The European Commission has come to a decision that Cyprus Airways, the national airline company of the Republic of Cyprus, will suspend operations. The decision was made for the reason that the company had to recover the aid package of over €100 million received from the Cyprus government in 2012 and 2013 as Finance Minister of Cyprus Harris Georgiades declared. The information was provided by one of the largest news agencies of the world.
The Directorate General for Competition recognized the financial state aid like that to be illegal according to the EU state aid rules. Now the company is known to be unable to pay money back and its license is going to be revoked, the Finance Minister of Cyprus said.
“The company has ceased being a viable entity and cannot continue to operate," Harris Georgiades told. The government of Cyprus promised to cover all the pensions and retirement plans for the company employees.
Stockwatch reported that the last flight from Athens to Larnaca took place Friday night January, 9.
The state owns 93% shares of Cyprus Airways.