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The Greek Cypriot daily "Fileleftheros" under the headline "Cyprus: Milosevic’s Treasure Island", referring to an article published in the Italian daily "Corriere della Sera" on the sale of Serbian Telecom to Italian Telecom and the Greek Telecommunications Office (OTE) stated that a large portion of the money derived from the sale was secretly transferred to Milosevic’s bank account in South Cyprus.

The daily reported that in an investigation carried out by the International Court of Justice, the Italians frequently undertake small-large size industrial initiatives in South Cyprus and South Cyprus is referred to in the report as Milosevic’s ‘Treasure Island’.

It was also reported that from the sale of Serbian Telecom the Serbs gave specific instructions to the buyers and income from the sale was transferred to an account in the European Popular Bank in Athens and that the account in question belonged to the finance arm of the Beogradska Bank of the Belgrad administration operating in South Cyprus.

Meanwhile, the ‘Cyprus Mail’ of June 19 reported that DIKO Chairman, Tassos Papadopoulos has filled libel suits against the ‘Antenna’ television station and ‘Alithia’ newspaper for reports linking his law firm to the operations of offshore companies named in a report prepared by the International War Crimes Tribunal as acting on behalf of former Yugoslav President Slobodan Milosevic.