marat Karpeko, Co-Founder and Director at InData Labs and Wargaming.net, will share insights on leveraging AI to transform financial services.
- Vanessa Antoniadou, Modern Workplace Senior Specialist at Microsoft, will explore how workplace technologies are evolving to meet fintech’s demands.
- Andrey Krasovsky, Senior VP, HR at The Soul Publishing, will talk about creating fintech cultures that thrive in a fast-paced world.
With over 30 speakers and panellists, the day promises to be packed with groundbreaking ideas and actionable insights.
