The Anti-Corruption Authority has released its findings on Marinos Sizopoulos, former President of EDEK, pointing to possible violations of the Criminal Code and acts of corruption.
According to the Authority, the case concerns Sizopoulos’ involvement in corporate and financial transactions connected to TAXAN Properties Developers Ltd, carried out under the Cyprus Investment Programme for exceptional naturalizations. The investigation was conducted by two Inspection Officers, who collected testimonies from 28 individuals and reviewed 262 documents.
The Authority has forwarded its findings to the Attorney General for further legal assessment and potential action. The case is now expected to be examined within the framework of criminal proceedings to determine whether formal charges will follow.
In statements to Politis, Marinos Sizopoulos said he will hold a press conference, presenting information that sheds light on the case and announcing his own next steps for the future.
Suspected Criminal Offenses
Their findings suggest there is evidence of possible violations of the Criminal Code, including fraud under Article 300, forgery and the making of a false document under Articles 331 and 333, circulation of a forged document under Article 339, and conspiracy to defraud under Article 302.
The report also highlights sufficient indications that the accused was aware of the actual sale price of TAXAN’s shares as well as the existence of a contract dated 4 October 2017. Among the evidence presented was a document signed by Sizopoulos that made explicit reference to this contract, which recorded the true sale price of the shares. In addition, two officials from companies holding shares in TAXAN testified that he had full knowledge of the October 2017 agreement.
Key Findings
In its announcement, the Authority stated:
“Therefore, the Inspection Officers concluded, on the basis of the standard of proof applied by the Authority, that there are sufficient indications supporting the conclusion that the Respondent and three other officials of TAXAN shareholder companies signed and submitted to a bank a share purchase agreement of TAXAN dated 17 October 2017, with a false price (€1,600,000), concealing the real price (€2,025,000), which had been recorded in an earlier contract dated 4 October 2017 (signed by proxy on behalf of all TAXAN shareholders by one of the officials of a shareholder company).
Based on testimony, the Inspection Officers also found sufficient indications that the foreign investor’s signature on the contract dated 17 October 2017 had been forged. According to their findings, the use of the 17 October 2017 contract was intended to mislead a third party (namely the bank) and to secure profit and economic benefit (a 37% discount on the loan amount and release from personal guarantees on the loan).
On the basis of the above, the Inspection Officers identified possible violations of the following provisions of the Criminal Code (Cap. 154): fraud (Article 300); forgery and the making of a false document (Articles 331 and 333); circulation of a forged document (Article 339); and conspiracy to defraud (Article 302).”