Ahead of Latest Bailout Payment, Cyprus Moved Quickly to Clean Up Corporate Registry

By Irene Madongo

Three years after a financial crisis that left its banking system in disarray, Cyprus has been rapidly revoking corporate charters in an effort to satisfy intergovernmental bailout demands. The island-nation, which in 2011 exacted funds from wealthy depositors in an effort to keep its financial sector afloat, has excised approximately 48,000 corporate entities once listed in its Companies Registrar, according to Cypriot authorities. The clean-up comes at the behest of the European Union and International Monetary Fund, which agreed in 2012 to a 10-billion euro bailout package for Cyprus. The sum represents an 18 percent drop from the total 270,000...