The CTC Group announced with deep sorrow the death of Nicos Kyprianou Shacolas, the founder and longtime Executive Chairman of the Group. He later served as Honorary Life President of CTC.
Nicos Shacolas was one of Cyprus' best-known and most active businessmen. He began his entrepreneurial career in the early 1950s and continued until the end of his life to work, plan and promote new projects and business initiatives.
According to the CTC Group's announcement, he was distinguished by his vision, creativity, hard work, perseverance and methodical approach. He remained committed to achieving his goals, serving as a leader, inspirer and mentor to his associates, who held him in particularly high esteem and respect.
His business activities extended across numerous sectors in Cyprus and abroad. He was one of the largest employers in the country, providing employment and opportunities for professional advancement to thousands of people.
Alongside his business activities, Nicos Shacolas developed significant social and philanthropic initiatives, supporting projects for the public good. In recognition of his overall contribution, he received a large number of honours and distinctions from Cyprus and abroad.
The Boards of Directors, management and staff of the CTC Group companies expressed their sincere condolences and sympathy to the family of the deceased.
The CTC Group said it will continue its business activities while remaining committed to the values and principles bequeathed by its founder.
