Business · Cyprus

Cypriot business magnate Nicos Shacolas dies at the age of 98

10 sourcesFirst reported 20 days agoUpdated 19 days ago

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Cypriot business magnate Nicos Shacolas has passed away at the age of 98.
He was one of Cyprus's most influential entrepreneurs, known for building a large business empire from humble beginnings in Karavas.
Shacolas faced health problems in recent months prior to his death.
The CTC Group, which he founded, announced his passing and expressed condolences.
His entrepreneurial activities spanned various sectors including international trade and shipping, and he was actively involved in business until his final days.

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Cypriot business magnate Nicos Shacolas, a prominent figure in the island's business community, has passed away at the age of 98. His death was announced by the CTC Group, which he founded and led for decades. Shacolas had faced health issues in recent months, which contributed to his passing. He was recognized as a pioneering entrepreneur whose influence spanned various sectors, including international trade, shipping, accounting, and finance.

Born on December 1, 1927, in Karavas, Shacolas was the youngest of eight children. He began his business journey in the 1950s, eventually building one of Cyprus’s largest business empires. His contributions to the Cypriot economy and society were substantial, with numerous companies under his name, many of which he reportedly could not enumerate himself. Tribute to his legacy was expressed by public figures, including the President of the House of Representatives, who offered condolences to his family.

Shacolas’s life story is characterized by a remarkable ascent from humble beginnings to becoming a key player in the Cypriot business landscape, earning respect and admiration for his vision and tireless work ethic. His death marks a significant loss for both the business world and the community he served.

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Cypriot business magnate Nicos Shacolas dies at the age of 98

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