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5.2 magnitude earthquake hits near Santorini as thousands continue to flee

The Greek Herald
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5.2 magnitude earthquake hits near Santorini as thousands continue to flee

A 5.2 magnitude earthquake struck late Wednesday, February 5, between Santorini and Amorgos islands, marking the strongest tremor in the region in recent days.

This follows over 6,400 smaller tremors recorded in the past nine days, raising alarms for both scientists and residents, many of whom have fled the island.

The National and Kapodistrian University of Athens (NKUA) has classified the seismic events as an earthquake swarm, with no single quake large enough to be the main shock.

Two possible scenarios for the swarm’s development have been outlined: a gradual subsiding with smaller earthquakes over several months, or the risk of a larger quake followed by aftershocks.

Photo: ANA-MPA / Orestis Panagiotou.

Authorities are preparing for potential escalation, with coast guard and military vessels on standby for possible evacuation.

Civil Protection Minister Vassilis Kikilias emphasised the need for contingency planning: “We are obliged to draw up scenarios for better and for worse.”

Prime Minister Kyriakos Mitsotakis urged calm, acknowledging the fear of residents but reassuring them that the situation is being monitored closely.

Authorities have banned access to coastal areas and clifftop tourist sites, and several schools have been shut. Increased ferry and flight services are also being added to accommodate those leaving the island.

Source: AP News.

Nikos Zoidakis takes centre stage at Greek Fest Darling Harbour

The Greek Herald
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Nikos Zoidakis takes centre stage at Greek Fest Darling Harbour

Prepare for an unforgettable night as Nikos Zoidakis, the acclaimed master of Cretan music, graces the stage at Greek Fest Darling Harbour on February 22nd, as part of the rich line-up of live entertainment taking centre stage.

Known for his captivating performances and enchanting Lyra music, Zoidakis promises to deliver a mesmerising experience that will transport audiences straight to the heart of Crete.

As one of Greece’s most celebrated musicians, Nikos Zoidakis has built a remarkable career showcasing the rich cultural heritage of his homeland.

His extraordinary skill with the Lyra, combined with his powerful vocal talent, has made him a sought-after performer in festivals and concerts around the world.

This unique event at Greek Fest offers fans and newcomers alike a rare chance to witness his artistry live.

Event details

  • What: Nikos Zoidakis Live Performance
  • When: February 22, 2025
  • Where: Greek Fest Darling Harbour, Sydney

“Greek Fest Darling Harbour celebrates the vibrant culture, food, and music of Greece, and Nikos Zoidakis’s performance is set to be one of the many highlights of the festival. Attendees can expect an evening filled with traditional Cretan melodies, uplifting rhythms, and a cultural experience that showcases the beauty and passion of Greek music” said Festival Chair, Nia Karteris.

Don’t miss this exceptional opportunity to immerse yourself in the sounds of Crete and enjoy the infectious spirit of Greek culture. Gather your family and friends for a night that promises to be filled with warmth, joy, and unforgettable music.

For more information, please visit https://greekfestivalofsydney.com.au 

Financial deadlock: Cyprus Community of NSW in legal showdown over rescue plan

The Greek Herald
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Financial deadlock: Cyprus Community of NSW in legal showdown over rescue plan

The ongoing legal turmoil surrounding the Cyprus Community of NSW Limited has escalated further, with a fresh statement from administrator Morgan Kelly (EY) revealing explosive details about the financial struggles of the organisation.

The Greek Herald has obtained insights into EY’s latest court filing, which includes, a critical refinancing proposal, and claims that secured lender Cyprus Capital Limited is obstructing efforts to save the organisation.

In a move that could dramatically shift the future of the Cyprus Community of NSW, administrators filed an application on 29 January 2025 in the Supreme Court of NSW to secure approval for a refinancing deal.

The refinancing plan, backed by an unnamed financier, aims to completely discharge the organisation’s secured debts, including a looming March 2025 repayment to Cyprus Capital.

Administrators argue that without this refinancing, the organisation lacks sufficient funds to meet its financial obligations, increasing the risk of collapse.

EY’s statement, in an update to members and creditors on 30 January 2025, stated, “Upon reviewing the Company’s financial position, it is evident that there are insufficient funds to meet this obligation at maturity, making refinancing necessary.”

This update outlined the financial difficulties facing the organisation and the urgent need for refinancing.

If approved, the refinancing will enable the Company to cease incurring the simultaneous costs associated with the appointment of both Administrators and Receivers, as the full repayment of the Cyprus Capital debt will result in the Receivers’ withdrawal, as outlined in EY’s update to members on 30 January 2025, as full repayment of Cyprus Capital’s debt would force them to withdraw.

EY argues that this would relieve the organisation of the ongoing financial burden associated with administration and receivership, giving it a fresh start.

Governance breakdown and Board conflicts

Kelly’s affidavit, filed in court on 29 January 2025, highlights a long-term governance failure within the Cyprus Community of NSW, which he claims prevented effective financial decision-making. He states that the company has suffered from poor financial controls and inaccurate books and records.

There was a long-term deadlock within the organisation, blocking necessary financial decisions such as the sale of assets. Previous and current board attempts to resolve financial issues through asset sales were thwarted by internal conflicts.

A litigation initiated by a director of Cyprus Capital, Dorothy Bassil, resulted in a court order preventing an Extraordinary General Meeting (EGM), which was meant to allow members to vote on redevelopment options.

The affidavit reveals that the company’s real estate holdings far exceed its debts, yet it has been unable to sell assets due to governance issues and legal actions preventing decision-making.

Allegations against Cyprus Capital and their role in blocking refinancing

Kelly’s affidavit reinforces accusations that Cyprus Capital has obstructed efforts to stabilise the organisation. His claims include that Cyprus Capital refused to provide a payout figure on multiple occasions, despite repeated requests from administrators and their solicitors.

This deliberate delay in financial disclosures prevented the administrators from securing refinancing at an earlier stage.

The debt Cyprus Capital is owed is fully covered by real estate assets, meaning the lender is at no risk of losing its money, yet it continues to obstruct resolution efforts.

Kelly argues that these delays have led to unnecessary financial strain on the organisation and increased the cost of administration and receivership.

Receivership and ongoing costs

The appointment of receivers in October 2024 has led to significant additional costs, further burdening the organisation. Kelly argues that these costs could have been avoided if the company had been permitted to refinance earlier, the deadlock within the board and membership had been resolved, and secured creditors had cooperated in finding a solution.

The receivers, Michael Billingsley and Neil Cussen from Olvera Advisors, were appointed by Cyprus Capital Limited under a financial agreement that gave them the right to take control of the Cyprus Community of NSW’s assets.

This decision was made by Cyprus Capital directors, Dr. Costas (Con) Costas and Dorothy Bassil, who used their position as major lenders to step in and appoint receivers to manage the organisation’s finances.

Refinancing plan and Supreme Court intervention

Kelly states that he and co-administrator David Kennedy believe refinancing is the only viable path forward. He outlines key reasons why this refinancing plan must be approved, including the value of the company’s assets far exceeding its debts.

A new financier is ready to provide funds, but legal approval is required. The removal of receivers would reduce financial strain, making it easier to resolve governance and operational issues.

Without refinancing, the company will not be able to meet its obligations in the coming months.

Latest legal developments

A recent update issued by EY on 4 February 2025 confirmed that court orders made by Justice Black on 31 January 2025 set out critical deadlines for legal arguments and submissions before the upcoming Supreme Court hearing.

The court has now scheduled a key hearing for 18 February 2025, where it will decide whether to approve the refinancing plan. Justice Black’s orders also require:

  • Cyprus Capital and other respondents to file evidence by 7 February 2025.
  • Administrators to submit any reply evidence by 11 February 2025.
  • All written submissions to be filed by 13 February 2025.
  • A finalised court book to be submitted by 14 February 2025.

Additionally, the administrators are seeking urgent court orders to compel Cyprus Capital to provide a final payout figure for its secured debts. This figure is crucial for the refinancing deal to proceed. If Cyprus Capital refuses, the administrators are asking the court to force repayment and require the removal of Cyprus Capital’s security interests over the Community’s assets.

Furthermore, the administrators want the court to confirm that the Receivers must step down once the secured debts are repaid and that the refinancing agreement will not personally expose the administrators to liability.

What this means for the Cyprus Community of NSW

The Supreme Court hearing set for 18 February 2025 will now play a crucial role in deciding whether the refinancing plan will proceed. If approved, it could remove the need for receivers and significantly reduce the financial strain on the organisation.

However, if Cyprus Capital continues to delay providing a payout figure or fights the refinancing deal, further legal battles could drag the case on for months.

With millions of dollars and the future of the Cyprus Community of NSW at stake, the next few days will determine whether this organisation can regain control over its financial future or remain locked in a bitter legal war.

The Greek Herald will continue to follow this case closely and provide updates as they unfold.

Sharing culture, food and music at the 2025 Coburg Greek Festival

The Greek Herald
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Sharing culture, food and music at the 2025 Coburg Greek Festival

By Christina Savopoulos

Melbourne’s 37-degree scorcher didn’t stop Coburg’s Greek community from gathering at the Greek Orthodox Parish of The Presentation of Our Lord on Sunday, February 2, for their annual Coburg Greek Festival. 

The festival followed a Hierarchical Divine Liturgy presided over by His Eminence Metropolitan Iakovos of Ireland to mark the parish’s feast day. Souvlakia, market stalls and a jumping castle were waiting for Coburg locals outside the church. 

All photos by Christina Savopoulos.
Metropolitan Iakovos of Ireland and Bishop Evmenios.

In an interview with The Greek Herald on the day, parish priest Father Leonidas Ioannou spoke fondly of local parishioners.

“I think the best thing about our parish isn’t just the festivals and the souvlakia that we sell, it’s the spirit of the people here, a very philanthropic spirit…” Father Leonidas said.

“It’s just amazing to see them now giving back to the community with programs like… rising star, our addiction recovery support group, free mother’s groups, fellowships, youth groups. It’s a beautiful time in our history as a parish now.” 

Anthony Cianflone and Father Leonidas.

The Coburg Greek Festival brings the community together and creates a space for small Greek businesses to showcase their products.

Young girls Christiana, Victoria and Sophia are from the Philoptochos, raising money for the church by selling bead bracelets they’ve made. Alongside their stall was olive oil sold by Elies Evoo and sourced from Kokkino in Greece, plants and herbs from Niko’s Garden, original crochets, and information on iconography classes.

Christiana, Victoria and Sophia – The Philoptochoules.

Connie Tsilfidis from ‘Crochet Creations by Connie’ has held a stall at the festival for the past three years where she sells her beautiful crochets. 

“We’re always very happy to participate. The organisers are lovely, the stall holders are lovely and it’s always a pleasure to be here,” Connie told The Greek Herald.

Connie Tsilfidis – @crochetcreationsbyconnie.

Andrea Patsouris and Mary Gargalionis are students of iconography classes run under the Greek Orthodox Archdiocese of Australia’s Northcote district and in conjunction with The Presentation of Our Lord. They were more than happy to share news of the classes.

“We offer the service to Victoria in general, to Melbourne, to people who are interested in iconography. It’s a skill that needs to be developed more,” they said.

Mary Gargalionis and Andrea Patsouris.

Anthony Cianflone MP, State Member for Pascoe Vale, praised the festival as a “wonderful celebration of Greek culture, food, music and festivities,” noting its growth into one of Coburg’s biggest “multicultural community events.”

Attendees of the festival could also buy herbs and plants from Niko’s Garden. Owner Niko Gnafakis shared how his business came to be.

Niko Gnafakis – Niko’s Garden.

“A lot of this is stuff is from my pappou’s garden and I’ve been preserving it for years. [It’s] stuff he brought from Crete back in the day, so they’re very special, very niche,” Niko said.

With a culinary background, Niko happily recommended herbs and wild greens for those interested in adding a taste of Greece to their cooking.

Andreas Lunn and Lauren Harb.
Volunteers of The Presentation of Our Lord Coburg Parish.

Regular parishioners at The Presentation of Our Lord, Andreas Lunn and Lauren Harb, spoke positively of the festival. 

“It’s great to see all the families and everyone here together,” Lauren said.

Andreas agreed and said, “it’s good to be reminded that we have a community here. I feel like that gets forgotten. When you come here you see everyone and you seem to know everyone as well, it’s awesome.”

President of the Greek Community of Melbourne (GCM), Bill Papastergiadis, highlighted how the festival “brings all of us together and broadens the perspective on the entire multicultural community towards our faith and our culture.” 

Similarly, Peter Khalil, MP for Wills, emphasised how this “important religious festival… brings the community together in faith, but also in sharing a culture.”

Father Leonidas and the parish community have run another successful festival and it’s truly wonderful to see this important community event continue.

*All photos by Christina Savopoulos.

Brisbane entrepreneurs sell cybersecurity start-up Assetnote for over $100 million

The Greek Herald
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Brisbane entrepreneurs sell cybersecurity start-up Assetnote for over $100 million

Brisbane-based entrepreneurs Michael Gianarakis and Shubham Shah have sold their cybersecurity start-up, Assetnote, for more than $100 million to British firm Searchlight Cyber, backed by private equity firm Charlesbank Capital Partners.

Founded in 2018, Assetnote specialises in attack surface management, helping companies identify cybersecurity vulnerabilities.

“We had a bunch of these companies turn around and say, ‘Well, if you were selling this, we would be buying it,’” Gianarakis told AFR, explaining the origins of Assetnote’s software tool, which was designed to uncover flaws in code.

With high-profile clients like Atlassian, Qantas, and Canva, Assetnote has been profitable since its inception.

Despite overtures from venture capitalists, Gianarakis said they never found the right partner and instead grew the company without external funding.

“We never really met a VC that we trusted enough,” he said.

After the acquisition, Gianarakis and Shah will continue working with Assetnote.

Gianarakis expressed pride in building a successful company outside the typical tech start-up ecosystem, stating, “We’re more traditional. In our opinion, Silicon Valley didn’t invent business.”

Source: AFR.

Peter V’landys sets sights on major broadcast deal as NRL eyes expansion

The Greek Herald
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Peter V’landys sets sights on major broadcast deal as NRL eyes expansion

NRL Chairman Peter V’landys is preparing for a pivotal year as the league gears up to negotiate its next multibillion-dollar broadcast rights deal, targeting a mid-2025 completion.

With the current deal set to expire in 2027, V’landys is eyeing lucrative opportunities amid a surge in the sport’s popularity.

“We will be negotiating the rights this year,” V’landys said.

“They don’t start until 2027, but you need a couple of years’ lead time. We hope to have something done in the middle of this year.”

Photo: Getty Images.

The NRL’s growing fanbase, including the addition of the Dolphins as the 17th team and a potential expansion into Perth, positions the league to attract major players in global sports broadcasting.

V’landys, who secured a $1.7 billion deal with Foxtel and Channel 9 during the 2020 pandemic, remains confident that the league’s rising viewership will bolster its negotiating power.

The NRL is poised to challenge the AFL’s record $4.5 billion deal, with potential interest from streaming giants like Amazon, Netflix, and DAZN.

“We have got the most valuable rights in Australian sport,” he said, citing the NRL’s dominant TV ratings, including top spots for the 2024 season.

While Australian broadcasters will remain in play, international streaming giants like Amazon and DAZN are also expected to enter the race.

Source: The Daily Telegraph.

Rising energy costs push Parramatta restaurateur John Chammas to the brink

The Greek Herald
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Rising energy costs push Parramatta restaurateur John Chammas to the brink

Sydney small businesses, especially in the hospitality sector, are grappling with skyrocketing energy bills, forcing many to cut staff and reduce hours to stay afloat.

One such business is Mama and Papas in Parramatta, owned by John Chammas, whose gas and electricity costs have surged to nearly $7,000 a month.

“There’s no way we can reduce our energy use,” Chammas told The Daily Telegraph.

“You can’t turn your fridges off. We need the air conditioning. You can’t switch the lights off when we have customers.”

He explained that these rising costs, alongside increased wages, led him to reduce his workforce by 25 to 30 percent.

“It’s almost impossible to pass those costs onto customers,” Chammas added.

He pointed out the challenges of pricing in Parramatta, noting that customers are less willing to pay premium prices for meals compared to those dining with a view in Sydney’s more expensive areas.

The sharp rise in energy costs mirrors a broader trend across Sydney, with many businesses now struggling to stay operational.

These challenges come as new data from the Australian Securities and Investments Commission (ASIC) shows that nearly 4,000 businesses in NSW have gone into administration this financial year, including hundreds of cafes, restaurants, and retail shops.

The rising energy prices, along with plummeting consumer spend, are contributing factors, according to experts.

Source: Daily Telegraph.

Sotiris Sotiriou expands his vision with new Marrickville gallery

The Greek Herald
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Sotiris Sotiriou expands his vision with new Marrickville gallery

Sotiris Sotiriou, founder of the contemporary art gallery COMA, has relocated to a larger space in Marrickville, Sydney, marking the next chapter in his global artistic vision.

The new gallery, twice the size of his previous spaces, is set to feature a variety of international and Australian artists.

“There will be a coffee table and some big chairs here, where a collector can relax, and we’ll bring out more works by an artist they’ve requested,” Sotiriou told AFR.

Sotiriou, who opened COMA in 2016, aims to foster a global art conversation by featuring international artists early in their careers, helping local talent gain global recognition.

The crowd at the opening of COMA in Marrickville on January 31, 2025. Photo: ArtsHub.

His gallery’s track record includes early exhibitions of artists like Tschabalala Self and Gabriel Rico, who later represented their countries at the Venice Biennale.

“If I show international artists here early in their careers, then my Australian artists become part of a global conversation,” Sotiriou explained.

Despite the current slump in the Australian art market, with auction sales dropping, Sotiriou’s international approach continues to drive his success.

Over 70% of COMA’s sales are made abroad, reflecting his commitment to broadening the reach of Australian art.

Source: AFR.

Chef Lillian Kaskoutas shares tips on essential cooking oils

The Greek Herald
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Chef Lillian Kaskoutas shares tips on essential cooking oils

Sydney-based chef Lillian Kaskoutas, known for her Greek Australian culinary roots, swears by extra virgin olive oil as her kitchen staple.

“I personally use olive oil for everything,” she told ABC, advising that the high-quality variety be reserved for salads, bruschetta, and drizzling. She also recommended using olive oil for roasting vegetables like potatoes, as they absorb the flavour beautifully.

Photo: ABC News.

Kaskoutas stressed the importance of neutral oils such as grapeseed, rice bran, or canola for various dishes, particularly Asian and Southeast Asian cuisines.

“Neutral oils are a kitchen staple,” she explained, as their subtle flavour allows the other ingredients to shine. However, she cautioned against cooking with sesame oil, recommending it as a garnish or seasoning instead, as heating it can alter its taste.

Her advice aligns with expert opinions on the versatility of different oils, balancing flavour, nutrition and practicality in the kitchen.

Source: ABC.

Jon Adgemis’ former venue revived with new Chinese restaurant by George Calombaris

The Greek Herald
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Jon Adgemis’ former venue revived with new Chinese restaurant by George Calombaris

Sydney pub mogul Jon Adgemis has seen one of his former venues, the Empire Hotel in Annandale, get a new lease on life. The venue will now house Double Happy Chinese Restaurant with a menu crafted by celebrity chef George Calombaris.

Adgemis, who is no longer involved in the operation, had previously been in the business of renovating old pubs through his company, Public Hospitality Group, before facing significant financial difficulties. Linchpin Hospitality, a separate company, has taken over some of his old venues, including the Empire Hotel.

As Linchpin’s culinary director, Calombaris developed a menu that features Chinese-Australian staples like beef and black bean, sweet and sour pork, and honey and lemon chicken.

Photo: Double Happy.

In addition to Double Happy, the Empire Hotel will also feature Dale’s Pizza, offering wood-fired pizzas.

Adgemis, who has lost control of many of his hospitality ventures, now only holds a landlord-tenant relationship with Linchpin. The group also operates other former Adgemis venues, including Hotel Diplomat in Potts Point and Balmain’s Exchange Hotel, with plans to reopen them in the coming months.

Meanwhile, Solotel Group has taken charge of three other pubs once run by Adgemis’ company, including the Norfolk in Redfern and the Camelia Grove Hotel in Alexandria.

Source: Daily Telegraph.

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