The Independent Authority Against Corruption has completed its investigation into a complaint filed by former MP Giorgos Varnava against former EDEK party leader and current MP Marinos Sizopoulos, identifying possible acts of corruption linked to the controversial Cyprus Investment Programme.

According to the 191-page report, inspectors found sufficient indications that Sizopoulos, in his capacity as director of IO Ktimatiki Ltd — a shareholder in TAXAN Properties Developers Ltd — was aware of and involved in a transaction that concealed the real sale price of TAXAN shares to a foreign investor.

The investigation revealed the existence of two contracts: one dated October 4, 2017, showing a €2.025 million sale price used in the investor’s citizenship-by-investment application, and another dated October 17, 2017, with a reduced price of €1.6 million, submitted to a Cypriot bank to reduce TAXAN’s outstanding debt. The lower figure allegedly enabled the company and its guarantors, including Sizopoulos, to benefit from a 37% debt write-off worth nearly €1 million.

Inspectors also noted indications that the investor’s signature on the second contract had been forged. The report concluded that the use of the lower-value contract aimed to mislead the bank and secure unlawful financial benefit.

Based on the findings, the Authority pointed to possible violations of the Penal Code, including fraud, forgery, circulation of forged documents, and conspiracy to defraud. It stressed that such offenses, by their nature, constitute acts of corruption under international standards.

At the same time, investigators dismissed some of Varnava’s claims — including allegations that the investor failed to meet naturalisation criteria or that political promises were made to secure his Cypriot passport. The report confirmed that the investor met all requirements and that no evidence of political interference was found.

The Authority unanimously adopted the inspectors’ findings and has referred the case file to the Attorney General for further action. In its statement, it emphasized respect for the presumption of innocence and said no further public comments will be made.