With an official statement released earlier today, Finance Minister Constantinos Petrides rejected Odysseas Michaelides’ findings regarding citizenships granted to senior executives of two foreign companies as misleading and incorrect. ‘’These not only unfairly target the investors and their companies, but also harm Cyprus and damage the economy’’, he said.

A statement was later on released by Wargaming, regarding the Audit Office's report on the issue of citizenships granted, expressing its disappointment at what has been said publicly.

Wargaming’s Announcement:

Wargaming Group Ltd would like to express its disappointment at some of the recent public references in relation to the granting of citizenship to a number of its high-ranking senior managers, following the publication of a report by the Audit Office.

The naturalisation of some of the company’s executives were in line with the relevant provisions of the applicable naturalisation by investment programmes of the Republic of Cyprus. The Republic has not foregone any taxes, fees or levies or any other income as a result of the company’s participation in the Cyprus Investment Programme (“CIP”).

Wargaming’s presence in Cyprus dates back to 2011. The company’s establishment in Cyprus was not driven by participation in any citizenship by investment program, but for pure business reasons.

Wargaming has made some of the largest investments on the island, creating a few hundred jobs with consequent multiplier effect and benefits to the Cyprus economy.  Since its establishment in Cyprus, Wargaming has substantially contributed to the creation of the intellectual property sector on the island.  The company’s global operations have put Cyprus on the map of the global high-tech industry.  Wargaming is repeatedly recognised on international and local forums as a successful example of headquartering of global operations from Cyprus, setting an example for foreign companies to follow.

Respecting the ongoing investigation by the relevant Review Committee, Wargaming will not make any further public comments. Full information and explanations will be made available to the relevant Review Committee, if so requested.