Israeli businessman Simon Aykut, 73, will remain in custody until Wednesday when a bail hearing will take place the Nicosia Criminal Court decided on Monday.

Aykut, who holds Portuguese, Israeli, and Turkish citizenship was arrested last June as the founder of Afik Group, which has been developing Greek Cypriot-owned properties in Trikomo, Akanthou, Ayios Amvrosios, Gastria, and Kyrenia.

Two other individuals are still wanted in connection with the case: Aykut’s sons, 51-year-old Afik Yaacov and 49-year-old Michael Mistriel Aykut, both directors of the group. Like their father, they hold Israeli and Portuguese passports.

Aykut faces 124 charges surrounding cases of property development in the north on Greek Cypriot land.

Police investigators, had also secured a land registry document revealing the value of Greek Cypriot properties on which the 73-year-old’s construction company allegedly made developments.

On Monday, the court also decided that on September 27 pre-trial objections will be heard by the defence in the start of the procedure against Aykut.

Proceedings on Monday were delayed because of the defence’s objection to the prosecution’s request to keep the 73-year-old in custody until the completion of the trial.

Thus, the representative of the prosecution, Vassilis Bissas, requested time for the voluminous testimonial material to be brought to the court and studied, so that it could make a statement in relation to the request for Aykut’s remand.

Maria Neophytou, appearing alongside Nicoletta Charalambidou for the defence, told the three-member panel of judges that she tried to inform the prosecution in a timely manner of the decision to object to the detention, but she was ignored.

 Aykut did not respond to the charges he faces as a result of the pre-trial objection filed by the defence. Aykut’s lawyers told the court, their objection had to do with whether the court had jurisdiction to try the alleged offences in the north.

The defence has forwarded the pre-trial objection in writing to the court and to the prosecution, and on 27 September, when the next hearing is scheduled, the two sides will argue on the issue.

Meanwhile, police said that they are investigating another seven cases of Greek-Cypriot properties in the north being usurped.

Police spokesman Christos Andreou said that another four cases have been filed to the court, while another seven were being investigated.