Proposed Levy on Deposits in Cyprus
18.03.2013 | Marketwire
NICOSIA, CYPRUS -- (Marketwire) -- 03/18/13 --
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
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