Former Cypriot minister faces probe over undeclared assets

A former minister in President Nikos Christodoulides’ government is under investigation for allegedly failing to declare assets worth €2.4 million in mandatory 'pothen esches' financial disclosures submitted to the Cypriot parliament in 2023 and 2026. The undeclared property includes approximately €2 million held in foreign bank accounts and an apartment purchased in Athens.

The case came to light after the Tax Commissioner conducted an audit following the minister's departure from office, acting under legislation updated in late 2024. A confidential letter detailing these findings was submitted to the parliamentary committee responsible for asset declarations on July 23, 2026. Under the current revised law, filing a false asset declaration is a criminal offense punishable by up to one year in prison, a fine of €5,000, or both.

Parliamentary scrutiny has intensified, with opposition MPs questioning the handling of the case and the timeline of the referral process. The parliamentary committee is currently preparing its own report. It is expected to hear testimony from the former minister before deciding whether to officially refer the matter to the Attorney General for potential criminal prosecution.