{"id":5013,"date":"2024-03-21T18:02:36","date_gmt":"2024-03-21T16:02:36","guid":{"rendered":"https:\/\/ch.jfdi.cc\/?p=5013"},"modified":"2024-03-21T18:02:36","modified_gmt":"2024-03-21T16:02:36","slug":"cyta-defends-data-centre-plans-in-house-committee-meeting","status":"publish","type":"post","link":"https:\/\/ch.jfdi.cc\/?p=5013","title":{"rendered":"Cyta defends data centre plans in House committee meeting"},"content":{"rendered":"<div><img decoding=\"async\" src=\"http:\/\/ch.jfdi.cc\/wp-content\/uploads\/2024\/03\/cyta-defends-data-centre-plans-in-house-committee-meeting.jpg\" class=\"ff-og-image-inserted\"><strong>Telecommunications company Cyta<\/strong> is moving ahead with a study on the creation of a new <strong>data centre<\/strong>, amidst interest from a total of ten companies, according to Cyta chairperson Maria Tsiakka.<\/p>\n<div class=\"cypru-video-ads\" id=\"cypru-1695882232\">\n<div id=\"cypru-1243722262\" data-cypru-trackid=\"478051\" data-cypru-trackbid=\"1\" class=\"cypru-target\">\n<div id=\"gpt-ad-3290817726486-0\">\n<\/div>\n<\/div>\n<\/div>\n<p>It was noted that eight of these companies expressed interest during the initial stages of this endeavour, while the other two emerged at a later time.Addressing the <strong>House Audit Committee<\/strong>\u00a0on Thursday, where <strong>Auditor General Odysseas Michaelides\u2019 report<\/strong> on the organisation was discussed, Tsiakka mentioned Cyta\u2019s pursuit of a strategic partner for the project.She explained that this partner would invest in the venture, in which the organisation itself would hold a<strong> 51 per cent stake<\/strong>, with the government being a potential client.Regarding this project, Michaelides noted that the initial feasibility study was commissioned by a private company, identified in the study as a potential collaborator of Cyta.According to Michaelides, this study was examined by Cyta\u2019s previous board of directors, before being subsequently withdrawn when the Audit Service decided to scrutinise the matter.\u201cUntil the investigation began, Cyta was negotiating with this company. And they backed off when we stepped in,\u201d the Auditor General stated during the session.In response, Tsiakka stated that the establishment of the data centre is a decided matter for the board of directors.She added that following a tender process, it was entrusted to an auditing firm specialising in this field, tasking it with preparing a relevant study and approaching companies for participation in the project.She said that 39 companies were approached, out of which eight showed interest. However, she noted that there was ultimately no interest, as Cyta\u2019s conditions required companies to invest in the project themselves, bring clients, and provide expertise to Cyta.\u201cWe discussed it at a meeting with the board of directors and decided to give instructions for the update of this study, to re-approach the 8 plus 2 companies which expressed interest,\u201d she said.She noted that once a strategic partner is found, Cyta will conduct a feasibility study of the project.Moreover, Tsiakka stated that Cyta\u2019s scheduled investments are focused on the data centre and promoting the organisation\u2019s sustainable development, mainly in meeting energy needs through renewable energy sources.During the presentation of his report, Michaelides <strong>described Cyta as a fundamentally healthy organisation<\/strong> operating in an oligopolistic sector.In addition, the Auditor General directed criticism at the previous board of directors, which, as he said, \u201cgave the impression that Cyta was soaring\u201d, claiming that they made themselves to look like \u201cmagicians and miracle-workers\u201d, who \u201cexpect to have statues erected in their honour\u201d.He also referred to very serious issues that have been identified, which, as he said, resemble the \u201cwrongs of the past\u201d.He referred to the<strong> submarine data cable EMC<\/strong>, in which Cyta had decided to participate along with Greece and Saudi Arabia.He said that a newly established company is part of this project, whose director is \u201can individual with political connections\u201d, implicating Disy and former president Nicos Anastasiades.He also claimed that this individual, whom he named during the session, contributed almost nothing and was found to \u201chave \u20ac50 million in his pocket\u201d as a gift. He also noted that Cyta withdrew from the project when the Audit Service examined it.Cyta rejected Michaelides\u2019 claims.Tsiakka said that Cyta withdrew from the project for business reasons, as the financing terms changed, which the organisation deemed unacceptable.\u201cWe had no political interventions in the project, we became involved for business reasons and exited for business reasons,\u201d she said.On the other hand, Cyta\u2019s Chief Executive Officer Andreas Neocleous described the project as significant, as it will bypass the only route of cables passing through the Suez Canal.He added that Cyta withdrew because very strict participation terms were set.\u201cThe remarks of the Auditor General have nothing to do with us, as we are lawful and have legal opinions that everything was legal,\u201d Neocleous said.<\/div>\n","protected":false},"excerpt":{"rendered":"<p>Telecommunications company Cyta is conducting a study on establishing a new data centre, with interest from ten companies. Cyta aims to find a strategic partner for the project, holding a 51% stake. An initial feasibility study was conducted but withdrawn for further scrutiny. Cyta approached 39 companies, with eight initially showing interest. The project focuses on sustainable development, including renewable energy sources. The Auditor General described Cyta as a healthy organization but criticized the previous board and highlighted issues with a submarine data cable project involving political connections. Cyta withdrew from this project due to changed financing terms, denying any political influence.<\/p>\n","protected":false},"author":3,"featured_media":5014,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"Default","format":"standard","meta":{"_acf_changed":false,"footnotes":""},"categories":[4],"tags":[240,186,33,3,2369,2913,672,358,2915,250,415,747,899,1419,2796,1346,882,243,558,949,1770,2914,380],"class_list":["post-5013","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cyprus","tag-auditor-general","tag-business","tag-companies","tag-cyprus","tag-data","tag-data-centre","tag-disy","tag-energy","tag-feasibility-study","tag-google","tag-government","tag-greece","tag-interest","tag-investigation","tag-issues","tag-meeting","tag-nicos-anastasiades","tag-odysseas-michaelides","tag-renewable-energy","tag-saudi-arabia","tag-sustainable-development","tag-telecommunications-company","tag-us"],"acf":{"keyphrase":"","keywords":"","sourceimg":"","country-category":""},"yoast_head":"<!-- This site is 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