The Cyprus-based pharmaceutical company Remedica has issued a denial regarding allegations of illegal political donations to President Nikos Christodoulides, following the circulation of a video that has ignited a political firestorm in the country.
In a statement released on Friday, 9 January 2026, Remedica addressed a video—reportedly featuring former Energy Minister Yiorgos Lakkotrypis—which suggested that the company made a €75,000 payment to the Presidential Palace to secure government intervention against the sanctioning of a Russian billionaire Andrei Kosogov. Remedica, which is owned by the Luxembourg-based investment group LetterOne, clarified that no political donations have ever been made to the Christodoulides administration.
The company stated that the €75,000 figure cited in the video refers exclusively to a transparent donation made in July 2025. This payment was directed to the official Republic of Cyprus Wildfire Support Account following a public call for aid during the devastating wildfires that affected the island and impacted Remedica employees. The firm noted that this contribution is “fully documented” and was a response to a humanitarian crisis, not a political one.
Addressing the status of its parent company, Remedica further clarified the relationship between LetterOne and its sanctioned shareholders Mikhail Fridman and Petr Aven. “LetterOne is not sanctioned and is entirely separate from its sanctioned shareholders,” the company stated. It added that the holdings of sanctioned individuals remain frozen, and that these individuals exert no influence over and receive no benefit from the group’s operations.
The scandal broke on Thursday after the video surfaced online, prompting the government to label the allegations “hybrid activity against the Republic.” While the Christodoulides administration has rejected claims of campaign finance breaches, opposition parties have called for a full investigation into the allegations against the Presidential Palace.
Can't even describe what I just received!
🚨 BREAKING BOMBSHELL VIDEO EXPOSES CYPRUS PRESIDENT'S SHADOW CASH MACHINE!
President Nikos Christodoulides allegedly SMASHED the €1M campaıgn fınance cap vıa a sneaky family network!
Brother-in-law Charalambos Charalambous (Director of… pic.twitter.com/B9YDR1Y3T3— Emily Thompson (@EmilyTanalyst) January 8, 2026
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