THE Tassos Papadopoulos law firm has been re-registered in controversial circumstances, it emerged yesterday.
According to Politis, which broke the story, the move comes in the midst of a falling-out between Pambos Ioannides, one of the oldest partners in the firm, and the other shareholders.
Papadopoulos left the practice on becoming President of the Republic in 2003, and passed on his share to his son and daughter.
Apparently, Ioannides has for some time been unhappy with the way the office is being run under the new partners, and wants out.
But to leave he is demanding his 30 per cent stake, which sources tell the Mail amounts to at least £3 million.
The firm was set up in 1981, with Tassos Papadopoulos and Pambos Ioannides as partners. Later Nicos Papaefstathiou joined in.
According to the same sources, the other partners do not agree with Ioannides’ demands, arguing that if he leaves he will deprive the law firm of a major client – the Popular Bank. Thus, the other side has argued, Ioannides should settle for this.
The law firm meanwhile had appointed an accountant to calculate the assets corresponding to each of the partners.
But while this process was ongoing, last May the law firm submitted a request to the Registrar of Companies to re-register the venture under a different name.
The firm was renamed from Tassos Papadopoulos & Co to Tassos Papadopoulos & Associates, without Ioannides as a partner – and without informing him of the change.
It is said Ioannides plans to take legal action against the firm.
According to Politis, the request for the name-change was made by Papadopoulos personally in a letter to the Registrar of Companies.
The paper took exception on three counts. First, it is unlawful for someone to use their name for a corporation unless they are actually part of the corporation.
A lawyer speaking to the Mail yesterday confirmed this.
Second, by law a corporation must be dissolved and the assets distributed among the shareholders, with their agreement, before it can change name. But the initial company, Tassos Papadopoulos & Co, still exists as an entity.
Third, article 41 of the Constitution expressly forbids the President of the Republic from holding any other job while he is in office.
More than that, the article states that the President cannot practice any occupation or carry out work, on his behalf or the behalf of others, whether it involves monetary gain or not.
Politis also observed that the President’s personal involvement in the name-change is a matter of political ethics, given Papadopoulos’ insistence that he longer has anything to do with the law firm.
Only last week, it was revealed that partners in Tassos Papadopoulos & Co were in charge of a company with a controlling stake in a joint venture that is lining up to get a lucrative liquefied natural gas contract.
The Government Spokesman then said there was nothing untoward, since Papadopoulos had long left the law firm.
