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Europe Guide
Firm Profile

Antis Triantafyllides & Sons LLC

Firm Profile


  • Profile
  • Capital Centre, 9th Floor
  • 2-4 Arch. Makarios III Ave.
  • Nicosia
  • Nicosia District
  • Cyprus
  • 1065

Firm profile submitted by Antis Triantafyllides & Sons LLC

Chairman: Antis Triantafyllides
Partners: Antis Triantafyllides, George Triantafyllides and Stelios Triantafyllides
Number of Partners: 3
Number of lawyers: 32
Languages: Bulgarian, English, French, German, Greek, Italian, Russian

The law firm of Antis Triantafyllides & Sons LLC was founded in 1955. It is one of the oldest and best established law firms in Cyprus, providing high quality legal services in all areas of law to corporations, institutions, government entities and high net worth individuals alike.

The firm’s main practice focuses on domestic and international corporate law and banking and finance law. The firm also boasts one of the strongest litigation teams in the country and a leading tax department. The firm currently employs 72 members of staff, including 32 lawyers and legal consultants.

Mr Antis Triantafyllides, the founder of the firm, was the Cyprus member of the Court of Arbitration of the International Chamber of Commerce throughout the greater part of his legal career.

The law firm offers an optimum service to clients in terms of high quality transactional work combined with practical advice, demonstrating a depth of knowledge and technical expertise in a number of fields including financial services and regulation, structured finance and debt capital markets, and public and administrative law.

The highly trained team of lawyers successfully provide a blend of local expertise with an international outlook to provide exact and comprehensive advice to both domestic and international clients.

Banking & Finance:

The firm’s highly experienced banking and finance team handles secured and unsecured lending, international high-value financing and refinancing transactions, including project financing, syndicated, subordinated and mezzanine financing, and related securities such as share pledges, floating charges, financial collateral and other securities.

The firm regularly advises on compliance and banking regulatory and licensing requirements, ISDA agreements and related products, asset preservation and security enforcement and procedures.

Two of the firm’s main team members, Marios Hadjigavriel and Christiana Vassiliou were both heads of in-house legal teams at international banks based in Cyprus and bring the wealth of their experience to their department making the firm’s Banking and Finance team one of the strongest in the country.

The firm’s litigation team supports the banking and finance team by dealing with debt collection and security enforcement, representing in this respect both local and international banking institutions.

The firm’s main client base consists of high profile international lenders, arrangers and facility agents (on single-lender and syndicated, secured and unsecured loans) as well as borrowers, guarantors and security providers. Such clients include international financial institutions such as EBRD, IFC, VTB Group, Deutsche Bank and Credit Suisse as well as local banking institutions, such as the Bank of Cyprus and Piraeus Bank (now AstroBank).

Recent examples of the firm’s experience:

Hellenic Bank: The firm assisted Hellenic Bank in the sale of its business of non-performing loans and property to the newly established company APS Debt Servicing Cyprus Ltd which constitutes a joint venture between Hellenic Bank and APS Holding A.S. The transaction involved the servicing of the non-performing loans of approximately EUR 2.3 billion and property of value of around EUR 100 million. The team provided legal advice to Hellenic Bank with respect to all aspects of the transaction, including the establishment of the joint venture company, the drafting of the relevant articles of association, compliance with regulatory, banking, competition and company law matters.
ContourGlobal: The firm represents ContourGlobal, a premier developer and operator of wholesale electric power generation businesses, with respect to Cyprus law matters in a EUR 550 million notes offering. The notes are secured by share pledges of certain existing and future subsidiaries of the issuer, including Cyprus companies. The firm drafted and negotiated security documentation, provided Cyprus law advice on matters relating to the notes offering and issued a legal opinion on the transactions
Telesat Canada: The firm has advised Telesat Canada for the sale of its stake of 0.9% in Hellas-Sat Consortium Ltd ('Hellas Sat'), in the course of the privatisation of the Hellenic Telecomunications Organisation ('OTE') whereby OTE sold 99.5% in Hellas-Sat, the owner of satellite HellasSat2, to Arab Satellite Communications Organisation, an intergovernmental organization founded by the 21 states of the Arab League ('Arab Sat'). More particularly, the firm advised on the structure of the sale through various subsidiaries, participated actively in the negotiations between OTE, Arab Sat and Telesat Canada both in Greece and in Cyprus, advised on competition and other regulatory approvals and issues, drafted various transaction documents including but not limited to share purchase, escrow and waiver agreements.
Bank of Cyprus: The firm acted as legal adviser to the Bank of Cyprus on the restructuring of the debts of the Bank of Cyprus’ biggest clients. To date, the biggest group the firm advised had debts in the region of EUR 120 million. The firm also advises on several other groups with debts ranging from EUR 40 million to 100 million
Avangardco Investments Public Limited: This transaction involved the restructuring of USD $200 million aggregate principal amount of notes issued by a Cypriot company (in order to amend the terms and condition of the notes including, among others, extending their maturity date), through the sanctioning of the restructuring of the notes by English courts and the entry into solicitation agency agreement in connection with such restructuring
European Bank for Reconstruction and Development ('EBRD'): The firm advised EBRD on a EUR 10 million financing for the construction, development and operation of five solar photovoltaic parks in Cyprus, with a total capacity of 11.9MW. The parks are located across the island at Paliometocho, Dhali, Frenaros, Nisou and Malounta. The transaction constitutes the first project financing transaction carried out by EBRD in Cyprus. The firm attended to all Cyprus law energy, regulatory, banking and corporate matters in connection with the transaction. International law firm Watson Farley & Williams acted as English law counsel
OPAP Group: The firm acted for Emma Delta Ltd (an international collective investment fund registered in Cyprus) and its subsidiary companies in a EUR 622 million transaction with respect to the acquisition of 33% of OPAP S.A., as part of the OPAP Group’s privatisation, the leading gaming operator in the Greek market and the exclusive operator of numerous land based numerical lottery games and land based sports betting games under its concession. The firm’s role consisted of (a) advice on the fund structure and any fund regulatory approvals; (b) advice on the financing of the acquisition through both the fund structure and the issuance of notes by Emma Delta Ltd subsidiary company; and (c) drafting, negotiating and advising on the Cyprus security documents with respect to the notes issuance

Contact: Marios Hadjigavriel
Contact: Christiana Vassiliou

Capital Markets:

The capital markets practice of the firm covers the full range of capital markets products and specialises in debt and equity capital markets, derivatives and structured finance, securitisation, corporate trust and agency.

The firm’s team is highly experienced, having played an active part in major developments in capital markets related to Cyprus and regularly acts on public offerings including initial, secondary and dual public offerings on regulated or non-regulated markets, both within and outside the EU, as well as private placements, Eurobond issues, reverse takeovers etc.

The team regularly acts for lenders, underwriters, and issuers, issuing legal opinions and advising clients through every step of an equity raising transaction.

The key to the firm’s success in this field is the analytical rigour and expertise of its team, noting that most of the cases the team works on in this area are unprecedented in Cyprus and its clients and overseas counsels therefore rely on its vast experience, know-how and technical expertise to apply untested areas of the law to the case at hand.

Recent examples of the firm’s experience:

Hellenic Bank: The firm acted as legal adviser to Rothschild concerning EUR 220 million rights issue of Hellenic Bank
Qiwi Plc: Following the successful completion of the IPO of Qiwi Plc in May 2013, the firm recently advised Qiwi Plc with respect to the announced underwritten public offering of 9,427,546 of its Class B Shares in the form of American Depositary Shares (ADSs) by certain shareholders. The number of ADSs included 1,229,680 ADSs sold as a result of the full exercise by the underwriters of their option to purchase additional ADSs from the selling shareholders. Qiwi Plc did not receive any proceeds from the offering. The firm subsequently advised the company on subsequent SPOs, two of which completed in 2015
DTEK: In 2013, the firm acted for the Ukrainian based DTEK group of companies in connection with (a) the participation of a Cyprus company belonging to such group, as a guarantor, in a USD $600 million New Eurobond Issue, (b) the repurchase of an existing Eurobond Issue, and (c) the accession of another Cyprus company belonging to such group, as a guarantor, into an existing Eurobond Issue. In 2015, the firm acted again for the DTEK group of companies and for two Cypriot companies belonging to the group, with respect to the financial restructuring of its outstanding USD $200 million 9.5% senior notes which took place through an exchange offer, consent solicitation and an English scheme of arrangement. The deal is a landmark one as it was successful to constitute the change of governing law of the bonds from New York law to English law sufficient for conferring jurisdiction to English courts for sanctioning a scheme of arrangement

Contact: Stelios Triantafyllides
Contact: Alexey Podlesny 
Contact: Katherine M.E. Norton

Corporate & Company Law:

The firm’s corporate and commercial department constitutes the cornerstone of its practice. The experience of the firm’s highly reputable and exceptionally specialised team is second to none on the island. The team members provide high-quality practical and innovative advice on all aspects of corporate and company law.

The type of work covered by this area of law include, inter alia:

■ formation, acquisition and sale of Cyprus companies
■ shareholder agreements and corporate governance issues
■ capital-raising transactions
■ public and private offerings of securities and securities law compliance
■ local and cross-border mergers and acquisitions
■ management buy-outs and earn-outs
■ corporate management
■ redomiciliation of companies in and out of Cyprus

A full array of relevant legal services is provided to a domestic and international client base which includes: commercial banks, investment banks, consulting firms, insurance companies, financial services companies and other financial institutions, media and entertainment companies, technology and telecommunications companies, transportation companies, companies in the food and beverage sector, the pharmaceutical industry and high net-worth individuals.

The managing partner of the firm, Stelios Triantafyllides, is frequently requested to advise on draft legislation particularly in the corporate sphere, due to his experience in the field of corporate and company law.

The firm has acted in numerous high profile and heavily publicised Russian M&A transactions with a Cyprus element.

Recent examples of the firm’s experience:

Commissioner for Privatisations, Government of Cyprus: The firm was selected by the Cyprus Government as their legal advisers for the proposed privatisation of the Cyprus Telecommunications Authority (CYTA), the incumbent telecommunications provider in Cyprus. The firm conducted an extensive due diligence exercise in relation to a number of Cyprus entities and provided legal advice on the structure of the transaction, which was viewed as the biggest potential corporate deal in Cyprus
Hennes & Mouritz ('H&M'): The firm assisted with the set-up of the well-known fashion label H&M in Cyprus and provides ongoing advice and support with all issues concerning the set up
Piraeus Bank S.A.: The firm was lead counsel in a transaction which involved the sale of the shares held by Piraeus Bank S.A. in Piraeus Bank (Cyprus) Ltd to Holding M. Sehnaoui SAC as the major investor, the result of which reduced the shareholding of Piraeus Bank of Greece S.A. to 17.6%. The firm provided legal advice with respect to all aspects of the transaction, including the provision of advice in regards to company law, competition and regulatory matters
DP World Limited: The firm advised DP World Limited in relation (i) firstly to their bid for the tender of the commercialisation of the Cyprus ports and then, once their bid was successful for two of the concessions, (ii) advised them on the acquisition of the concession and their formation of a joint venture agreements with their local partner G.A.P Vassilopoulos Public Limited, a logistics and services company listed on the Cyprus Stock Exchange. The firm advised on the tender process, conducted due diligence for DP World Limited, advised on the concession agreement involving complex areas of contract and public procurement law as well as competition issues. The firm assisted setting up the joint venture and on matters of Cyprus company law regarding the formation of the joint venture in the form of advice on shareholder issues, subscription, stamp duty issues and fulfilment of the CPS, so as to enable the clients to complete the concession
■ The firm advises asset managers, investment banks, and brokers/agents tackling issues such as fund formation and distribution, and cross border regulatory issues services. Its portfolio of clients includes Cyprus Investment Firms belonging to the groups of some of the largest regulated investments banks such as Sberbank and Renaissance Capital, FX trading companies and companies that are leaders in ‘social investment trading’ such as Etoro

Contact: Olga Adamidou
Contact: Katherine M.E. Norton

Financial Services and Securities Regulation:

In a world of increasing regulation in the financial and investment sectors, with companies having to devote more resources to governance, risk and compliance issues, the firm’s dedicated team can provide practical detailed guidance to clients to help them understand the relevant legal obligations arising from these constantly changing regulatory regimes.

The firm has a close working relationship with the Cyprus Securities and Exchange Commission (the 'CySec') being their preferred retained legal adviser, and together with the firm’s expertise and years of experience in this area of Cypriot law, the firm leads the thinking behind regulatory developments, helping clients in lobbying on, planning for, and implementing changes as soon as they occur. By maintaining day-to-day contact with the CySec and due to the fact that Stelios Triantafyllides, the managing partner, is often called to assist in drafting legislative amendments in these areas of law, the firm can advise its clients on the direction of reform and help them structure their business and activities to gain commercial and strategic advantages.

The firm’s team has in depth and technical knowledge of financial services regulation laws including MiFID, MiFID II, laws regulating fund managers and fund formation and they provide immediate and effective responses to client queries in such areas of financial regulation

Contact: Olga Adamidou
Contact: Elvira Georgiou
Contact: Emily Petridou

Litigation, Arbitration & Mediation:

The firm’s litigation team is one of the best in Cyprus and is led by George Triantafyllides, a widely respected member of the Cyprus Bar.

The litigation department covers all areas of general and commercial law and offers:

■ a wide range of dispute resolution
■ practical advice and guidance to clients in an effort to avoid lengthy court actions
■ detailed advice on proceedings and procedures
■ representation of clients in litigation disputes before all national courts and tribunals
■ both domestic and international arbitration under internationally recognised arbitration bodies

Legal assistance and guidance in relation to various litigation matters is provided. Whether immediate action is required in an interim order application or well-thought tactics in a long standing lawsuit before the Courts, the client can always rely on the firm’s experienced litigation team for the appropriate service and tailored advice.

The team specialises, non-exhaustively, in interim order applications, Norwich Pharmacal orders and other types of disclosure orders, as well as freezing orders.

The firm’s litigation practice is not limited to fighting cases before the District Courts or the Supreme Court of Cyprus, but also extends to claims before all courts and tribunals in Cyprus, including, among others, the Employment Tribunal, the Rent Tribunal, the Tenders Review Authority and the Commission for the Protection of Competition.

Alternative means such as the option of arbitration and mediation are also areas where the firm excels in the Cyprus legal market.

Recent examples of the firm's experience:

Attorney General of the Republic of Cyprus: The firm represented the Attorney General of Cyprus in impeachment proceedings against the Deputy Attorney General. The Supreme Court unanimously ordered the impeachment of the Deputy Attorney General. This is a historic decision of great importance as it is the first time in the legal history of Cyprus that an officer has been impeached
■ Saven Enterprises Ltd: The litigation team defended successfully an application for setting aside the order by which the writ of summons was served abroad on the basis of lack of jurisdiction. The claim was for the amount of USD $781.4 million
Vladimir Potanin: The client’s spouse sought interim provisional measures over the marital assets. The freezing injunction concerned the 50% of the client’s USD $14 billion property. The firm represented the client before the Limassol District Court, arguing lack of jurisdiction of the Cyprus courts in general and of the District Court of Limassol. The proceedings were eventually dismissed due to lack of jurisdiction by the court
Nanoenergo Fund Ltd: The firm successfully defended a Mareva injunction for the amount of USD $45 million
Russian Commercial Bank (Cyprus) Ltd: The firm succeeded in obtaining an order for the sale of shares held by Fedor Khoroshilov in Barenbels Trading Ltd for an amount up to USD $291,360,264.11 in satisfaction of the judgment of the High Court of Justice (Queen’s Bench Division) Commercial Court

Contact: George Triantafyllides
Contact: Marlen Triantafyllides


The firm's tax department has a reputation for developing effective solutions to tax problems that are both tax-efficient and practical, meeting the requirements of the clients within the real constraints under which they operate.

The firm’s tax practitioners are integrated into the firm’s transactional teams and advise corporations and individuals on a wide range of Cypriot tax issues which may arise in the context of international and local transactions.

The litigation department of the office has been involved in various landmark tax cases and other incidental matters.

Recent examples of the firm's experience:

Alexandros Fylaktou v Republic of Cyprus, through the Accountant General & Giorgos Vlami v Republic of Cyprus, through (1) the Minister of Finance; (2) the Accountant General of the Republic: The firm acted for the Judiciary in the Supreme Court case where the additional taxation of, and therefore, the reduction of the salaries of all the members of the Judiciary as a result of the economic crisis in Cyprus, was held to be unconstitutional by the Supreme Court
Church of Cyprus v Republic of Cyprus, through (1) the Minister of Finance; (2) the Minister of Interior; (2) the Commissioner of Income Tax; and (4) the Director of the Department of Lands and Surveys: The litigation team of the firm was involved in a Supreme Court case where it was held that the Church of Cyprus was not subject to capital gains tax as a result of the disposal of immovable property
Qiwi plc: The firm provided legal advice in connection with the listing of Qiwi plc’s ADRs on the Nasdaq Stock Market. The firm acted as Cyprus counsel for the company and was responsible for reviewing the prospectus and drafting sections concerning Cypriot law; tax and structural advice; the review of the ancillary transaction documents; and the provision of legal opinions to the satisfaction of various international authorities such as the SEC. The project transaction value amounted to more than USD 200 million
Diapo Limited: The firm assisted in the reorganisation of the Unilever business in Cyprus and the creation of a JV between Diapo and Unilever in relation to their production and distribution business. The firm acted as their transaction lawyer throughout the transaction and gave comprehensive structuring and tax advice. The matter value was EUR 20 million

Contact: Olga Adamidou
Contact: Emily Petridou

■ Aareal Bank AG
■ Attorney General of the Republic of Cyprus
■ Bank of Cyprus
■ Barclays Bank
■ Commissioner for Privatisation
■ Credit Suisse
■ Cyprus Securities and Exchange Commission
■ Deutsche Bank
■ ENI Group (Burren companies)
■ European Bank of Reconstruction and Development (EBRD)
■ Gazprombank
■ H&M
■ MDM Bank
■ NCH Group
■ P&O Maritime FZE
■ Petrothermical Holding Gmbh
■ Piraeus Bank
■ Renaissance
■ Sberbank
■ Schlumberger Oil
■ Sistema
■ Unicredit Bank Austria
■ Vostok Cement
■ VTB Bank

Contact: George Triantafyllides and Stelios Triantafyllides
Capital Center, 9th Floor
2-4 Arch. Makarios III Ave. 1065 Nicosia, Cyprus
Tel: +357 22 360 000