The Independent Anti-Corruption Authority is investigating former EDEK president Marinos Sizopoulos alongside three others for four potential criminal offences.
Photo: in-cyprus.philenews.com
- The Independent Anti-Corruption Authority is investigating former EDEK president Marinos Sizopoulos alongside three others for four potential criminal offences.
- The report suggests that Sizopoulos was aware of the true sale price, referencing a document he signed that explicitly mentioned the earlier contract containing the correct figure.
- As the investigation continues, the implications for Sizopoulos and his associates remain to be seen, with the potential for legal ramifications hinging on the outcomes of the Authority’s findings.
The allegations include fraud, forgery and the creation of a forged document, circulating a forged document, and conspiracy to defraud. These offences are linked to the sale of shares in Taxan Properties Developers Ltd, which occurred during a loan settlement with a bank.
Photo: in-cyprus.philenews.com
Sizopoulos, a current MP, was a shareholder in Taxan through his company, IO Ktimatiki LTD. According to the Authority’s report, the shareholders sold Taxan’s shares to an Iraqi investor for €2,025,000 to settle their debts with the bank. However, they declared a sale price of only €1,600,000.
The report states that the bank would not have agreed to the loan settlement had it been aware of the actual sale price. The Independent Authority noted, “the use of the contract dated 17/10/2017 was for the purpose of misleading a third party (i.e., the Bank) and gaining profit.”
Inspection Officers concluded that Sizopoulos and the other shareholders signed and submitted a contract to the bank with a false sale price, concealing the true amount recorded in a prior agreement. Moreover, they found indications of forgery concerning the signature of the Iraqi investor on the same 17/10/2017 contract.
The report suggests that Sizopoulos was aware of the true sale price, referencing a document he signed that explicitly mentioned the earlier contract containing the correct figure.
A witness involved in the case has implicated Sizopoulos and others, revealing their alleged participation in the fraudulent activities. This individual named Sizopoulos during a police interview, admitting their involvement.
In response to the allegations, Sizopoulos stated he would present all evidence at a press conference following his planned trip abroad. He has denied any wrongdoing, claiming to have uncovered the forged signature and filed a complaint with the authorities himself. “No problem” was his response when asked if the case would proceed to court, asserting his readiness to defend himself.
The Independent Anti-Corruption Authority has forwarded its findings to the Attorney General for further action. The investigation process has been extensive, with 31 sessions held, 28 witnesses called to testify, and 262 pieces of evidence submitted for review.
Documentation related to this case includes a power of attorney signed by Sizopoulos, a tax assessment notice from the Tax Department reflecting the actual sale price, and a confidentiality agreement between the bank and the shareholders concerning a loan settlement. These documents detail the significant financial transactions surrounding the sale of Taxan shares.
As the investigation continues, the implications for Sizopoulos and his associates remain to be seen, with the potential for legal ramifications hinging on the outcomes of the Authority’s findings.
