Cyproman Services Ltd Statement on Financial Times Article

LONDON, April 3, 2012 /PRNewswire/ --

Cyproman Services Ltd ("Cyproman") wishes to address assertions in an article written by Sam Jones in the Financial Times on March 22^nd 2012 referring to a Trust of which Cyproman is Trustee.

The article headlined "Cypriot Court rules for Coward" states that Martin Coward has won a victory in the legal dispute over approximately $120million from a family trust fund from which the money was taken.

Cyproman wishes to state the following facts pertaining to the court ruling in Cyprus:

1. The ruling was applied to a counterclaim which was dismissed on a procedural issue. An appeal is being lodged immediately.
2. The article states that the legal claim is linked to Ms Elena Ambrosiadou; however she is not a party to this dispute.

It should be noted that the Trust arrangement was effected at all times with Mr Coward's full knowledge, agreement and signature. The article critically omits the fact that the USD120million which still belongs to the Trust is subject to certain Trust arrangements for the potential future benefit of family members. Any actions to remove Trust assets are contrary to the intention of the Trust and Mr Coward has already lost a number of proceedings in Cyprus regarding the family Trust arrangement.

With regards to any publicity surrounding private Trust arrangements the Trustee declares that it objects to private family matters entering the public domain. They also confirm that they are aware of the two contempt of court proceedings against Mr Coward, which are scheduled for the 3^rd April 2012. Despite Mr Coward actually losing a number of proceedings, Cyproman have throughout maintained confidentiality and silence. However, given the recent article, the Trustee feels it has no option but to respond.

On 14^th March 2011, the Cyprus court quashed an ex parte interim order again initiated by Mr Coward against the Trustee. In the said Judgment, the District Court of Nicosia reaffirmed the legitimacy of the Trusts and their discretionary nature; concluding also that Mr Coward had violated his duty towards the Court to make full and frank disclosure of all the material facts concerning the dispute in question.

Cyproman, far from being an "opaque entity" as asserted in the article, is a firm registered in Cyprus which has been offering fiduciary, Trustee and administration services for more than 15 years, employing more than 50 professionals with offices in Nicosia and Larnaca, Cyprus. Cyproman is in charge of over 150 international trusts.

Cyproman has been offering its services as a Trustee to the said Family Trust arrangement in accordance with the International Trust Law of the Republic of Cyprus.Cyproman is accredited with the ISAE 3402 Type II Certification for specified controls applied to its trustee, corporate secretarial, banking, accounting, payroll and fund administration services. The International Standard on Assurance Engagements (ISAE) 3402, which now supersedes SAS 70, has been recently issued by the International Federation of Accountants and provides for an independent assessment of the internal controls in relation to the above mentioned services offered by Cyproman. The review was performed by a Big-4 audit firm.  This success follows the issuance of an SAS 70 Type I Report in early 2011 and clearly demonstrates the continuous commitment of Cyproman in improving its services and operations and delivering quality services within a framework of transparency and control.

SOURCE Cyproman Services Ltd