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Police call for Aristodimou’s arrest

Police have called for the arrest of Theodoros Aristodimou, founder and managing director of Aristo Developers and former Chairman of the Board of Directors of the Bank of Cyprus, and his wife.

Theodoros Aristodimou

Theodoros Aristodimou – Photo credit: ? ????????????

POLICE have recommended arresting prominent developer Theodoros Aristodimou, his wife, and a former Paphos municipality official, reports said, as part of a probe into the demarcation of land plots in Paphos.

Daily Politis on Monday said Aristodimou, who had also served as chairman of Bank of Cyprus in the past, his wife Sotiroulla, and former municipal engineer Savvas Savva, were named as suspects in a police report submitted to the state legal services.

The case was reported to police on July 1 and concerned an application filed by Aristo Developers, Aristodimou’s company, for a permit to demarcate 177 plots in the Skali area.

The application was approved, but according to the complaint filed to police, it later emerged that new plans were added in the file and the previous ones had been annulled.

With the new plans, the company basically took back some 5,000 square metres, which had been previously earmarked as green spaces in accordance with the rules and regulations.

The value of the land was estimated at €2.0 million, Politis said.

The company denied the accusations, saying the municipality got the calculations wrong. It claimed that the municipality had asked for new plans to be submitted and the discrepancy came about because the land area was bigger than what was recorded on the title deeds.

The changes in the demarcation of green areas were made at the behest of the water department to protect a stream.

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  • Other quotes from Politis:

    “Names consultant to the City of Paphos Mr. Andreas Dimitriadis prepared an opinion on the notorious case of separation of 177 plots. The column asks if he Dimitriadis serves or served as legal counsel of the company under investigation ARISTO.”

    “Officials of the company Aristo, in a letter to the ‘P’ characterize the reporting of the Sunday edition of the newspaper unacceptable, noting that besmirched the name of a family that has produced many place and a company that pioneered the development of the economy of Paphos and beyond. The company officials say that the information published not justified by invoking the additional deposit of municipal secretary. The company officials criticize F · for the publication of the issue, citing features that period << The institutions are in crisis, we see very easily anymore to become sacrifices on the altar of the game of impressions, sales sheets additional traffic, rein awareness, disorientation, and other petty considerations. They feed the masses with bile that give them, and recycle with great ease in the faceless internet maliciousness, adding their own nails on the cross that no logic and no trace erected law - judges and judges people who do not even know. "They note, too, that are determined to react dynamically to vulgar, as the typical, scenery began erected by various considerations."

  • Costas Apacket says:

    I agree totally with Gavin Jones comments.

    There are far too many teflon coated usual suspects in Cyprus who enjoy de facto immunity from most laws and rules that the rest of us have to abide by.

  • Spirit of Odd Job Bob says:


    Slow down people…

    The police are not an alien army of law-enforcing “Untouchables” beamed down to arrest the wrongdoers, answerable to no-one and nothing but truth, honesty and justice!

    They are a very intertwined and completely compromised organ of the State, answerable to their political masters (the same devious political masters who cooked up the whole Great Property/ Loan Scam in the first place).

    Expect justice and you’ll be expecting a very long time…

  • The DJ says:

    Why do the police call for his arrest surely if they have enough evidence they will knick em and interview their suspects then the CPS will decide if they will charge the accused or release them.

  • Brian says:

    As Gavin has said this goes back to the founding of modern Cyprus.

    It has continued at an exponential rate, It has lead to third rate shoddy domestic units of dubious construction, sold to unsuspecting off islanders, at inflated rates through the use of legal services working in cahoots with the developers,bent bankers allowing second and third mortgages on property already sold, protected by local and national politicians,

    So under these circumstances, What chance do the police have of ever successfully bringing charges, the web extends too far and high, as immature as Cypriot politicians are, they are not likely to shoot themselves in the foot..

  • Road Warrior says:

    This may be the beginning of the end for those who previously thought of themselves as “untouchable”. Corruption in the property industry is rife in Cyprus and the corrupt developers have been assisted by unscrupulous solicitors and duplicitous bankers. I know of people who now have memos or “notes” against properties they have paid for in full yet the developers owe the banks and the banks see these properties as assets of the developers as no deeds have been issued.

    We now do our best to dissuade others from buying in Cyprus and we shall continue to do so until the lid is completely lifted on this cesspit of corruption and it is disinfected by some badly needed sunlight.

  • Diane Moss says:

    Well that’s interesting, now we know what happened to our green area at Pyromashi Rose Garden, Peyia

  • Viennese says:

    32 years ago I have bought a small property from a so called developer and at that time already municipality/developer had very “tight” links, which developed most prosper over all the years.

    My experience with authorities/developer also has developed to an unbearable degree.

    Painful to see where Cyprus has gone.

  • Rosemarie says:

    “Police call for the arrest of Aristodemou.” This seems a very odd way for the police to deal with a case that they are investigating. If they have enough evidence why didn’t they simply caution and arrest him rather than blurt it out to the media first.

    Who are they calling for the arrest from? Is there a higher level police force, or do they need the AG’s permission first because they have suspicions about a VIP and his wife.

    It appears to be the police’s modus operandi to give their suspects plenty of wriggle room thus avoiding egg on their faces for a potential wrongful arrest.

  • Deanna says:

    Let’s hope this is the ‘thin end of the wedge’ and many more follow.
    As has been said below, we’ve all seen ‘government land’, ‘wildlife reserve’ etc disappear under concrete boxes labelled ‘villas’.

    In my own case, one of the chief ‘selling’ points was the Government land beyond my back wall. My neighbours and I enjoyed this amenity until 9 years ago. Now I have a bedroom window looking down on my back patio.

  • Stuart says:

    Gavin Jones has summed up the situation perfectly so let’s wait and see what happens on Friday. Will justice finally prevail or will the whole thing be regarded as just another ‘slight misunderstanding’ best forgotten?

  • UBoat says:

    I always thought the issues with property, Banks and land registry went to the top, its all slowly coming out now.

    How can you be independent as the chairman of the BoC, when your baby is a company which you founded and bears your name. Its actually no wonder that so called Developers in Cyprus have done and still do get away with everything and anything. As the friends of friends hold top jobs and of course look after No 1 at the expense of all the rest.

    The submission of plans in dubious circumstances is nothing new. Most of us have seen our green areas disappear under some legal excuse or another in the name of profit and rules and regulations from our various so called developers.(None of which I would trust to build a shed correctly.) Even when we have challenged them with the law etc etc they still bully the plans through…….

    Whatever next?

  • Pete says:

    I agree wholeheartedly with Gavin and would suggest that any chance this country has of dragging itself out of its self made mire has to begin with not only cleaning up its act but being seen to do so; and of necessity this must involve a number of police investigations and prosecutions.

    The problem there is the interference and connivance of those in positions of power to thwart justice and protect themselves and their friends and thereby lies the problem. As we’re all aware, it’s no good having local plod investigating local people so it must fall to Nicosia to instigate proceedings but will that ever happen?

    I live in hope but the cynic in me thinks I’ve more chance of riding the winner of the Grand National while juggling fairy cakes.

  • Neroli says:

    Well said Gavin. The corrupt, the greed, I wonder if it will ever change or will these people end up behind bars and assets seized to pay back. I doubt it, as you said before they’re all party to it.

  • Gavin Jones says:

    It matters not whether the allegations are upheld and Aristodemou, his wife and the municipal engineer are charged.

    The decades old sorry saga of corrupt practices which involves property developers, banks and lawyers, with the connivance of successive governments, is beginning to unravel.

    With NPLs touching 50%, Aristodemou was one of those who was party to all this, helping himself to over €300 million whilst Chairman of Bank of Cyprus. Not only is the bank dead in the water but so is the rest of the island.

    All this has come to pass as a result of the incestuous relationships of all those mentioned above and their overt plundering of the state and banks. This has been going on since the birth of the Republic in August 1960 and I dread to think what the future holds.

  • Update from Politis (22nd July)

    “In the presence of several police officers, and dozens of Aristo company employees, Mr Aristodimou met yesterday with the Paphos town council to discuss allegations of irregularities in land division of the company. The final session was postponed until next Friday.”

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


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