Cypriot businessman Nikos Shacolas dies at age 98 or 99

Nikos Shacolas, a prominent Cypriot entrepreneur, has died. Reports regarding his age at the time of death vary, citing either 98 or 99 years old. Born on December 1, 1927, in Karavas, he built a large business empire over seven decades, including the establishment of the CTC Group. He played a key role in the formation of the Hermes Airports consortium, which took over the management of Larnaca and Paphos airports in 2006, serving as its first board chairman and later as honorary life president. Shacolas was also known for his philanthropic contributions, including donations to the University of Cyprus for the Medical School and other public infrastructure projects. His career included retail ventures, DIY stores, and the construction of the Shacolas Tower in Nicosia. Government officials and business organizations, including PwC, OEB, and the President of the Republic of Cyprus, have issued statements expressing their condolences for his passing.