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Friday 10th July 2020
Home News Aristo Developers lays off workers

Aristo Developers lays off workers

Aristo Developers lays off fifty workersARISTO DEVELOPERS on Monday blamed the dismissal of 50 workers mainly on the company’s legal troubles relating to a suspicious land zoning case that saw its owner charged, along with his wife and two others.

The company said it had tried to preserve jobs in the hope that its sales would recover. But it was impossible to do in the near future because the “unprecedented and unjust accusations and actions” have partially achieved their objective, dealing a serious blow to the status and reliability of the company.

Aristo Developers boss Theodoros Aristodemou, his wife and head of design Roulla, draftsman Christos Solomonides, and former municipal employee Savvas Savva had been charged in connection with suspected land-demarcation fraud case in Skali, Paphos.

It emerged that the plans for which the demarcation permits were issued were switched with new plans, which seemed to cede approximately 3,000 square metres, worth hundreds of thousands of euros, previously designated as green space, back to Aristo Developers.

The company spoke of minds who did not hesitate to smear, in the worse way, the “dignity of our society’s benefactors and pillars of the country’s economic development; neither did they hesitate in sacrificing the livelihood of tens of families who are inevitably led to unemployment.”

The company said because of the economic crisis in general and the legal trouble in particular, the company’s revenues fell considerably and despite its financial soundness, its operations shrank significantly.

The company said it was saddened to lay off staff and vowed to fight to turn the situation around.

“Despite the adverse conditions our company is going through, it will continue its course to new successes and we are certain that justice will prevail,” the company said.


  1. @despina

    Strange that the laying off of Aristo employees should be laid, by you, at the door of the Americans and the British. You certainly know how to play the ‘blame game’, so beloved of Greek Cypriots. Of course, you probably really do believe that the British and Americans engineered the invasion of Cyprus: thus causing difficulties in the Cyprus building trade some 40 years later. Poor Theodoros Aristodemou. I’m sure that the Greeks played no part at all in that invasion. Doubtless, the British and the Americans are responsible for everything that has gone wrong with Cyprus; whereas Cypriots are blamefree.

  2. Yes unfortunately the Americans and the Britons put their hand to all these things. The invasion of Cyprus etc. I am a British citizen myself but of Greek Cypriot origin which I am proud of. How could the United Kingdom do all these vicious things to young boys of EOKA, hanging them and so on. It is not an excuse for the Cypriots either to do all these nasty things today these scandals in Cyprus and in Greece. One of the people who were robbed from their property in Cyprus is me by a Greek Cypriot developer who lives in Larnaca. The theft occurred thirteen years ago and I am still waiting……

  3. I don’t think I have ever heard such unadulterated diarrhoea from any organisation in defence of the indefensible. Well perhaps I have in Uganda in the late 60’s, Nigeria early 70’s, Libya mid 70’s and Cyprus from 1948 to date.

    I appreciate the vagaries of translation but some of these statements seem, to me, designed to convince a childlike (in Greek – moron) reader or a reader assumed to have the intellect of a single celled animal. Are these people so deluded about their adequacy that they assume the population at large is stupid and has no capacity to draw its own conclusions. Readers will draw their own conclusions and decide if “pillars of the country’s economic development” became pillars for philanthropic reasons or to further their own business or in fact if their actions have actually damaged the country’s economy.

  4. Excerpt from Aristodemou’s resignation speech from Bank Of Cyprus due to ‘serious health problems’.
    Cyprus Property News, Friday 31st August 2012.

    “As Chairman, I sought honesty, transparency and collegiality in actions and decisions”.

    Perhaps we’ll find out how many and how much he’s paid off his loans to the BOC.

  5. What is all this doing to the value of Aristo shares, I wonder. Dolphin Capital is still a major shareholder (49.8%) with a quoted interest in the Venus Rock development. DC will not like the effect that Aristo’s woes are having on asset and share values.

    About two weeks ago, Aristo Developers published a new on-line company profile. What caught my eye were the guarantees of delivery dates and title deeds. The latter must be in doubt if there are planning transgressions to be sorted out and corrections to be paid for – by the aspiring title deeds holders?

    Small wonder Aristo’s sales are collapsing to new lows and the first round of resulting redundancies are announced. How long to round two?

  6. Aristo claims the company is financially sound.
    Strange that such a company had not paid its IPT by the due date.
    The amount due was 2.36 million Euros.

  7. Aristo speaks of “unprecedented and unjust accusations and actions” having partially achieved their objective, dealing a serious blow to the status and reliability of the company. Note how this seeks to shift the focus of any wrongdoing away from him to anyone who has the audacity to demand his accountability in a court of law. Obviously, he considers himself above the law. Judicial examination is only ‘for the little people’.

    Also,the statement asserts that such judicial examination affronts the “dignity of our society’s benefactors and pillars of the country’s economic development”. Such vanity! Such demagoguery!

  8. It seems that one of society’s principal benefactors and pillar of Cyprus’ economic development continues with the arrogant stance so typical of those in denial. But let’s not prejudge the outcome of the case. All will be decided at the upcoming trial in a few weeks time. Everyone is completely innocent until they are proven guilty but what will the sentence be if that happens?

  9. I know what, drop all the charges and give the 50 workers their jobs back. Who do these people at Aristo think they are kidding. They could have paid these workers for several years to come out of the money they made from the alleged land-demarcation scam. If they go deeper into the financial affairs of Aristo, which I hope they do then they should turn up with a lot more than just these allegations

  10. This paragraph below sounds familiar, My Developer seemed miraculously to managed to find permission to build a few more houses in much the same way all be it on a smaller scale, by transferring the allowance from another site ????
    Hmmm I thought it was suspect at the time and said so but you all know how things work in Cyprus …..

    “It emerged that the plans for which the demarcation permits were issued were switched with new plans, which seemed to cede approximately 3,000 square meters, worth hundreds of thousands of euros, previously designated as green space, back to Aristo Developers”.

    So now they make the workers suffer for the greed.

    • @UBoat on 2014/12/16 at 7:33 am“transferring the allowance from another site”

      This is known as “Transfer of development rights” – they have a similar system in the USA and it enables planning rights to be transferred from one area to another.

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