Police investigations into two separate cases involving former EDEK leader Marinos Sizopoulos and Paphos Mayor Fedon Fedonos are reaching their final stages, according to information obtained from competent sources.
The cases, which have been under investigation for several years but resurfaced in public debate in recent months, concern allegations of financial wrongdoing and issues linked to alleged administrative mismanagement.
Sizopoulos investigation completed
In the case involving Marinos Sizopoulos, police have completed their investigation into the Taxan Properties Developers Ltd affair.
According to information provided to Phileleftheros, investigators have collected all necessary testimony and evidence, and the case file is now being finalised with police recommendations.
The file is expected to be forwarded to the Attorney General’s Office, which will examine the findings and decide whether further investigative steps are required or whether criminal charges should be filed.
Authorities stressed that the assessment stage is now crucial, as the prosecution service will review the material gathered by police and determine the legal direction of the case.
It remains possible that the Attorney General may instruct further investigation, proceed with criminal prosecution, or decide that no case can be established.
Sizopoulos has already given a formal statement to investigators in relation to the case, which was made possible following the lifting of his parliamentary immunity earlier this year.
The decision by the Supreme Court to lift immunity was taken under Article 83 of the Constitution, allowing authorities to proceed with investigative procedures, including the taking of statements and potential prosecution.
Allegations outlined in corruption authority report
The police investigation is linked to a report by the Independent Authority Against Corruption published in September 2025.
That report suggested that Sizopoulos and at least three other individuals involved in Taxan Properties Developers Ltd may have committed offences including fraud, forgery and the circulation of forged documents, as well as conspiracy to defraud.
The report formed part of the broader investigative framework that prompted renewed police action in the case.
Transaction details examined
According to findings outlined by the authority, shareholders of Taxan sold their shares to an Iraqi investor for €2.025 million, in order to settle bank debt amounting to €2.581 million.
The debt was classified as a non-performing loan, although it was secured by real estate assets.
However, Sizopoulos and other shareholders reportedly declared a lower sale value of €1.6 million.
The authority stated that the bank would not have proceeded with the same debt settlement terms — which involved writing off €956,000 — had it been aware of the higher transaction value.
Documents and previous investigation
According to previous reports Sizopoulos was aware of the actual sale price of Taxan shares.
Earlier reports also indicated his involvement in discussions with the banking institution regarding debt restructuring, despite his public position that he had not engaged in such negotiations.
Police had previously investigated the same case and submitted a file to the Attorney General in August 2019.
However, in July 2020, the Legal Service decided not to proceed with criminal prosecution.
Fedon Fedonos investigations ongoing
In a separate process, police investigations involving Paphos Mayor Fedon Fedonos remain ongoing.
Authorities confirmed that while some complaints did not yield sufficient evidence, at least two cases are still under active investigation.
One is being handled by the Paphos Criminal Investigation Department, while another is being examined by the Police Headquarters Criminal Investigation Unit.
The cases relate to allegations of possible administrative irregularities and other issues linked to municipal operations.
Investigations are continuing, with no conclusions reached in the active files.
Broader municipal allegations
Earlier complaints dating back to 2022 included allegations concerning the handling of Turkish Cypriot property, recruitment procedures within the municipality, use of official vehicles, and pension fund management.
These matters were examined by police and other state authorities, with some files referred back for additional investigative work following instructions from the Attorney General’s Office.
