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Partners at Tassos law firm hit back at former partner
By Elias Hazou
PARTNERS with Tassos Papadopoulos & Co yesterday hit back at allegations that they conspiratorially set up a new partnership to kick out Pambos Ioannides, a one-time close associate of the President.

On Tuesday, Politis ran a story saying that a new company by the name of “Tassos Papadopoulos & Associates” was registered without informing Ioannides, one of the senior partners.

Citing its sources, the paper said this was highly irregular, as Papadopoulos himself had left the law firm on becoming President in 2003, meaning he could not lend his name to a new company. The Constitution forbids the President from holding any other job while in office or performing any “function” on his own behalf or on behalf of others.

Also, by law a corporation must be dissolved and the assets distributed among the shareholders, with their agreement, before it can change name. But the initial company, Tassos Papadopoulos & Co, still exists as an entity.

Yesterday, Politis published a letter by Ioannides addressed to the Registrar of Companies. In it, Ioannides effectively accused the other partners of trying to hijack the firm “in total secrecy”, and reprimanded the Registrar for acquiescing to the setting up of the new partnership.

The paper also produced the Registrar’s response to Ioannides’ claims. According to him, whereas Papadopoulos was in fact not a member of the firm, there was nothing untoward in lending his name to a new partnership as he was still registered with the Bar Association.

Meanwhile the partners in the new law firm – which has not opened for business yet – released a statement yesterday debunking the reports as “inaccurate and misleading”.
“Mr Tassos Papadopoulos ceased practicing law as of February 2003 upon his election to the Presidency of the Republic, and has no financial or other interests in ‘Tassos Papadopoulos & Co’,” read the statement.

Apparently, Ioannides has for some time been unhappy with the way the office is being run under the new partners, and wants out. The unrest dates back to one-and-a-half years ago.

The law firm had appointed an accountant to calculate the assets corresponding to each of the partners, with a view to dissolving the company.

But to leave, Ioannides is demanding his 30 per cent stake, which reportedly amounts to at least £3 million.

The other partners do not agree with Ioannides’ demands, arguing that if he leaves he will deprive the law firm of a major client – the Popular Bank. They argue Ioannides should therefore settle for less.

The firm was set up in 1981, with Tassos Papadopoulos and Pambos Ioannides as partners. Later Nicos Papaefstathiou joined in.

When Papadopoulos left four years ago, 50 per cent of his cut was given to his son and daughter, both practicing lawyers, with the remaining 50 per cent distributed among the rest of the partners.

The Mail has learned that at the heart of the dispute lies the stake which Ioannides wants his daughter – also a lawyer with the firm – to have in the new partnership.

According to sources, for months the two sides knew that they would eventually go their own way, with Ioannides seeking out associates for a new law firm he aimed to set up.
So the allegations that the other partners “ganged up” on Ioannides are not true, the sources said.

A leading law firm of general practice, Tassos Papadopoulos & Co boasts clientele including the Popular Bank, the Cyprus Stock Exchange, J&P Construction Ltd., Coca-Cola (3 Epsilon) and the Louis Group of Companies.

Copyright © Cyprus Mail 2007


Add a bit of creative accounting and TPap must be wraking it in and they represent how many important firms in Cyprus. Good old TPap, he certainly knows where his interests lie.