Marios Demetriades: ''Truth and justice always prevail''

Cyprus has filed a significant case concerning the naturalization of foreign businessmen and investors under its controversial Cyprus Investment Programme. The case, brought before the Nicosia District Court last Friday, is the fourth of its kind and involves ten defendants, including former Minister of Transport, Communications, and Works, Marios Demetriades. The defendants face 59 charges, including conspiracy to defraud and corruption.

Police spokesman Christos Andreou described the case as massive, with evidence comprising 200 box files, underscoring the extensive investigative work involved. The investigation, which began in July 2021 following a report by a three-member committee led by Demetra Kalogerou, former President of the Securities and Exchange Commission, is one of many currently under scrutiny.

Marios Demetriades, accused in the case, took to social media to deny the charges, claiming "premeditated targeting" and "false allegations." He expressed confidence in the judiciary, asserting that truth and justice would prevail. Demetriades emphasized that during his tenure, he acted with integrity and that the accusations against him are a distortion of reality aimed at diverting blame from those truly responsible for the Cyprus Investment Programme's flaws.

The ongoing investigation is being closely monitored, with a meeting held on Tuesday at the Legal Service under Attorney General George Savvidis to discuss the progress of other naturalization cases. The legal office representing one of the accused also issued a statement, condemning the legal actions as an unprecedented targeting and asserting that the judiciary is the only proper avenue to uncover the truth.

As the case proceeds, all defendants are presumed innocent until proven guilty, with the trial set to begin on October 30, 2024.

[With information from CNA]