Cyprus files first prosecution in passports-for-investment scheme
The action against five individuals and four legal entities was taken based on the findings of an ad hoc committee.
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Henley & Partners told the FT that the payment was a fee from a Cypriot developer under a pre-existing agreement for Henley Estates to provide “marketing support services”, and the money did not originate from any entity linked to Mr Low or his associates. Juerg Steffen, H&P chief executive, said the payment should nonetheless not have been taken, since his company had previously rejected Mr Low as a client following due diligence checks. Mr Steffen said the case had helped trigger an overhaul of governance standards in the Henley companies. “Hindsight is a wonderful thing,” he said.