Former minister under investigation for failing to declare €2.4 million in assets

A former minister in the Christodoulides government is under parliamentary and legal scrutiny after failing to declare assets totaling €2.4 million. The discrepancy, which includes bank deposits in Cyprus and abroad as well as foreign real estate, was uncovered during a recent audit conducted by the Tax Department. This audit was the first of its kind under new legislation that took effect in January, authorizing the tax authorities to verify financial disclosure statements, known as 'Pothen Esches'.

Disy MP Demetris Demetriou, a member of the parliamentary committee overseeing the disclosures, confirmed that the former minister has since submitted updated filings for both 2023 and 2026. While the committee and the Tax Department found no evidence of illicit enrichment—as the funds were reportedly acquired prior to the minister's appointment—the case is being reviewed as a potential criminal offense of submitting false or misleading information. The parliamentary committee has requested a legal opinion from the Attorney General’s office, which is expected within two weeks, to determine the appropriate next steps for prosecution.

The Tax Department continues to examine the matter for potential tax evasion, while the parliamentary committee maintains that the former official's failure to report assets constitutes a clear violation of legal requirements. Under current law, such offenses can carry penalties including imprisonment and fines.