The Nicosia Permanent Criminal Court on Wednesday acquitted former House Speaker Demetris Syllouris and former AKEL MP Christakis Giovani of all charges in the high-profile citizenship-by-investment case that followed the Al Jazeera investigation into Cyprus’ “golden passports” scheme.
The decision, delivered by majority (2–1), brings to a close one of the most politically sensitive trials linked to the programme that severely damaged Cyprus’ international reputation. The court ruled that the evidence presented by the prosecution was insufficient to secure convictions on any of the three counts faced by the two former officials.
The majority decision was issued by Criminal Court president Nikolas Georgiades and judge Naya Oikonomou, while judge Maria Loizou dissented in part, disagreeing with the acquittal on the third count and issuing a separate opinion.
Three cases, no conviction at first instance
This marks the third case linked to the citizenship-by-investment scheme in which no conviction has been secured at first instance. In a previous case concerning the naturalisation of three Iranian nationals, the Larnaca Criminal Court acquitted five individuals and four legal entities in November 2022; following an appeal by the Attorney General, the Supreme Court ordered a retrial.
A second case involving the exceptional naturalisation of members of the Salem family also resulted in acquittals, with an appeal currently pending.
A fourth case related to naturalisations remains before the Criminal Court at an early stage, with all defendants pleading not guilty.
Legal circles anticipate that the Legal Service will examine the possibility of filing an appeal in the present case after studying both the majority and dissenting judgments.
A 169-page judgment
In its 169-page ruling, the Criminal Court set out the procedural history of the case, amendments to the indictment and the evidence presented.
The charges concerned alleged trading in influence under Cyprus’ ratification law of the Council of Europe Criminal Law Convention on Corruption and conspiracy to defraud under the Criminal Code.
The majority concluded that, based on the totality of the prosecution’s evidence, the legal elements required to substantiate the offences had not been proven beyond reasonable doubt.
Sharp observations on the prosecution
The judgment contains pointed observations regarding the handling of the case by the Legal Service and the investigation.
The court noted that no officials from the Ministry of Finance were called to testify about how compliance with the financial criteria of the Cyprus Investment Programme had been assessed, despite their central role in verifying economic requirements.
It described such officials as “essential witnesses” and stressed that when the prosecution does not call material witnesses, it must provide an explanation. In this case, the court said, no such explanation was given.
The judges also referred to investigative gaps, particularly the failure to question the accused on key documents and correspondence relating to the financial dimension of the agreement under scrutiny. While the court acknowledged concerns regarding the fairness of the trial process, it stated that, in light of its acquittal, further discussion on that issue was rendered moot.
From the video… without the video
Crucially, although the case originated from Al Jazeera’s undercover investigation into the Cyprus Investment Programme, the court clarified that the charges ultimately brought against the defendants were not based on the content of the published video.
The Al Jazeera footage was not submitted as evidence before the court, and no judicial notice could be taken of its contents.
One of the journalists initially expected to testify via videoconference ultimately declined to appear. The prosecution informed the court that it no longer considered the witness reliable, citing shifting positions and what it described as disrespect toward judicial procedures. As a result, the testimony was not pursued.
The dissent
In her dissenting opinion on the third count, judge Maria Loizou held that all constituent elements of the offence had been satisfied. She argued that the evidence demonstrated that the investor sought naturalisation despite lacking a residence permit in the Republic and that requests for reconsideration of a rejected application on behalf of a specific investor were not innocuous.
According to her reasoning, such actions could not be regarded as innocent and the claim that nothing improper had occurred was unconvincing.
Scenes in court
The courtroom was filled well before proceedings began, with relatives and supporters of the defendants present. At the conclusion of the majority ruling, members of the audience applauded, prompting the court to characterise the reaction as inappropriate.
During a recess between the reading of the majority and dissenting opinions, Syllouris and Giovani were seen speaking with family members and legal counsel, visibly relieved.
Syllouris breaks five-year silence
Speaking publicly for the first time in more than five years, Demetris Syllouris described the material at the centre of the case as “edited” and “illegal”, maintaining that he had chosen to remain silent throughout the proceedings out of respect for the judicial process.
“I was clean, I remain clean and I will continue,” he said, adding that he bore no resentment toward those who prosecuted him or toward those who, in his view, exploited the case politically.
He argued that corruption cannot be proven through “fabricated or edited images” but through evidence of illicit enrichment. Referring to the dissenting opinion’s mention of a phone call from his office to a public official, Syllouris questioned whether any politician since 1960 had not contacted a public servant to inquire about the status of a case, insisting that no pressure had been exerted.
The acquittal closes one chapter of the “golden passports” saga in the criminal courts, but its political and institutional reverberations are unlikely to subside soon, particularly as appeals and further proceedings remain on the horizon.