Death of Cypriot business leader Nicos Shacolas

Nicos Shacolas, the founder and long-term head of the CTC Group, passed away on July 2. Born in Karavas in 1927, he grew up to become a prominent figure in the Cypriot economy. His business group, which holds a market capitalization exceeding one billion euros, includes assets such as Debenhams department stores, Superhome Center, CTC Automotive, and the Mall of Cyprus. The conglomerate also notably managed the construction of the international airports in Larnaca and Paphos, with control scheduled to return to the state in 2031. During the 1974 Turkish invasion of Cyprus, Shacolas lost most of his assets and relocated to Lebanon to reorganize his business interests. His professional life and personal history were documented in Natalia Kardash's 2016 book, 'Treasure Island: Adventures of Brave Businessmen.' He is widely recognized as a pivotal figure in the development of the private sector in Cyprus.