A former minister in the Christodoulides government is under investigation after bank accounts and other movable assets worth millions of euros were found to have been omitted from a previous asset declaration, according to Politis.
The case emerged during checks carried out by the Tax Commissioner under the new asset declaration law, which came into force in January and introduced substantive checks of declarations submitted by public officials.
According to available information, there is no indication so far of illicit enrichment, as the assets in question were reportedly held by the former minister before taking office. However, authorities are examining whether the failure to declare the assets constitutes a criminal offence and whether there may be an issue of tax evasion.
The former minister’s identity has not been disclosed, while his explanation for the omission is still pending.
The Tax Department informed the Special Parliamentary Committee on asset declarations, which reportedly decided to seek a legal opinion on whether the omission constitutes a criminal offence. If relevant evidence emerges, the case may be referred to the Attorney General for possible criminal prosecution.
The former minister was reportedly informed by the Tax Department that his 2023 declaration had omitted bank accounts in Cyprus and abroad. Around April, he submitted an updated declaration for 2026 within the deadline and also corrected his 2023 declaration.
The amount of undeclared assets has not been confirmed. Some sources put it at around €2 million, while others estimate it at between €3 million and €4 million.
Source: Politis Cyprus
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