News Local Saudi bin Mahfouz family dismisses allegations of favouritism by Cyprus President

Saudi bin Mahfouz family dismisses allegations of favouritism by Cyprus President

The prominent Saudi bin Mahfouz family has dismissed as ‘unfounded’ allegations that it has been favoured or benefited in any unlawful or non-transparent way from the Cyprus President.

A press release issued on Wednesday by the law firm in Cyprus representing the family went a step further describing as inaccurate recent reports in the local press.

These suggest that a family member who had alleged ties to terrorist financing was granted a Cypriot passport in 2016.

The reports have also suggested an apparent quid pro quo between President Nicos Anastasiades and beneficiaries of the controversial citizenship by investment scheme.

Including other members of the Saudi family whose company owns a Boeing jet permanently stationed at Larnaca airport.

The same aircraft which was recently revealed to have been chartered by Anastasiades and his entourage for their trip to New York to attend the United Nations General Assembly.

The Auditor-General is currently looking into whether proper procedures were followed in relation to the plane’s chartering and the billing.

Nicosia-based Christos Patsalides law firm which represents the Saudi family underlined in the press release that “my clients had proceeded with millions of euros of investments in Cyprus back in 2014 – the most despised time of the Cypriot economy.”

It also said: “Up until now, my clients continue to maintain investments in Cyprus, thus, contributing to the progress and further development of the Cyprus economy.”

The press release then stressed that targeting and transmitting untruthful and inaccurate reports about honest businessmen such as the bin Mahfouz family who have chosen to invest millions in Cyprus at a very crucial time is totally unacceptable.



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