Seeking justice in multi-jurisdictional fraud, creditors must be prepared for the long haul
By Chris Iacovides and Andri Antoniou- joint Liquidators* According to a press release issued by the Cypriot police, on 31st January 2020, a 42-year-old Ukrainian national had been arrested in Budapest pursuant to a European arrest warrant, extradited to Cyprus and remanded in custody, in connection with financial fraud totaling $92m, orchestrated through Cypriot-registered companies. The individual arrested was the CFO of Mriya Agro Holding Public Ltd (“Mriya”), the Cypriot holding company of what was once one of Ukraine’s largest agricultural groups . Others wanted in connection with this matter are in hiding in Switzerland, where the authorities are known to be slow in executing international arrest warrants. This is the outcome of a lengthy investigation by the Cypriot police following a criminal complaint made by the Liquidators of Mriya 4 years ago and vindicates what has recently been identified in a report of the Council of Europe’s anti money laundering body, Mo