Limassol-based generics company Remedica on Friday dismissed corruption allegations linking it to the government following the circulation of a video on X, stressing that it has not made political donations to President Nikos Christodoulides.

In a statement, Remedica said that neither the company nor its holding company, LetterOne, had made any such payments.

Contrary to claims made in the video, Remedica said LetterOne is not subject to sanctions and operates independently of its sanctioned former shareholders.

It added that those shareholders do not influence LetterOne’s business activities and do not benefit financially from its operations.

The company clarified that the €75,000 referenced in the video was donated following a government appeal to support victims of the wildfires that struck the Limassol district in July 2025, stressing that the donation was fully documented and transparent.

It added that part of the contribution was used to support Remedica employees affected by the fires.

A sequence in the video leaked on Thursday shows former energy minister Giorgos Lakkotrypis speaking about the two companies, with the video’s narrator alleging President Nikos Christodoulides of “providing assistance to oligarchs under EU sanctions in exchange for substantial payments.”

“The pharma company, between you and I, had a bigger issue. The main work I do with them is that their holding company, LetterOne, has two sanctioned individuals. They had Fridman and Aven as two of their shareholders,” Lakkotrypis said in the footage.

Mikhail Fridman and Petr Aven, co-founders of investment firm LetterOne, were sanctioned by the EU and UK in March 2022 following Russia’s invasion of Ukraine, leading them to resign from the company and freeze their shares.

In the next frame, viewers see the website of OFAC, the Office of Foreign Assets Control, showing the names of Fridman, a dual Russian-Israeli national, and Aven, a dual Latvian-Russian national.

Lakkotrypis then states: “So Fridman and Aven are sanctioned, but they found a way…”, before the audio drops off.

“And the third one is [Andrei] Kosogov.

“Besides all the other things that I work with Remedica, I also make sure that Cyprus puts a firm stance in EU for this third guy [Kosogov] not to be sanctioned,” the former minister adds.

The person off-camera then ask Lakkotrypis how such a process is carried out, to which he simply replies “I speak to the president” and then goes on to explain that Limassol-based Remedica, following his advice,donated €75,000 to the presidential palace.

“(…) They got the attention of the president,” he says.