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New Scheme For ISO Standard Against Corruption

by THEFUTURE.TEAM

June 20, 2024

In a significant move to bolster its anti-corruption framework, the Cypriot government has unveiled a scheme to promote the adoption of the ISO 37001 standard among public and private sector organisations. This initiative is part of the broader Recovery and Resilience Plan for Cyprus, allocating €2 million to support approximately 120 entities in implementing the internationally recognised anti-bribery management system.

Strategic Financial Support

The scheme offers financial incentives covering up to 60% of the costs for private sector entities involved in consulting and certification services required for the standard’s implementation. This targeted financial support aims to ease the burden on organisations and encourage widespread adoption of robust anti-corruption practices.

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Detailed Implementation Guide

A comprehensive guide detailing the scheme’s parameters, including eligibility criteria, terms of participation, and maximum sponsorship amounts, is available on the Ministry of Justice and Public Order’s website. This guide serves as a vital resource for organisations seeking to understand and benefit from the initiative.

Government’s Commitment to Anti-Corruption

The government has emphasised the importance of this initiative in its broader anti-corruption strategy. By urging relevant public service departments to participate, the government aims to lead by example and underscore its commitment to transparency and integrity. This initiative is expected to enhance the public sector’s capabilities in preventing and combating corruption, thus fostering a more transparent and accountable governance framework.

Broader Implications and Future Directions

The adoption of the ISO 37001 standard is anticipated to have far-reaching implications for Cyprus. By embedding stringent anti-corruption measures within both public and private sectors, the country aims to enhance its global reputation for business integrity. This move aligns with international best practices, positioning Cyprus as a proactive player in the global fight against corruption.

Moreover, the initiative reflects the government’s broader strategy of integrating international standards to improve governance and foster sustainable economic growth. By ensuring that organisations operate with high ethical standards, Cyprus aims to attract foreign investment and boost economic confidence.

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Competition Authority Launches Comprehensive Review of ExxonMobil Cyprus Acquisition

by THEFUTURE.TEAM

September 16, 2025

Investigation Initiated Over Strategic Acquisition

The Competition Protection Authority has commenced a thorough investigation into the acquisition of ExxonMobil Cyprus Limited’s share capital by Petrolina Holdings Public Ltd through Med Energywise Ltd. This inquiry was formally initiated following a session held on 10 September 2025, after an in-depth review of the pertinent report by the Authority’s Service.

Concerns Over Market Compatibility

Authorities have expressed serious concerns regarding the compatibility of the transaction with established competitive practices. The review indicates that the acquisition may affect several critical petroleum markets, both horizontally and vertically, thereby raising the potential for adverse impacts on market dynamics.

Horizontal Market Dynamics

On the horizontal front, potential effects have been identified in the import market for petroleum products, as well as in both wholesale and retail distribution channels of these products. The consolidation is believed to increase the risk of price rises and coordinated actions, given the direct competitive proximity between Petrolina and ExxonMobil.

Vertical and Adjacent Market Implications

Vertical aspects of the merger are also under close scrutiny. The new entity could restrict competitors’ access to critical infrastructure such as storage facilities, supply channels, and customer bases. These restrictions could further affect the onshore distribution of fuels, the wholesale market for lubricants, and specialized technical services connected with fuel station operations.

Local Market Considerations

Particular attention is being paid to the potential concentration in the retail fuel market. The investigation suggests that a reduced competitive landscape within a four-kilometer radius of the companies’ fuel stations could lead to diminished local competition, adversely impacting consumer prices and options.

Next Steps and Industry Impact

The Competition Protection Authority, which reached a unanimous decision to pursue a full investigation, remains open to submissions from parties that might be affected by this transaction, as mandated by current legislation. A final decision is expected within four months upon receipt of all necessary evidence, potentially setting a significant precedent for future market consolidation cases in the energy sector.