Israeli tycoon Aykut and son sue President Christodoulides, Cyprus over occupied north lan

Source: in-cyprus.com

Israeli property developer Simon Mistriel Aykut, 74, and his wanted son, Afik Yakov, 51, have launched legal action against the President of Cyprus, Nikos Christodoulides, and the Republic of Cyprus, according to a report in the Israeli newspaper Yedioth Ahronoth. 

The two executives from the Afik Group construction firm are seeking hundreds of millions of euros in compensation through these legal proceedings. Additionally, they aim to legitimise investments made on land in the Turkish-occupied north of Cyprus, property reportedly belonging to Greek Cypriots.

The Yedioth Ahronoth report, penned by journalist Itamar Eichner, suggests that a ruling in favour of the Aykut family could have significant financial repercussions for Cyprus, potentially leading to billions of euros in compensation claims.

The lawsuits centre on Aykut’s detention while awaiting trial and the alleged financial losses incurred by the family’s company. Aykut faces over 240 charges related to the alleged expropriation of 60 plots of land owned by Greek Cypriots in the occupied north. These charges include fraudulent property transactions, illegal possession and use of land, conspiracy to defraud, and money laundering involving an estimated €50 million based on land registry valuations. Over 100 prosecution witnesses are involved in the case.

According to the report, Aykut and his son are claiming compensation for legal actions taken against them and their business activities in the north, citing a 1998 bilateral investment agreement between Cyprus and Israel. The Afik Group, described as the largest real estate company in the occupied north, is demanding compensation for lost sales, asset devaluation, reputational damage, and legal costs. They are represented by British lawyer Roger Gherson and Israeli lawyer Ron Berkman.

Historical trial

The legal arguments presented by Afik are reportedly supported by a legal opinion from Cambridge University Professor Eyal Benvenisti, which has been submitted to the European Court of Human Rights (ECHR). Berkman described the case as a “historic trial” that could pave the way for thousands of investors to claim billions in compensation from Cyprus for properties and investments in the north.

Last month, Aykut reportedly filed a separate lawsuit against the Cypriot government at the ECHR in Strasbourg, alleging serious human rights violations. This claim argues that Cyprus is unlawfully applying its criminal jurisdiction to activities in the north, which it does not control, as a means of exerting political pressure in its dispute with Turkey. The lawsuit contends that Cyprus is targeting investors in the north despite the European Court having recognised commercial activities there as lawful.

Aykut’s detention

The report notes that Simon Aykut, who has been in custody since June, claims to suffer from cancer. However, this has not been substantiated in court proceedings in Nicosia. While a British doctor provided testimony on Aykut’s behalf in an attempt to secure his release on bail, the prosecution strongly contested this, presenting expert evidence suggesting Aykut has no medical condition warranting his non-detention.

The Nicosia Criminal Court ruled that the defence had not demonstrated a violation of Articles 2 and 3 of the European Convention on Human Rights (ECHR) or any exceptional circumstances making Aykut’s detention incompatible with these articles.

The AFIK GROUP initiated the “Caesar Project,” which included the “Caesar Blue,” “Caesar Beach,” “Caesar Breeze,” “Caesar Bay,” “Caesar Cliff,” and “Caesar Resort” developments on land in Gastria, Akanthou, Agios Amvrosios of Kyrenia, and Trikomo. The developers reportedly advertised the sale of over 5,000 units in Trikomo (with apartment prices starting from €50,000) and 220 in Bogazi, Famagusta.

The Afik Group has reportedly undertaken or planned at least eight such projects with a total of over 8,600 tourist units.

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