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Famagusta Developers found guilty in fraud case

Kypros Kyprianou and his company Famagusta Developers have been found guilty of double selling a property located near the Paralimni lake following an eight months court case.

FM Famagusta Developers

Source: Cyprus Mail

FAMAGUSTA Developers and its director Kypros Kyprianou have been found guilty in a fraud case involving the double-selling of a maisonette near Paralimni lake.

The trial lasted some eight months and included testimony from 15 witnesses after Kypros Kyprianou entered a plea of not guilty. The offence took place between 2006 and 2010 and it was reported that Kyprianou made a profit of €85,000.

Kyprianou was remanded in jail and a mitigation plea will be heard today (Wednesday). It’s possible that the presiding judge, Evi Antoniou, will also pass sentence today.

Kyprianou and his company, ‘Famagusta Developers’ are facing further criminal cases in the district courts of Larnaca , Famagusta , Nicosia and Limassol, involving similar offenses including forgery and theft by proxy brought by various complainants. We understand that several of these cases have already started.

In August 2010, the police advised the public that the company was under investigation for several cases of alleged fraud. The following month, the company and its director filed a suit against Phileleftheros demanding over €2 million for “written slander and or libel and or damaging lies” for one particular report entitled “Famagusta in Court”. In the same month the Famagusta court awarded a British couple €100,000 in damages for losses incurred through breaches of their contractual agreement with FK & S (Varoshia) Properties Ltd, 40 percent of which was reportedly owned by Famagusta Developers.

The company’s office in Protaras was targeted by bombers twice in less than five months in 2010 and 2011.

In late 2011, an order was issued for the winding up of the company after it was deemed “unable to pay its debts” by the Famagusta District Court.

Kyprianou spent most of the 1990s in prison for fraud offences after his company, Kyprianou Estates, which operated throughout the 1980s, was reported for selling the same property twice.

He fled the island before the police investigation was complete but was arrested in Germany and extradited to Cyprus where he was jailed. He was released in 2000 and later went on to set up Famagusta Developers.

Readers' comments

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  • Richard says:

    It’s in the DNA isn’t it?

    Dodgias Hellianou (& his three bent cousins).

    And this is a country that is supposed to be ‘integrated’ with a ‘harmonised’ Europe?

    If the joke weren’t so sick – I would probably rupture something laughing….

  • Neil says:

    Isn’t that exactly what the banks are doing? Selling already mortgaged land to unsuspecting buyers. Surely they should all be jailed for selling the same property twice

  • Denton Mackrell says:

    Apparently this geezer spent much of the 1990s in jail here for double selling fraud. It seems to be a kind of addiction with him. Perhaps there is a chance that with such previous he might actually get a harsher sentence this time. Hmmm. Oh look, yet another moufflon flying over the Troodos!

  • Robert Briggs says:

    Once again, the Glorious, Heroic & Noble Property Developers of Cyprus, make the news.
    Perchance in this particular case, overdue to have their right hands chopped off eh?
    Cheers, Bob.

  • Hector says:

    Isn’t there a job going at the Bank oF Cyprus? A man of his experience and all that..

  • Peter Davis says:

    Sitting in my developers office, paying off his tax bills for late payment on IPT I recall his exact words.

    “If you don’t take advantage of an opportunity people think you are a poor businessman”.

    In Cyprus there is no burd line between good business sense and criminality. They walk the same path.

  • Stuart says:

    Albeit time served, 6 months is a bit harsh for €85,000 when you consider Marios Shiaeles only got 15 months for his 3.6 million Cyprus pounds!

  • Mike says:

    The essence of Adrian’s comments are unfortunately well founded based on historical evidence. What is actually criminal is a system inclined by government that enables such acts to happen. Whatever happened to parliament enacting legislation to protect its citizens? Here we have legislation enacted to protect a wealthy minority to the detriment of all others. There is scope here for someone to make a good name for themselves, assuming the vested interests allow them to live,.

  • Adrian says:

    Kyprianou and his company will if the past record of justice is to be used will be sentenced to 6months time served and fined 500 euros and not allowed to start a property business for 3 months. It would have been more severe but it involved foreign buyers and they are fair game.

  • The views expressed in readers' comments are not necessarily shared by the Cyprus Property News.


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