The proceedings against the Republic of Cyprus are based on the 1998 Reciprocal Promotion and Protection of Investments Treaty, an international arbitration treaty between the Republic of Cyprus and the state of Israel, of which Afik is a citizen.
NICOSIA, Cyprus, April 2, 2025 /PRNewswire/ — Afik is seeking hundreds of millions euros in damages from Cyprus for the breach of its obligations under the treaty, resulting in lost sales, impairment to existing property inventory, damage to his reputation, and millions of euros in legal expenses.
In addition, Afik and his father, Mr. Shimon Aykout, are seeking millions in compensation for the wrongful and ongoing incarceration of Mr. Aykout, a 75-year-old cancer patient, held without trial for nine months in general population prison on criminal charges alleging he illegally traded in land once belonging to Greek Cypriot refugees who fled the Turkish side of Cyprus 50 years ago, when Turkey invaded the Island.
In his claims against Cyprus, Afik is relying on the expert legal opinion of Cambridge Professor Eyal Benvenisti, submitted to the European Court for Human Rights. Link: https://www.berkman.co.il/benbenishti
Ron Berkman, lead council for Jack Afik said “This is a landmark case, potentially opening the door for thousands to sue Cypress for billions of euro in damages to their property investments and the economy of Northern Cypress.”
Afik is represented by Gherson Solicitors LLP from 19 Harcourt Street London and Ron Berkman.
Contact
Ron Berkman +972506963000
Ronib@berkman.co.il
Jack Afik
Jack@afikgroup.com
+905488673972
View original content to download multimedia:https://www.prnewswire.com/news-releases/yaakov-jack-aykout-afik-the-largest-property-developer-in-cyprus-sues-president-nikos-christodoulides-and-the-republic-of-cyprus-for-hundreds-of-millions-of-euros-in-monetary-damages-over-proceedings-against-him-and-his-busine-302415101.html
SOURCE Afik Group
Featured Image: Megapixl @ Masta4650
