PROPERTY developers, hoteliers and large football clubs are among the major income tax debtors, according to the list given by the Finance Minister to parliament on Monday.
The list is published by StockWatch for public interest purposes. Finance Minister, Haris Georgiades also called upon “public interest purposes” for giving the list to parliament, in order to exercise fiscal control.
The list includes fifty legal and natural persons.
The debts start at €1.5 million and rise to €14.7 million.
Organisation | Tax Owed |
---|---|
1. R.X. Processing | € 14,747,554 |
2. Mediterranean Holiday Res LTD | € 9,750,222 |
3. Omonia Football Club | € 7,034,885 |
4. N. K. Shacolas-Holdings LTD | € 6,855,827 |
5. APOEL Football club LTD | € 6,151,892 |
6. Firmworth Finance and Investments LTD | € 6,088,894 |
7. C.N.H. Ependysis Axias LTD | € 5,888,806 |
8. Miltiades Neophytou C. E. & Developers | € 5,753,877 |
9. Chacholis Developers LTD | € 5,904,677 |
10. K. Athienitis Con. Devel. Public Ltd | € 4,217,999 |
11. A.C.L.N. LTD | € 3,994,818 |
12. Tauler Consultants LTD | € 3,939,268 |
13. Giovani Developers LTD | € 3,650,016 |
14. Renos Hadjioannou Farm LTD | € 3,600,533 |
15. Kofinou Abbatoir | € 3,196,216 |
16. Anorthosis Football Club | € 3,146,394 |
17. Olveron Investments LTD | € 2,876,969 |
18. Suphire Securities and Fin. Serv. LTD | € 2,587,647 |
19. Michalis D. Zavos Investments LTD | € 2,546,936 |
20. C.T. Tobacco LTD | € 2,505,596 |
21. Kleanthis Savva Developers LTD | € 2,457,988 |
22. Anorthosis Ammochostos Football Club | € 2,456,042 |
23. Paphos Mediterran Hotels LTD | € 2,398,537 |
24. Oikonomou Georgios | € 2,386,926 |
25. CYEMS CO LTD | € 2,351,329 |
26. Cyproperties Constructions LTD | € 2,293,585 |
27. AEL Football Club | € 2,290,948 |
28. Lagos Vaggelis | € 2,230,708 |
29. Makrides Zacharias | € 2,222,618 |
30. Marzen Holdings Company LTD | € 2,217,942 |
31. Sigma?Severis & Athienitis Secu. LTD | € 2,182,032 |
32. Chacholis Development Operations LTD | € 2,177,463 |
33. UNISYS World Trade Inc. | € 2,152,279 |
34. Zaquato LTD | € 2,120,367 |
35. Venus Rock Estates LTD | € 2,068,281 |
36. Global Value PLC | € 1,937,586 |
37. Transport Investments Holdings LTD | € 1,929,109 |
38. Omikron Bookmakers LTD | € 1,928,299 |
39. Panos Eliades LTD | € 1,922,292 |
40. A. & E. Transport LTD | € 1,910,685 |
41. Aristo Developments | € 1,835,170 |
42. Starcloud Management LTD | € 1,786,978 |
43. Alexandros Demetriou & Sons LTD | € 1,755,027 |
44. Pafilia Property Developers LTD | € 1,747,434 |
45. W Investments LTD | € 1,740,771 |
46. M.K. Digital World (Cyprus) LTD | € 1,735,549 |
47. D. Zavos Group Land & BLDG Develop. | € 1,609,619 |
48. Gregoris Yiasemi & Sons Develop. LTD | € 1,583,283 |
49. Christoforos Karayiannas & Son LTD | € 1,518,283 |
50. Charalambou Filippos | € 1,488,784 |
Panos Eliades Ltd owing 1,922,292. Really? And here was me thinking they were insolvency practitioners.
Thanks Nigel for presenting this list in much more readable version than that in C.M.
Reading the above comments makes you wonder if there are still more, undisclosed debts hiding under those listed.
@Deanna on 2015/02/10 at 3:44 pm – Thanks for your comments. As the list only shows the top 50 tax debtors there are probably many more.
Have you read the article in today’s Cyprus Mail? Pressure to mount on those with IPT arrears:
“No one will be spared from paying the full amount due on immovable property tax (IPT) as well as any penalties for delayed payment, interior minister Socrates Hasikos said on Monday.
‘Rest assured that all debtors, large and small, who owe tax will pay, and with the penalties provided by law,’ Hasikos told reporters.”
Dolphin Capital Investors, the parent company of Aristo Developers Ltd is registered in BVI, with it’s shares listed on the UK AIM currently at a 66% discount to NAV, it is ‘focused on generating strong capital growth’.
As well as Cyprus, it’s large scale developments are in Greece, Turkey and Croatia.
Despite acknowledging current problems with a major lender and the authorities here in Cyprus, it is in negotiations to secure YET MORE senior bank loans to finance it’s great aspirations. That is according to the latest information on AIM.
Further it is claimed that a debt for equity swap is to be concluded in respect of it’s subsidiary Aristo Developers Ltd, presumably this would involve BoC, as the major lender. Others might wonder what value such shares could have.
The same document confirms the failure of negotiations to sell the ‘Venus Rock’, AKA Secret Valley and Ha Potami, development to China Glory Investment Group, citing nevertheless an expected sale through competitive tender in the future.
Dr Pangloss might be impressed.
Venus Rock Estates Ltd was a subsidiary of Aristo Developers and which the latter had been trying to sell for quite a while since the original sale to Chinese investors fell through. The contact address for enquiries is still Aristo Developers. If this entity still belongs to Aristo that takes them into the top ten of tax defaulters, to add to their non-performing, unsecured loans from Bank of Cyprus (BOC), which, if John Hourican is to be believed, are going to be called in by BOC, plus their unpaid IPT. If Venus Rock Estates doesn’t belong to Aristo now, how could a sale go through with tax owing?
@Steve on 2015/02/10 at 10:15 am – I suggest that you read an earlier article Delinquent developers ultimatum, which includes references to Venus Rock, Aristo Developers Ltd., and & Dolphin Capital Investors.