Lycourgos wins allowance grant

Lycourgos Kyprianou and his wife Ermione have won court permission to draw on a monthly allowance to cover their daily expenses after their assets were frozen.

The court granted the Kyprianou family about CYP 15.000, some CYP 5.000 short of the amount the couple had requested, with Lycourgos to cash CYP 12.600 a month from Global Consolidator as his salary while Ermione will have to settle for a monthly salary of CYP 3.200 from other companies including King Mazzax Lines.

Lycourgos and his wife applied last month for access to their assets, which were frozen by the court in July. The injunction to freeze the assets of GlobalSoft and its affiliates was secured following a lawsuit filed against the US-based AremisSoft, another affiliate, on behalf of over 6,000 former investors who lost over $500 mln in what US authorities described as one of the biggest stock market frauds of all time.

Lycourgos used to be the former chairman and CEO of AremisSoft and the principle shareholder. He is alleged to have dumped millions of shares at artificially inflated prices, driving the company to bankruptcy.