Investigation into golden passports and offshore companies
The Anti-Corruption Authority is investigating the path of citizenship applications from Russian investors through the office of the former President.
Investigation into golden passports and offshore companies
In October 2021, an international journalistic investigation revealed documents linking the law firm of Cyprus's former President to offshore structures and applications for Cypriot citizenship from Russian oligarchs.
According to the conclusions of the Committee that examined the cases, the office in question acted as an intermediary for the establishment of companies in tax havens, facilitating wealthy clients in concealing their assets. The two main interested parties were Leonid Lebedev and Alexander Abramov, who wished to acquire passports of the Republic of Cyprus through the investor programme.
During the period when the relevant applications were submitted (between 2009–2011), the founder of the office simultaneously held a parliamentary seat and the presidency of the largest government party. This granted him significant influence over state procedures.
The findings of the investigation show that the founder himself had met with the competent Minister to discuss the Abramov case. The Russian businessman's initial application was submitted in December 2009 and approved eight months later. Corresponding applications were submitted for his wife and children.
The wife's application was initially rejected. However, within a period of fewer than three weeks, the Cabinet of Ministers changed the rules in force for families of investors, allowing the application to be re-examined. It was ultimately approved seven months later.
In the file of the initially rejected application, a note was found stating that "the matter of the woman must be resolved".
In the case of the second Russian client, investigators found that a critical accompanying document was missing from the file. Additionally, on form M127, a page listing the founder's daughter as guarantor had not been completed.
Three members of the office—among them the daughter of the former President—signed the form stating that they did not represent the applicant, despite having served as directors of a company that managed his assets.
The investigation further records that cooperation with the specific clients generated significant revenue for the office, including through management of a trust worth 17 million euros. Reference is also made to free use of a private aircraft by Lebedev in 2013.
Source: Phileleftheros
Source: Philenews