NICOSIA, Cyprus, July 22 (UPI) -- A court in Cyprus has frozen all assets, worldwide, owned by a former head of AremisSoft Corp., after a $565 million fraud case.
The Nicosia tribunal ordered an immediate global freeze on the property of Lycourgos Kyprianou, and people and companies affiliated with him, in a fraud that cost shareholders $565 million, lawyers for AremisSoft's liquidating trust said Thursday.
U.S. authorities said Kyprianou and associate Roys Poyiadjis used AremisSoft to defraud investors. They were discovered in 2001 and fled to Cyprus, which has no extradition treaty with the United States, the Minneapolis Star Tribune said.
U.S. investigators, working with lawyers for aggrieved shareholders, obtained court orders freezing $230 million that the pair had hidden in banks from Cyprus to the Isle of Man off Scotland.
Last month, Poyiadjis agreed to repay investors $200 million. Now, authorities are going after Kyprianou's assets.
Meanwhile, he remains a fugitive. U.S. authorities in 2002 criminally charged Kyprianou with securities fraud and money laundering. He later defaulted in a civil lawsuit brought by the AremisSoft Liquidating Trust and others.