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Cyprus

Six found guilty in Dromolaxia scandal

Stathis Kittis

Larnaca criminal court on Monday found guilty six of the accused in the high-profile trial concerning the purchase by CyTA’s pension fund of a land plot in Dromolaxia at an inflated price.

The court delivered a guilty verdict for ex-CyTA boss Stathis Kittis; former Electricity Authority boss Charalambos Tsouris, who was a member of the board of directors of CyTA during the material time; AKEL member Venizelos Zanettos; trade union rep Orestis Vasiliou; land registry official Gregoris Souroullas; and the company Polleson Holdings Ltd as a legal entity.

The accused were found guilty on different counts. At the same time, the court acquitted the two other defendants in the case, jewellery shop owner Antonis Ioakim and former CyTA marketing manager Yiannis Souroullas.

The court will reconvene on December 31 to hear mitigation arguments from the lawyers of the defendants found guilty. The guilty parties are to remain in police custody until then.

Also on Monday the prosecution filed a motion for seizing the assets of Kittis, Souroullas and Polleson Holdings Ltd.

The trial began in March 2014. It revolved around the purchase by CyTA’s pension fund of office space in Dromolaxia, near Larnaca airport, at a price several times the going market value. The land was initially sold to a company by the name of Wadnic Trading, which upgraded the coefficients, built on it and sold it on to the CyTA pension fund for some €20 million.

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