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The high-profile case involving naturalizations under the Cyprus Investment Program has been postponed, with proceedings now set to resume on March 18, 2025. Among the accused are the former Minister of Transport, Communications, and Works, Marios Demetriades, as well as several of his relatives and associates connected to the family law firm that handled the naturalizations.
The case involves a total of ten defendants—eight individuals and two companies—facing 59 charges, including bribery, extortion, conspiracy to defraud, money laundering, and violations of a Council of Europe anti-corruption convention. The accused include Marios Demetriades, Andreas Demetriades, Dimitris Demetriades, Giorgos Demetriades, Eleni Simillidi, Jing Wang**, Josef Friedrich Santin, Vasiliki Georgiou-Santin, as well as the firms Andreas Demetriades & Co LLC and Delsk (Cyprus) Business Services Ltd.
Defense Seeks Time to Review Evidence
During Thursday's hearing, defense attorneys requested more time to prepare, citing the "large volume" of evidence provided by prosecutors. The defense also revealed that additional material had been handed over on the day of the proceedings.
In light of these requests, the court granted a postponement, allowing the defense more time to classify and study the evidence. The new trial date will see the defendants respond to the charges with a plea or no plea.
Bail Conditions and Guarantees
All defendants were ordered to remain free under the same conditions until the next hearing. However, to ensure their attendance, the court imposed significant financial guarantees. The amounts included €100,000 personal guarantees for Marios, Andreas, Dimitris, and Giorgos Demetriades, €60,000 for Eleni Simillidi, and €100,000 cash for Jing Wang. Meanwhile, Josef Friedrich Santin and Vasiliki Georgiou-Santin were also required to sign €100,000 guarantees.
Background of the Case
This case was officially registered at the Nicosia District Court on September 27, 2024. It revolves around allegations of misuse of the Cyprus Investment Program, which allowed wealthy individuals to acquire Cypriot citizenship through significant financial investments.
Presumption of Innocence
As the proceedings move forward, all defendants are presumed innocent unless proven guilty beyond a reasonable doubt. The charges and evidence will now be examined in depth when the case resumes in March.
This case has drawn significant attention as part of the broader scrutiny of Cyprus’ naturalization program, which has faced criticism for alleged abuses and loopholes that enabled corruption.
**Following recent coverage, we were contacted by representatives of Mr. Jing Wang, who wished to issue the following statement to clarify the record:
Mr. Jing Wang is not involved in the Golden Passport Scandal. Contrary to what has been reported, he is not implicated in any charges related to bribery, extortion, money laundering, or violations of any Council of Europe anti-corruption convention.
Mr. Wang faces a single charge on the indictment concerning the transfer of funds between the bank accounts of two companies, both of which he owns. He firmly denies any wrongdoing, maintaining that the transaction was lawful and legitimate. He intends to contest the charge in court, as will Delsk Cyprus, which has been unfairly targeted by malicious actions from business competitors.
Mr. Wang holds the Cypriot judicial system in high regard and expresses his full confidence in its fairness and integrity.
