Asia PR News

NEW YORK, July 30 /PRNewswire-AsiaNet/ –

Madame Justice Hadjiyianni of the Nicosia District Court continued the
worldwide freeze Order, obtained by the Trustees of the AremisSoft Liquidating
Trust, over the assets of Lycourgos Kyprianou and persons and companies
affiliated with him. The Court also denied the efforts by Lycourgos Kyprianou
and the other Defendants to overturn portions of the Order.

A day earlier, without notice to the attorneys for the AremisSoft
Liquidating Trust, Lycourgos Kyprianou and the other Defendants sought to
suspend portions of the Order requiring them to preserve documents and
information relating to the AremisSoft Liquidating Trust’s claims. Today, upon
hearing the position of the AremisSoft Liquidating Trust, the Court reinstated
its decision of last Friday to prohibit Lycourgos Kyprianou and the other
Defendants from destroying such documents. The Court is expected to issue its
written Order next week.

In Court today, none of the Defendants submitted written defenses nor
contested the continuation of the freeze Order. The Court ordered that
Lycourgos Kyprianou and the other Defendants are required to produce to the
attorneys for the AremisSoft Liquidating Trust all documents and information
within 16 days after judgment is issued following completion of the hearing on
the Order, currently scheduled for early September 2005. At that time,
Lycourgos Kyprianou will be required to disclose the existence and location of
his assets.

The Court’s decision is a further victory for the AremisSoft Liquidating
Trust as it moves forward to recover the damages Lycourgos Kyprianou caused to
the more than 6,000 beneficiaries of the AremisSoft Liquidating Trust.

The interim Order issued on July 21, 2005 froze assets worldwide of
Lycourgos Kyprianou and the other Defendants 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. This week the
Court granted additional Orders granting leave to the AremisSoft Trustees to
serve several non-domiciliary companies which were alter-egos of Lycourgos
Kyprianou and used by him to assist in the alleged fraud on AremisSoft
Corporation and its shareholders; extended the July 21, 2005 freeze and other
injunctive relief to those alter ego companies; and impounded the shares
nominally owned by Hermione Kyprianou in the company L & N Kyprianou Estates,
Ltd.

In a related development, it was reported this week that Kyprianou Co-
Defendant Pavlos Meletiou, former AremisSoft Corp. auditor and partner of the
Nicosia office of Savvides & Associates, has been permanently expelled from
the Certified Public Accounts Association of Cyprus as a result, in part, of
his role in the AremisSoft fraud.

AremisSoft Corporation, which purported to be a multinational software
company listed on the United States NASDAQ 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. In the underlying
application the AremisSoft Trustees traced more than US $100 million in
illegal trading profits in AremisSoft shares to Lycourgos Kyprianou and an
additional US $30 million which he allegedly misappropriated from AremisSoft.

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.

SOURCE: Greenberg Traurig LLP

CONTACT: Jill Perry, Greenberg Traurig, LLP
+1-212-801-9231 or perryj@gtlaw.com

Web site: http://www.gtlaw.com