06/09/2005 08:49
After the temporary decree issued by the Nicosia District Court on July 21, 2005, the pursuit of the assets of Global Consolidator major shareholder and CEO, Lycourgos Kyprianou, expanded in Greece. According to StockWatch sources, the yacht that belongs to King Mazzax Lines Ltd, ownership of Kyprianou family, was blocked at a Rhodes port after a temporary decree issued by a Greek court. The decree was handed to the captain on Thursday, after a demand by the lawyers who represent the 6 thousand small shareholders of AremisSoft. The decree does not allow the sailing of the yacht until the final decision for the cancellation or not of the decree on September 13.
The temporary decree issued on July 21 freezes the family’s assets and the assets of their lawyer, Pavlos Meletiou and nine associated companies (including King Mazzax).
The company is the owner of the boat, which makes chartered cruises to the Mediterranean. The small shareholders of AremisSoft claim that the purchase of the boat is a product of fraud, while lawyers support that the company had been granted a loan by a bank.
The final decision on the decree will be taken in late September since the hearing of both sides has been transferred on September 23.
Meanwhile, Mr. Kyprianou will be able to receive his monthly salary of £12,600 by Global Consolidator and Mrs. Kyprianou her monthly salary by Fable Leisure Entertainment (£1,200), but not her salary from King Mazzax (£12,000 per month). Mrs. Kyprianou will also be able to withdraw up to £2,000 per month from a donation of £250,000 deposited in a bank account. Mr. Meletiou will receive his monthly salary of £5,200 from Global Consolidator.
Mr. and Mrs. Kyprianou’s lawyers, Loukis Papaphilippou and Alekos Evangelou had initially requested the partial unblocking of their assets to cover monthly and other expenses of £26,000. The final settlement was made last Friday with the lawyer of AremisSoft’s small shareholders, Alekos Markides.
The temporary decree issued on July 21 freezes the family’s assets and the assets of their lawyer, Pavlos Meletiou and nine associated companies (including King Mazzax).
The company is the owner of the boat, which makes chartered cruises to the Mediterranean. The small shareholders of AremisSoft claim that the purchase of the boat is a product of fraud, while lawyers support that the company had been granted a loan by a bank.
The final decision on the decree will be taken in late September since the hearing of both sides has been transferred on September 23.
Meanwhile, Mr. Kyprianou will be able to receive his monthly salary of £12,600 by Global Consolidator and Mrs. Kyprianou her monthly salary by Fable Leisure Entertainment (£1,200), but not her salary from King Mazzax (£12,000 per month). Mrs. Kyprianou will also be able to withdraw up to £2,000 per month from a donation of £250,000 deposited in a bank account. Mr. Meletiou will receive his monthly salary of £5,200 from Global Consolidator.
Mr. and Mrs. Kyprianou’s lawyers, Loukis Papaphilippou and Alekos Evangelou had initially requested the partial unblocking of their assets to cover monthly and other expenses of £26,000. The final settlement was made last Friday with the lawyer of AremisSoft’s small shareholders, Alekos Markides.
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