Lycourgos Kyprianou, his wife Ermioni and his close associate Pavlos Meletiou as well as the CSE listed Global Consolidator and King Mazzax Lines Ltd have filed a petition with the court, asking for the temporary and partial release of their frozen bank accounts so that they can draw their salaries and cover expenses at least until September 7 when the hearing date for the temporary injunction order has been fixed.
The injunction was secured following a lawsuit filed by the Trustees of the AremisSoft Liquidating Trust on behalf of over 6,000 former investors in AremisSoft who lost over $500 mln in what US authorities described as one of the biggest stock market frauds of all time.
AremisSoft filed for bankruptcy on March 15, 2002.
Lawyers representing the five plaintiffs in the injunction case are due to appear on Wednesday before a judge to explain the reasons why they wish the temporary and partial lifting of the freeze on their bank accounts.
Lycourgos Kyprianou has asked the court to allow him to withdraw his monthly salary of CYP 12,600 and running costs as CEO of Global Consolidator, and any money necessary from personal bank accounts for him and his family to live and his children to continue their education in private schools and universities in Nicosia and the UK.
Ermioni Kyprianou, who owns King Mazzax Lines, asked the court to annul the interim order freezing her company’s bank accounts and allow her access to at least CYP 15.000 in salary and CYP 8.000 in additional monthly expenses.
Financial Controller of Global Consolidator, Pavlos Meletiou, also seeks to have his monthly net salary of CYP 5.000 released by the court so he can meet the financial needs of himself and his family.
The CSE listed Global Consolidator, employing 25 persons is also seeking a partial lifting of the freeze on its bank account in order to pay monthly salaries and running expenses amounting to CYP 50.000.
King Mazzax Lines is also seeking a partial relief to continue its operations of leasing and hiring of boats and meeting its salary and expenses amounting to CYP 24.100 a month.
US authorities have charged Kyprianou, among other things, with securities fraud and money laundering and are treating him as a fugitive after he refused to return and face the charges.
