Nicosia District Court ordered the confiscation of illegal assets belonging to Jho Low, a Malaysian businessman and fugitive who acquired Cypriot citizenship through a now defunct citizenship by investment scheme. A press release by the Law Office of the Republic of Cyprus on Tuesday notes that this is the first case in Cyprus, involving a confiscation ordered without prior conviction. The assets confiscated concern a 6 mln Ayia Napa mansion.
The procedure was held before the District Court, following an application by the Law Office and Cyprus’ Unit for Combating Money Laundering (MOKAS), with the consent of the lawyers representing Jho Low, the announcement reads.
The application was lodged on the basis of provisions of the Prevention and Suppression of Money Laundering Laws, the announcement says.