Phileleftheros has obtained a document suggesting former EDEK party leader Marinos Sizopoulos had knowledge of the true sale price in a contested share transaction, contradicting his earlier police statement, included in an Independent Authority Against Corruption investigation.
The Authority is investigating whether Sizopoulos and three other individuals should face criminal charges over the 2017 sale of Taxan Properties Developments Ltd shares to an Iraqi investor for €2.025 million, according to documents obtained by Phileleftheros.
Sizopoulos, currently a member of parliament, previously told police he was unaware the shares were sold for €2.025 million on 4 October 2017, claiming he was misled by a business partner who presented a false contract showing a sale price of €1.6 million on 17 October 2017.
Document confirms knowledge of €2.025 million sale price
However, the Authority states there are “sufficient indications demonstrating that the accused (Sizopoulos) knew the actual sale price of the TAXAN shares and the existence of the contract dated 4/10/2017”.
The document in question, titled “CONFIRMATION OF PAYMENT SETTLEMENT FOR SHARE SALE,” was signed by Sizopoulos on behalf of IO KTIMATIKI LTD, a company linked to his interests that held 250 shares in Taxan.
The document explicitly references “the Share Purchase Agreement dated 4th October 2017” and confirms receipt of the full payment amount from Iraqi buyer Mohammed Sadeq M Ibrahim, according to the newspaper’s investigation.
Two company officials who were Taxan shareholders also told investigators that Sizopoulos had knowledge of the 4 October 2017 contract.
Second referral to Attorney General’s office in Taxan case
The Authority believes the shareholders used the false €1.6 million contract to deceive their bank and secure a 37 per cent discount on their debt, resulting in €956,000 being written off from a total non-performing loan of €2.581 million.
“The use of the contract dated 17/10/2017 was done with the purpose of misleading a third party (the Bank) and obtaining profit – economic benefit,” the Authority concluded.
The case has been referred to the Attorney General for potential prosecution on charges including fraud, forgery, circulation of false documents, and conspiracy to defraud.
This marks the second time the Taxan case has been sent to the Attorney General’s office. The Law Office declined to prosecute in July 2020, citing insufficient evidence and lack of independent testimony regarding the roles of various individuals involved.
The case also features in the Nikolatos Commission report on exceptional citizenships, which noted that Taxan Properties was included in the “Giorkatzis List” of companies that received significant debt write-offs from banks.
Sizopoulos testified in the investigation with legal representation from lawyer Viktor Akamas, with the hearing lasting several hours, according to informed sources.
