Shimon Mistriel Aykut will learn his sentence on 24 October at 11:00 when Nicosia Permanent Criminal Court announces the penalty for fraudulent property dealings involving Greek Cypriot land in a landmark case that marks the first conviction of its kind since Turkey’s 1974 occupation of northern Cyprus.
The 74-year-old Israeli citizen, who also holds Portuguese and Turkish nationality, admitted 40 charges concerning fraudulent dealings in immovable property belonging to another, whilst 202 other charges were withdrawn following a plea agreement with prosecutors.
He admitted charges that under the criminal code carry a prison sentence of up to seven years. Given that the constituent elements of this criminal offence concern appropriation of Greek Cypriot land for the first time, the court’s decision is characterised as unprecedented.
Aykut is the founder of the Afik Group and is accused of having developed and sold €43 million worth of property on Greek Cypriot land in northern Cyprus, with large-scale construction projects in Trikomo. He is the first real estate businessman to be detained in relation to the ongoing territorial dispute since Turkey’s 1974 takeover of northern Cyprus.
Aykut was arrested in June 2024 while attempting to cross from the north to the Republic of Cyprus. He has remained in custody since then, and the time that has elapsed since his arrest will be counted towards his sentence.
Aykut originally faced 242 charges, of which 60 concerned fraudulent real estate transactions, 60 concerned the illegal possession and use of land, 62 concerned money laundering, and 60 concerned conspiracy to commit a felony. The offences took place in the Famagusta district villages of Akanthou, Gastria, and Trikomo, and in the Kyrenia district village of Ayios Amvrosios.
The major reversal in the case became known shortly after 09:00 when one of Aykut’s lawyers, Maria Neofytou, announced that the hearing would not continue. She explained there had been an agreement with the prosecuting authority to change her client’s plea and withdraw charges.
The Criminal Court suspended proceedings and gave 20 minutes for both sides to complete the procedural arrangements of the settlement. When they returned to the courtroom, senior counsel of the Republic Andreas Aristidis, who is handling the case for the Republic, read out the admitted facts. Neofytou’s plea in mitigation followed.
Aykut’s defence team had previously challenged the jurisdiction of the Republic of Cyprus courts to try the case, arguing that the offences were not committed in areas under the Republic’s control. Judge Christiana Parpotta dismissed these objections, ruling that the Republic of Cyprus clearly holds regulatory jurisdiction over the north for all issues, including those concerning immovable property.
Neophytou had also argued her client would not receive a fair trial as it was impossible to summon witnesses who live in the north to a court in the Republic.
The president of the three-judge panel, Parpotta, said the sentence will be announced on the 24th of the month.
The case has drawn international attention, with Israeli President Isaac Herzog having appealed multiple times to Cypriot President Nikos Christodoulides for Aykut’s release, though Christodoulides has stated that the decision rests with the attorney general, not the presidency.
The number of cases regarding the alleged illegal development of Greek Cypriot property in the north is on the rise, with two Hungarian nationals having become the first to be sentenced to prison over the matter in May 2025 after admitting to promoting and advertising the sale of houses near Kyrenia.
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