Court grants Kyprianou family living costs

THE Nicosia District court has granted a monthly allowance to GlobalSoft’s Lycourgos Kyprianou and his wife Ermione but the £15,000-plus stipend fell some £5,000 short of what the high-society couple had requested to “get by” every month.
According to reports yesterday, the court decided to grant the allowance request made by the couple last month. Kyprianou’s share of £12,600 will come from the frozen assets of GlobalSoft and his wife’s £3,200 from companies affiliated to GlobalSoft.
They also said that lawyers for the couple had withdrawn an application for the unfreezing of the company’s assets for now but reserved the right to refile.
Lycourgos and his wife applied last month for access to their assets, which were frozen by the court in July. The injunction to freeze the assets of GlobalSoft and its affiliates was secured following a lawsuit filed against the US-based AremisSoft, another affiliate, on behalf of over 6,000 former investors who lost over $500 million in what US authorities described as one of the biggest stock market frauds of all time.

The former chairman and CEO of bankrupt the Nasdaq-listed AremisSoft Corporation currently lives in Cyprus. He is the executive manager of Global Consolidator. Kyprianou is considered a fugitive by the US authorities and is wanted there on charges of securities fraud and money laundering.

Last month his wife Ermioni asked the court to release their frozen assets so she and her family could maintain the lifestyle they were used to, which, as she listed to the court, includes spending £4,000 a month on clothing.

Ermioni, who owns King Mazzax Lines, also asked the court to annul the interim order freezing the accounts of her company, which pays her salary of £12,000 a month.

In her application, she listed the monthly costs needed to maintain her family in a manner it is used to. These include: £3,500 a month for electricity, phone and heating bills, £1,500 in travel costs, £1,100 house insurance, £1,200 for domestic help, £800 on children’s tuition fees, £1,000 personal care and £4,000 on clothing for herself, husband and three children.

Lycourgos had also asked the court to allow him to withdraw his monthly salary of £12,600 from Global Consolidator, and any money necessary for him and his family to live and his children to continue their education.

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