Theodorou Law Firm is a Cyprus firm with experience in the successful resolution of complex and challenging disputes. We have experience and have gained a reputation in particular for recovering assets and preserving assets in cases of allegations of fraud.
Over the last few months we have sought and obtained numerous freezing and disclosure orders in Cyprus courts and have helped repatriate millions of euros in funds fraudulently transferred into Cyprus Banks.
Of particular interest was a recent case where our clients were defrauded and as a result several million US dollars were transferred into a Cyprus bank. As we discovered, following these transfers, part of these funds where then diluted further and transferred into two other Cyprus banks.
As a result of the swift action taken and the strategy pursued, information was received which allowed us to freeze the bank accounts of the perpetrators and continue legal action against them.
It is noteworthy that, in this case, due to the strategy followed a final court decision for the return of the funds to our clients was issued within three months of the legal action being instigated. We are unaware of any other case being completed within such a short time period in a Cyprus court, a point emphasised by the District court of Nicosia which noted that in cases with similar facts, a final resolution arrives within several years and not months.
More recently, in a separate case, we succeeded in issuing a freezing and disclosure order against two Cyprus Banks within 7 hour from receipt of instructions from clients to take the necessary actions to preserve several million Euros defrauded from them. It is noteworthy that full instructions were received at 2 a.m. and the orders were issued at 9 a.m. on the same day. Needless to say the funds were frozen and proceedings are continuing for their return to our clients.
Our firm routinely answers queries from individuals and corporate clients on banking law and litigation matters. If you have a query or wish to receive further information, please contact us using [email protected]
Theodorou Law Firm is a Cyprus law firm with Cyprus lawyers and other legal experts on legal matters involving Cyprus law, EU law and international law. The above should be used as a source of general information only. It is not intended to give a definitive statement of the law and is subject to the disclaimer.