Offshore Leaks Record

Cyprus ยท Pandora Papers

Nicos Anastasiades: offshore leaks and what happened next

Investigated, no charges As of September 2026, independent criminal investigators supported by a police team were examining the Anti-Corruption Authority's findings about Anastasiades, after the Attorney General and his deputy stepped aside. No charge had been reported, and he denies wrongdoing.4,6

Being named in a leak is not evidence of wrongdoing, and owning an offshore company can be legal. Each record sets out what was reported, the person's response, and what official action, if any, followed.

What was reported

ICIJ reported that a law firm bearing Anastasiades's name, in which his two daughters are partners, acted as an offshore go-between for wealthy Russians. ICIJ did not report wrongdoing by him personally.1

Response

The firm's managing director, Theophanis Philippou, told the BBC the firm had never misled authorities or concealed a company owner, ICIJ reported. Anastasiades called the claims unfounded and misleading, said his name was not mentioned in the leaked documents and said he transferred his shares in the firm to his daughters after his 2013 election, Cyprus Mail reported.1,2

What happened afterwards

  1. Investigation opened, Cyprus Bar AssociationThe Bar Association said it was investigating the firm founded by Anastasiades, and another firm, over Pandora Papers reporting, with criminal matters to go to the Legal Service if found, Cyprus Mail reported. No outcome was reported.3
  2. Investigation opened, Independent Anti-Corruption Authority of CyprusThe authority referred findings to the Attorney General alleging potential corruption and abuse of power by Anastasiades as president, including possibly using his office to hinder an anti money laundering probe involving his former law firm. The findings followed a two year inquiry into claims in Makarios Drousiotis's 2022 book Mafia State and are broader than the Pandora Papers, which ICIJ cited as earlier reporting on the firm. The authority stressed that everyone named is presumed innocent and that only a court can determine guilt. Anastasiades denied wrongdoing and said most accusations were never put to him, ICIJ reported. Cyprus Mail reported the authority said he may bear criminal liability.4,5
  3. Investigation opened, Independent criminal investigators and Cyprus PoliceAfter Attorney General George Savvides and his deputy Savvas Angelides stepped aside, five independent criminal investigators led by Vasileios Skouris were appointed to examine the potential offences, and police formed a team of seven officers to assist, Cyprus Mail reported. No charge was reported. Anastasiades rejected the findings and said investigators violated essential legal rules.6

Sources

  1. ICIJ, Offshore havens and hidden riches of world leaders and billionaires exposed in unprecedented leak (3 October 2021)
  2. Cyprus Mail, Anastasiades: claims in Pandora Papers unfounded and misleading (1 December 2021)
  3. Cyprus Mail, Bar association investigating law firms linked to Pandora Papers (27 October 2021)
  4. ICIJ, Cyprus anti-corruption watchdog refers former president to prosecutors for alleged abuse of power (23 June 2026)
  5. Cyprus Inform, Former president's criminal immunity remains disputed as Anastasiades faces possible charges (22 June 2026)
  6. Cyprus Mail, Police form investigative team for mafia state probe (15 September 2026)