The Independent Authority Against Corruption will announce findings from three investigations in the coming weeks, with one focusing on former EDEK party leader Marinos Sizopoulos over a €956,000 debt write-off, according to sources familiar with the matter.
The authority has completed investigations into allegations involving political figures and will release details of two probes within days, authority member Makis Konstantinides told the House Institutions Committee on Tuesday. A third investigation will be announced in September.
One confirmed investigation examines allegations against former President Nicos Anastasiades detailed in the book “Mafia State” by Makarios Drousiotis. The investigation team has taken necessary testimony and is submitting findings chapter by chapter according to an established timeline.
Former EDEK leader Sizopoulos investigated in debt write-off case
The second investigation involves allegations made by former MP Giorgos Varnavas against Sizopoulos regarding Taxan Properties Developers Limited, sources confirmed to Phileleftheros. Varnavas filed the complaint with the authority on 28 March 2023.
Sizopoulos held interests in the company through another entity called “IO KTIMATIKI LTD”, where he served as director with share capital owned by close family members during the relevant period. An Iraqi investor who became a naturalised Cypriot citizen purchased shares in the business entity.
€956,000 loan cancellation under investigation
Authority inspection officers focused their investigation on Taxan’s debt cancellation rather than the investor’s citizenship grant. The probe centres on a 2017 decision by a financial institution to write off €956,000 owed by Taxan Properties Developers Limited.
The debt cancellation formed part of an agreement between the bank and Taxan executives to settle a non-performing loan totalling €2.581 million. The settlement required immediate payment of €1.625 million, which the Iraqi investor apparently secured.
Sizopoulos participated in Taxan through 250 shares held via IO KTIMATIKI LTD, according to company records.
The investigation findings have been submitted to the Independent Authority Against Corruption, awaiting approval from authority officials before public release. Depending on the findings, the case file may be forwarded to the Legal Service with specific recommendations.
“It is a matter of days before we announce two of these investigations. We will officially give society details about these two. And there we will mention the name of the political person involved,” Konstantinides told parliament.
The authority resolved a separate dispute with the Attorney General’s office regarding three police-related cases. The authority clarified that whilst no corruption was found, it had sought prosecution of a specific individual for allegedly refusing to answer questions during testimony. The Attorney General disagreed with this position, and the matter was closed in May 2024.