Kyprianou released; case now with Attorney-general

LYCOURGOS Kyprianou, the chairman of listed company Global Consolidator (formerly LK Globalsoft), was yesterday released from custody without charge, with the case now in the hands of the Attorney-general, who will decide on any further action.

Kyprianou was arrested ten days ago in connection with allegations of conspiracy to defraud and exporting currency under false pretences.

He was remanded in custody for seven days and was released yesterday without being charged.

The case is now in the hands of the Attorney-general’s office.

The arrest of Kyprianou was the result of a 12-month investigation into Globalsoft, which police claim exported millions of pounds under false pretences.

Police said that Globalsoft, through one of its subsidiaries, claimed to have paid Bulgarian company Express Consult $8 million in 2000 through companies based in the Virgin Islands and the Isle of Man, but that money never in fact reached the company.

Globalsoft, police said, then asked for permission to transfer an additional $8.2 million abroad for the purchase of a second Bulgarian company, Comsyst, but the Central Bank only gave permission for $4.6 million.

Police alleged that the $4.6 million earmarked for Comsyst ended up in the hands of the Express Consult shareholders just three minutes after it had been transferred into the account of a firm linked to Comsyst.

Investigators believe the second company was made up to justify further transfer of funds abroad as a way of paying the first company.

Kyprianou denied all charges, arguing that both transactions had been carried out legally.

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