Along with his son, Jack Afik, Aykut is seeking hundreds of millions of euros in damages from Cyprus for legal actions taken against them and their business operations in Northern Cyprus.
The lawsuit, also filed against the Republic of Cyprus, is based on a 1998 bilateral investment treaty between Cyprus and Israel. Afik Group, the largest real estate firm in Northern Cyprus, is demanding compensation for lost sales, property devaluation, reputational damage and legal expenses. British lawyer Roger Gherson and Israeli attorney Ron Berkman are representing the plaintiffs.
Afik and Aykut are also seeking millions in damages over Aykut’s prolonged and allegedly unlawful detention. Aykut, who has cancer, has been held in prison for nine months without trial on criminal charges of illegally trading land that once belonged to Greek Cypriot refugees who fled during Turkey’s 1974 invasion of the island.
Afik’s legal arguments are supported by a legal opinion from Cambridge University Prof. Eyal Benvenisti, which has been submitted to the European Court of Human Rights (ECHR). Berkman described the case as a “landmark lawsuit” that could pave the way for thousands of investors to claim billions in compensation from Cyprus for properties and investments in Northern Cyprus.
Last month, Aykut filed a separate lawsuit against the Cypriot government at the ECHR in Strasbourg, accusing it of severe human rights violations. The lawsuit argues that Cyprus is unlawfully applying criminal jurisdiction over activities in Northern Cyprus, which it does not control, as a means of exerting political pressure in its dispute with Turkey.
According to the claim, Cyprus is targeting investors in Northern Cyprus despite the European Court recognizing commercial activities there as legal.
Aykut has been active in Northern Cyprus’ real estate sector for two decades through his son's construction company. He regularly traveled through Greek Cyprus without issue until his arrest last year at a border crossing. He is the first real estate businessman to be detained in relation to the ongoing territorial dispute since Turkey’s 1974 takeover of Northern Cyprus.
His attorneys argue that his high-profile arrest was intended to deter international investors and cripple Northern Cyprus' economy. Aykut, once a symbol of the region’s construction boom, is now being portrayed as a criminal due to his company’s large-scale projects there. His legal team has likened Cyprus’ actions to those of a totalitarian regime.
Since Aykut’s arrest,President Isaac Herzoghas appealed multiple times to his Cypriot counterpart for his release. However, Christodoulides has stated that the decision rests with the attorney general, not the presidency.
Aykut’s legal team and family accuse Israel’s Foreign Ministry and its embassy in Cyprus of abandoning an Israeli citizen caught in a political conflict between Cyprus and Turkey.