Lycourgos loses Cyprus Supreme Court appeal

The Supreme Court rejected the appeals of former chairman of AremiSoft, Lycourgos Kyprianou, and his wife, Ermioni, on Monday, as well as of their subsidiary holdings, ruling that these were unwarranted and ordered that all their accounts worldwide remain frozen in accordance with the initial court decision of 2005.

The court also rejected requests by Lycourgos, Ermioni and Global Consolidator’s Chief Financial Officer Pavlos Menelaou to annul the freeze on their accounts for “living costs”.

Last July, Ermioni had asked the court to release their frozen assets so she and her family could maintain the lifestyle they were used to, which, as she listed to the court, includes spending CYP 4,000 a month on clothing. She had also asked the court to annul the interim order freezing the accounts of her company, which pays her salary of CYP 12,000 a month.

Lycourgos had asked the court to allow him to withdraw his monthly salary of CYP 12,600 from Global Consolidator and any money necessary for him and his family to live and his children to continue their education. His lawyers also requested that Global be allowed to withdraw money to pay running costs and wages.

Meletiou sought to have his monthly salary of CYP 5,200 released by the court so he could meet the financial needs of his family.

The district court had issued an injunction on July 21, 2005, freezing Lycourgos Kyprianou’s worldwide assets as well as those of companies and people affiliated to him following a lawsuit filed by the Trustees of the AremisSoft Liquidating Trust on behalf of over 6,000 former investors who lost over USD 500 million in what US authorities described as one of the biggest stock market frauds of all time.