The Australian Securities and Investments Commission (ASIC) has issued a Court Attendance Notice to Cyprus Capital Ltd, a company linked to the ongoing administration of the Cyprus Community of NSW Ltd, for allegedly failing to lodge its annual financial reports for the 2023 and 2024 financial years.
The matter has been listed in the Downing Centre Local Court as a criminal proceeding under the Corporations Act 2001 (Cth). ASIC alleges the company breached its statutory obligations to file financial statements – an offence that can attract fines or compliance orders if proven.
The notice, dated 16 October 2025, directs the company to appear before the court in early December 2025. ASIC said that despite the notice, the company remains legally obliged to file the overdue reports, warning that continued non-compliance may result in the regulator seeking an order compelling compliance.
According to ASIC records, Cyprus Capital Ltd’s current directors are Dorothy Bassil, Con Costa, and John Stassi.
Shareholder raises concern
In correspondence seen by The Greek Herald, one shareholder has written to the company’s directors expressing concern that the 30 June 2025 financial accounts have still not been circulated to investors.
“It has now been three consecutive years – 2023, 2024 and 2025 – for which shareholders have not been furnished with the required financial statements,” the shareholder wrote, adding that the “ongoing non-compliance and habitual delay” is causing concern among shareholders and their auditors.
The Greek Herald also spoke to a concerned shareholder who said they had only received a 15 per cent uplift of the 30 per cent return they were promised by Cyprus Capital. The shareholder said they were perplexed by this shortfall given that $5.9 million was paid by EY to Cyprus Capital during the administration process, which was described as being towards bonus and interest payments.
During a shareholder meeting, Addisons Lawyers’ Pavlos Stavropoulos, representing Cyprus Capital, reportedly told investors that the 30 per cent profit uplift was never guaranteed, and that half of shareholders’ profits (15 per cent) had been used to cover legal costs – which the shareholder alleges are related to injunctions and proceedings against the Cyprus Community of NSW, including those connected to AGM and EGM disputes previously reported by The Greek Herald.
The shareholder further stated that investors were not notified or consulted before those legal proceedings were initiated or before a portion of their expected returns was allocated to legal costs. They said many shareholders were now 15 per cent short of their committed return and were seeking clarification from the company’s directors about how and why those decisions were made.
Previous court order
In December 2024, the NSW Supreme Court ordered that Cyprus Capital Ltd and co-plaintiff Dr Con Costa pay the legal costs of the Cyprus Community of NSW Ltd and its administrators, Ernst & Young, after losing their challenge to the validity of the Club’s administration.
Those costs remain outstanding and have not yet been paid.
Background
Cyprus Capital Ltd was established by individuals connected to the Cyprus Community of NSW during a period of financial uncertainty for the long-standing community club in Stanmore.
The company’s formation drew criticism from some members, who raised concerns about potential conflicts of interest and a lack of transparency surrounding its intended role in the management or redevelopment of the Club’s assets.
In 2023, the Cyprus Community of NSW Ltd entered voluntary administration, with EY partners Morgan Kelly and David Hurst appointed as administrators. Since then, court filings, affidavits and member complaints have revealed deep divisions over governance, property ownership and accountability within the community organisation.
The Court Attendance Notice issued by ASIC marks the latest development in a series of compliance and governance challenges that have kept the Club and its related entities under public and regulatory scrutiny.
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