Cyprus Court Freezes Assets of Lycourgos Kyprianou for Alleged Fraud on AremisSoft Corporation; Victory for AremisSoft Liquidating Trust.NEW YORK New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of -- Nicosia, Cyprus, Court issues interim Order to immediately freeze assets worldwide of Lycourgos Kyprianou, and persons and companies affiliated with him, as a result of his role in one of the largest international frauds resulting in losses of over US $500 million to investors who were former shareholders of AremisSoft Corp. The interim Order results from a lawsuit filed today by the Trustees of the AremisSoft Liquidating Trust, Joseph P. LaSala and Fred S. Zeidman, on behalf of the over 6,000 former investors of AremisSoft Corp. AremisSoft Corporation, which purported to be a multinational software company listed on the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on stock exchange, was the victim of a massive fraud perpetrated by Kyprianou, AremisSoft's former Chairman and Chief Executive Officer, and others who conspired with him. The AremisSoft Liquidating Trust was established in 2002 by Order of the Honorable Joel A. Pisano of the United States District Court for the District of New Jersey The United States District Court for the District of New Jersey is the Federal district court whose jurisdiction is the state of New Jersey. It was established in 1789. New Jersey is the largest state by population to only have one District Court. The Honorable Garrett E. to investigate and pursue claims and recoveries for the former shareholders of AremisSoft Corp. In April 2005, the AremisSoft Liquidating Trust received approximately US $200 million as a result of a settlement with another former executive of AremisSoft and persons and companies affiliated with him. Those funds were paid to the AremisSoft Liquidating Trust pursuant to a Coordination Agreement previously entered into by the AremisSoft Liquidating Trust and the United States of America UNITED STATES OF AMERICA. The name of this country. The United States, now thirty-one in number, are Alabama, Arkansas, Connecticut, Delaware, Florida, Georgia, Illinois, Indiana, Iowa, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Mississippi, Missouri, New Hampshire, , which cedes to the AremisSoft Liquidating Trust all of the proceeds of all recoveries, wherever located, relating to relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc AremisSoft. Attached is a copy of the Order signed today in Cyprus by Madame Justice Hadjiyianni in the Cyprus civil action commenced by the Trustees of the AremisSoft Liquidating Trust, as well as an unofficial English translation of the Order. The Order is based, in part, on an Affidavit affidavit Written statement made voluntarily, confirmed by the oath or affirmation of the party making it, and signed before an officer empowered to administer such oaths. of a Special Agent of the United States Federal Bureau of Investigation Federal Bureau of Investigation (FBI), division of the U.S. Dept. of Justice charged with investigating all violations of federal laws except those assigned to some other federal agency. , which was attached as an exhibit to the pleading filed in Cyprus by the AremisSoft Liquidating Trust. The United States Government indicted INDICTED, practice. When a man is accused by a bill of indictment preferred by a grand jury, he is said to be indicted. Kyprianou in 2002 on criminal charges including securities fraud and money laundering The process of taking the proceeds of criminal activity and making them appear legal. Laundering allows criminals to transform illegally obtained gain into seemingly legitimate funds. . Further, Kyprianou defaulted in a civil lawsuit brought by the AremisSoft Liquidating Trust against Kyprianou and others in the Isle of Man Noun 1. Isle of Man - one of the British Isles in the Irish Sea Man British Isles - Great Britain and Ireland and adjacent islands in the north Atlantic in 2002. Kyprianou resides in Cyprus, and is and remains a fugitive from justice An individual who, after having committed a criminal offense, leaves the jurisdiction of the court where such crime has taken place or hides within such jurisdiction to escape prosecution. in the United States, having failed to return to face the charges against him.
STATEMENT OF JOSEPH P. LASALA AND FRED S. ZEIDMAN,
CO-TRUSTEES OF THE AREMISSOFT LIQUIDATING TRUST
C/O GREENBERG TRAURIG LLP
200 PARK AVENUE
NEW YORK, NEW YORK 10166
JULY 21, 2005
We are the attorneys for the Trustees of the AremisSoft Liquidating Trust. We are writing to advise you that as a result of a lawsuit filed today by the Trustees of the AremisSoft Liquidating Trust in Nicosia, Cyprus, the Court in Cyprus issued an interim Order freezing assets world wide of Lycourgos Kyprianou and persons and companies affiliated with him. The Order results from his role in one of the largest international frauds resulting in losses of over US $500,000,000 to over 6000 former investors of AremisSoft Corp. who reside throughout the world. Kyprianou was the former Chairman and Chief Executive Officer of AremisSoft Corp., which purported to be a multinational software company that was listed on the United States NASDAQ stock exchange. The AremisSoft Liquidating Trust was established in 2002 by Order of the Honorable Joel A. Pisano of the United States District Court for the District of New Jersey to investigate and pursue claims and recoveries for the former shareholders of AremisSoft Corp. Attached is a copy of the Order signed today in Cyprus by Madame Justice Hadjiyianni in the Cyprus civil action commenced by the AremisSoft Liquidating Trust, as well as an unofficial English translation of the Order. The Order is based, in part, on an Affidavit of a Special Agent of the United States Federal Bureau of Investigation, which was attached as an exhibit to the pleading filed in Cyprus by the AremisSoft Liquidating Trust. The United States Government indicted Kyprianou in 2002 on criminal charges including securities fraud and money laundering. Further, Kyprianou defaulted in a civil lawsuit brought by the AremisSoft Liquidating Trust against Kyprianou and others in the Isle of Man in 2002. Kyprianou resides in Cyprus, and is and remains a fugitive from justice in the United States, having failed to return to face the charges against him. If you have any questions please immediately contact the undersigned un·der·signed adj. 1. Having signatures or a signature at the bottom or end. Used of documents. 2. Signed or having signed at the bottom or end of a document: .
Hal M. Hirsch, Esq.
Greenberg Traurig LLP
200 Park Avenue
New York, New York 10166
(212) 801-6868
COUNSEL TO THE TRUST
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