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Proposed Levy on Deposits in Cyprus
//science-technology.news-articles.net/content/2013/03/18/proposed-levy-on-deposits-in-cyprus.html
Published in Science and Technology on Monday, March 18th 2013 at 6:30 GMT by Market Wire
Published in Science and Technology on Monday, March 18th 2013 at 6:30 GMT by Market Wire
March 18, 2013 09:18 ET
Proposed Levy on Deposits in Cyprus
NICOSIA, CYPRUS--(Marketwire - Mar 18, 2013) -
AIM:EMED TSX:EMD 18 March 2013 EMED Mining Public Limited ("EMED Mining" or the "Company") Limited Company Exposure to Proposed Levy on Deposits in Cyprus EMED Mining, the Europe-based minerals development and exploration company, notes the announcement by authorities in Cyprus of a proposed one-off levy of 6.75% to 9.9% on bank deposits. Based on the Company's preliminary enquiries, the yet to be published legislation would have the effect of imposing a levy on EMED Mining of circa EUR20,000 if applied to its bank deposits in a Cypriot bank and creates contingent liability for an additional amount of circa EUR250,000 if it is also applied to a UK bank deposit which the Company administers via the bank's Cyprus branch. We understand that the levy would not apply to the Company's other bank deposits. For more information please contact: EMED Mining Harry Anagnostaras-Adams +357 9945 7843 RFC Ambrian Stuart Laing +61 8 9480 2500 Fox-Davies Capital Simon Leathers/Susan Walker +44 203 463 5022 Bishopsgate Communications Nick Rome +44 207 562 3350 Proconsul Capital Andreas Curkovic +1 416 577 9927 This information is provided by RNS The company news service from the London Stock Exchange END Publication Contributing Sources
