Insider Business Legal battle over Nicosia Mall

Legal battle over Nicosia Mall

Businessman Demetris Hadjiargyrou,  whose brainchild the Nicosia Mall is,  is suing the Bank of Cyprus and some of its senior executives.

Hadjiargyrou who was among the holding company’s shareholders up until May last year began legal proceedings against Bank of Cyprus and Nicosia Mall Holdings (NMH) Limited in the summer.

However, he has recently also filed private lawsuits against senior executives of the Bank, including outgoing CEO John P. Hourican and Nick Smith heads the loan restructuring division.

As part of the private suit, legal representatives have gone as far as to request that the two top executives are placed on the island’s stop list and asked to hand over their passports.

Legal arguments are based on the way the shopping centre was restructured, accusing the Bank of systematically acting at whim and taking advantage of the pressure it could exert because of its economic power position.

The indictment also revealed that one of the issues for which there is a complaint concerns the transfer of 1,300 shares held by the applicant to Nicosia Mall Holdings. The plaintiff claims that the defendants told him that his shares had a zero value and took them over for the amount of €5 million while these were worth €8.8 million.

The businessman had signed the agreement on the acquisition of these shares, but in the indictment it is argued that although the bankers were aware of his financial needs and/or psychological state they nonetheless took advantage of the situation.

However, the lawsuits are not focusing only on the way the bank took over the shares of the complainant, but also touch on the shopping mall’s loan restructuring agreement. Bank of Cyprus became the owner of 51% of the mall, but is accused of acquiring 5,100 A-class shares at the price of €7,500 while their value was €28 million.

Read more:

https://in-cyprus.com/discount-village-to-supplement-nicosia-mall/

Top Stories

122 new cases, one death announced on Friday

The Health Ministry announced the death of one person due to COVID-19. This raises the death toll from the virus in Cyprus to 179,...

Where to get antigen rapid tests on Saturday

The Health Ministry announced the following antigen rapid test sites for Saturday, 23 January 2021: LIMASSOL Grigoris Afxentiou Square 08:30-16:30 Gafkos Clerides Park, Germasoyia 08:30-16:30 Municipal Hall Ypsonas...

Civil servants’ trade union requests psychological support for health professionals

PASYDY, the civil servants’ trade union requested psychological support for health professionals due to the consequences of COVID-19 on their health. The trade union noted...

Scientific advisory committee to convene on Monday under President Anastasiades

Cyprus President, Nicos Anastasiades, will preside on Monday morning over a meeting of the scientific advisory committee on COVID-19. According to CNA information, during the...

Polish medics depart for Slovakia to help mass testing

A group of 200 Polish medics departed for neighbouring Slovakia on Friday (January 22) to help in a week-long testing campaign in the central...

Taste

Squash soup

Ingredients: 1 kg pumpkin, cut into small cubes, approximately 5 cups 2 medium (400g) sweet potatoes, cut into cubes, approximately 2 ½ cups 1 chopped leek, only...

Mezedes

No visit to Cyprus is complete without enjoying the traditional meal of many small dishes known as ‘meze’. This large feast, which has been a...

Prawns with fried cheese, barley shaped pasta

Put the barley shaped pasta into a small pan with salted water, bring to a boil and when tender, drain. Peal the prawns leaving...

Salmon and shrimp sheftalies

Mix all ingredients for tabbouli in a bowl and keep to one side so flavours can combine. Prepare the sheftalies: wash and soak the casing...