The Nicosia District Court issued additional orders in the case of the Trustees of the AremisSoft Liquidating Trust on behalf of its more than 6,000 beneficiaries, against Lycourgos Kyprianou and others.
In one order, the court on July 26 granted leave to the Trustees to serve several non-domiciliary entities which were identified as alter ego companies of Kyprianou, used by him to assist in the alleged fraud on AremisSoft Corporation and its shareholders. A second order extended the freeze and other injunctive relief, which had previously been granted by the Nicosia District Court on July 21 against Kyprianou to those additional alter ego companies. The third order impounds the shares nominally owned by Hermione Kyprianou in the company L&N Kyprianou Estates Ltd.
The new orders expand and solidify the order issued on July 21 against Kyprianou and others as the AremisSoft Liquidating trust tightens its grip on Lycourgos Kyprianou to recover the damages he caused to the AremisSoft Liquidating Trust beneficiaries.
In the application, the plaintiffs traced more than $100 mln in illegal trading profits in AremisSoft shares to Kyprianou and an additional $30 mln, which he allegedly misappropriated from AremisSoft.
Last week, the Nicosia District Court issued an interim order to immediately freeze worldwide assets of Kyprianou, and persons and companies affiliated with him as a result of his role in one of the largest international frauds resulting in losses of over $500 million to investors who were former shareholders of AremisSoft Corp.
The Corporation, which purported to be a multi-national software company listed on the United States NASDAQ stock exchange, was the victim of a massive fraud perpetrated by Kyprianou, AremisSoft’s former chairman and Chief Executive Officer, and others who conspired with him.
The AremisSoft Liquidating Trust was established in 2002 by order of the Honorable Joel A. Pisano of the United States District Court for the District of New Jersey to investigate and pursue claims and recoveries for the former shareholders of AremisSoft Corp.
