Dialogos

Cyprus: Allegations of Black Money and Cover-Up

Published January 11, 2026, 08:05
Cyprus: Allegations of Black Money and Cover-Up

The Mayor of Paphos, Phaedonas Phaedonos, has accused the existence of political black money in Cyprus, used to facilitate interests. He expressed the view that the President's statement regarding the submission of evidence is an attempt to avoid political responsibility and stressed the need for an in-depth investigation by the Financial Crime Department. According to Mr. Phaedonos, in Limassol, organized crime is extorting businesses for "protection", leading many to move their activities outside of Cyprus. He argued that strong financial interests, both Cypriot and foreign, are seeking to maintain a corrupt system. At the same time, the Police are investigating a video that has caused political reactions. The former Minister of Energy, Giorgos Lakkotrypis, has already testified, while the possibility of testimony from other involved parties is being considered. The Police investigation is ongoing with the assistance of the Electronic Crime Sub-Directorate and the Forensic Research Service, in constant communication with the Legal Service. The entire content of the video is being examined, without restrictions.