Cyprus-Forum.com

[zan]

‘So you just paid someone 7 million in cash without checking?’
By Elias Hazou

A FORMER business partner of President Tassos Papadopoulos yesterday admitted to personally signing credit orders worth millions of dollars for the benefit of Yugoslav nationals at the height of the UN embargo against that country in the 1990s.

Pambos Ioannides was testifying in court in the case of Tassos Papadopoulos and Co vs the Financial Times.

It was third hearing in a libel case brought by Papadopoulos against the paper for reporting in 2002 that his law firm had close ties with companies suspected of siphoning money abroad.

Ioannides, now managing partner with the law office, was cross-examined by the FT’s chief lawyer Pavlos Angelides.

Angelides presented the witness with a document dating to January 1995 instructing the Popular Bank to pay one Zoran Markovic 7 million DEM (Deutschmarks) in cash.

The money was to be paid out of two accounts held by Vantervest, a Yugoslav offshore company, in the Popular Bank.

The letter bears Pambos Ioannides’ signature. Ioannides was one of the directors of the company.

Vantervest Overseas Ltd. was one of eight offshore companies mentioned in a report by Morten Torkildsen, a special prosecutor for the International Criminal Court probing human rights crimes in Yugoslavia in the 1990s.

All eight were registered by the Tassos Papadopoulos law firm. But since it was an offshore company, its real owners or beneficiaries could not be Cypriots.

At the time, Cypriot law allowed for nominee individuals to be named as the directors and shareholders of Cypriot companies on company incorporation documents, and only required the identity of the actual controller of the company (the "nominated beneficial owner") to be provided to the Central Bank.

The transaction carried out by Vantervest took place in January 1995, one-and-a-half years after Cyprus ratified a UN resolution imposing an embargo on Yugoslavia.
UN resolution 820 instructed countries to freeze Yugoslav assets abroad, as well as accounts controlled directly or indirectly by authorities, organisations or entities established by Yugoslavian state authorities.

On April 26, 1993, the Central Bank of Cyprus issued a circular to all commercial banks, advising them of these new regulations.

Nevertheless, Cypriot banks were allowed to continue providing normal banking services to offshore companies that were owned or controlled by natural persons, i.e. private individuals who were not civil servants or in any way represented Yugoslav state authorities or organisations.

But according to Angelides, Zoran Markovic, the beneficiary of the 7 million DEM, was the executive director of Beogradska Banka, a state-owned Yugoslav bank.

Moreover, Markovic is named in the Torkildsen report as one of the cash couriers, bringing suitcases filled with hard currency to Cyprus on numerous occasions.
Angelides suggested in court yesterday that, by paying Markovic, the Tassos Papadopoulos law firm was guilty of sanctions-busting.

Ioannides said that, under the regulations of the time, their office was not breaking the law or violating the UN embargo, as Markovic was a private individual.

“We did everything by the book, according to standard practice at the time,” he said.
“Yes, but didn’t you realise who you were giving the money to? Who instructed you to make the payment?” asked Angelides.

The witness said he could not recall, as the events took place several years ago. He said he did not remember Markovic and did not know who this person was.

“So you just paid someone 7 million DEM in cash without checking? You were either extremely careless, or did it deliberately,” challenged the FT lawyer.

Ioannides replied that their office was never asked by authorities to check these transactions, implying that they were beyond reproach.

“Isn’t it true that your office was mentioned in a request for assistance by the International Tribunal? I submit to you, sir, that you are misleading this court.”

Angelides was referring to a letter addressed in August 2001 to the Cyprus government by Chief UN War Crimes Prosecutor Carla Del Ponte.

In it, Del Ponte noted that her office had identitied eight companies that she believed “were set up under the instructions of Ms. Vucic at the direction of Slobodan Milosevic.”
The companies included Vantervest, Browncourt Enterprises and Antexol Trade Ltd. The letter noted that all were registered by the Tassos Papadopoulos law firm.

In the case of Vantervest, UN prosecutors discovered that in June 1995 the beneficial owner was Ms. Zagorka Corovic, who was 81 years old at the time.

When interviewed, Corovic said she had no knowledge of Vantervest, nor had she given anyone permission to use her name as an owner of this or any other company, nor had she ever controlled Vantervest.

“This letter was not directed at our office, it was addressed to the Republic of Cyprus. We are not the Republic of Cyprus, sir,” Ioannides said.

“But you have no idea of what happened with the money you gave to Markovic? Can you either deny, or confirm, that the money was used to purchase arms? I submit to you, sir, that this Markovic was a gunrunner and a criminal,” pursued Angelides.

Ioannides insisted it was not his law firm’s responsibility to check where the money went, as money-laundering laws at the time were “not as sophisticated as they are now”.

“For example, if drug money is laundered through a bank, it’s not the bank’s fault,” asserted Ioannides.

Angelides continued:
“Mr. Ioannides, after all the evidence we have seen in court thus far, do you still believe that my clients were unjustified in casting doubts over your connections to Yugoslav offshore companies?”

“These are lewd allegations, and they were written and reproduced at a time when Mr. Papadopoulos had announced he would be running for President,” said Ioannides.
The trial resumes on May 16.



Copyright © Cyprus Mail 2007

[Get Real!]

So many of your efforts go to waste Zan because you often fail to see the bigger picture. TP is so popular that his reputation simply cannot be dented. In fact his re-election is so guaranteed that only super-forces like el-Ninio stand any chance of changing that.

Why don't you just accept that he is the father of all Cypriots and next time you cross to the land of the free give me a call and I'll take you so you can meet him in person, kiss his hand and receive his blessing.

[karma]

So many of your efforts go to waste Zan because you often fail to see the bigger picture. TP is so popular that his reputation simply cannot be dented. In fact his re-election is so guaranteed that only super-forces like el-Ninio stand any chance of changing that.

Why don't you just accept that he is the father of all Cypriots and next time you cross to the land of the free give me a call and I'll take you so you can meet him in person, kiss his hand and receive his blessing.

father of all Cypriots???
U mean ''GOD FATHER'' ??

[askimwos]

So many of your efforts go to waste Zan because you often fail to see the bigger picture. TP is so popular that his reputation simply cannot be dented. In fact his re-election is so guaranteed that only super-forces like el-Ninio stand any chance of changing that.

Why don't you just accept that he is the father of all Cypriots and next time you cross to the land of the free give me a call and I'll take you so you can meet him in person, kiss his hand and receive his blessing.

Get Real, how old are you mate?
Tpap father of Cypriots? So popular that his re-election is guaranteed? Well ask Akel supporters and members that. You may be surpised!

[Get Real!]

So many of your efforts go to waste Zan because you often fail to see the bigger picture. TP is so popular that his reputation simply cannot be dented. In fact his re-election is so guaranteed that only super-forces like el-Ninio stand any chance of changing that.

Why don't you just accept that he is the father of all Cypriots and next time you cross to the land of the free give me a call and I'll take you so you can meet him in person, kiss his hand and receive his blessing.

Get Real, how old are you mate?
Tpap father of Cypriots? So popular that his re-election is guaranteed? Well ask Akel supporters and members that. You may be surpised!

Well, I guess it's one way to get the Commies to crawl out of their holes...

[askimwos]

Proud to be one.

What is your problem exactly GR?
Let's see how the "father of all Cypriots" can do without the support of the commies as you call them.

[karma]

Proud to be one.

What is your problem exactly GR?

forgive him, he is only in love

[Get Real!]

Proud to be one.

What is your problem exactly GR?

forgive him, he is only in love

[Get Real!]

Proud to be one.

What is your problem exactly GR?
Let's see how the "father of all Cypriots" can do without the support of the commies as you call them.

As always we'll use you and then we'll toss you...

[askimwos]

You are so much in denial GR, aren't you.

Let me just remind you that the last time you attempted something like that Spyros Kyprianou lost to Vasiliou. People like you at the time were also labeling Kyprianou as ethnarch and as the father of all Cypriots.
It looks like you will never learn your lesson...