The Cypriot business community, political leadership and society as a whole are mourning the loss of one of the country's most iconic business figures. Businessman Nicos Shacolas has passed away at the age of 99, leaving the nation in deep mourning.
Nicos Kyprianou Shacolas was born on 1 December 1927 in Karavas, in the Kyrenia district. He began his business career in 1953, initially focusing on the export of agricultural products.
He was the founder and first Executive Chairman of the Shacolas Group, one of Cyprus's largest business organisations and one of the country's biggest employers, providing jobs for several thousand people through operations spanning a broad range of products and services.
Over the years, his international business activities expanded to Greece, the United Kingdom, Russia, Nigeria, Lebanon and countries across the Arabian Gulf.
The 1974 Turkish invasion of Cyprus dealt a severe blow to the Shacolas businesses, particularly those based in Famagusta. In the years that followed, however, his hard work, sound judgement and carefully considered yet bold decisions enabled the Shacolas Group to regain its leading position. Under his guidance, the Group became a market leader in the import and distribution of internationally recognised consumer brands, retail operations, commercial property ownership and major investments, including airports.
He also expanded into the insurance and telecommunications sectors. He pioneered the establishment and operation of Cyprus's first department stores and its first shopping malls.
Nikos Shacolas played a significant role in the revitalisation of Nicosia's old city and, more broadly, in the development of the Cypriot economy by creating a diverse range of business activities across every city in Cyprus.
He served as Honorary Consul of Mexico in Cyprus for seventeen years. He also held the positions of Vice Chairman of the Cyprus Ports Authority, Honorary Treasurer of the Cyprus Chamber of Commerce and Industry (CCCI), and Vice President of the Nicosia Chamber of Commerce and Industry for many years.
He was also one of Cyprus's foremost benefactors, donors and sponsors, supporting numerous initiatives related to the national issue, as well as the country's cultural and social life.
Among his most notable philanthropic contributions was a €13 million donation to the University of Cyprus for the establishment of its Medical School. The facility bears the name 'Nicos K. Shacolas Medical School and Health Sciences Building', while his donation also supported the creation of the Shacolas Educational Centre for Clinical Medicine.
During the country's years of economic hardship, the Nicos and Elpida Shacolas Foundation, together with the CTC Group, funded breakfast programmes for underprivileged primary school children for four consecutive years at a cost exceeding €1.5 million. He also personally financed a scholarship foundation for outstanding graduates originating from Karavas.
Throughout his lifetime he received numerous honours and distinctions from foreign heads of state and governments, including appointment as an Honorary Officer of the Order of the British Empire (OBE) and Mexico's Order of the Aztec Eagle.
He was honoured twice by the President of Italy, receiving the titles of Knight of the Italian Republic and Grand Officer of the Order of the Star of Italian Solidarity. He was also awarded the rank of Officer of France's National Order of the Legion of Honour, the Royal Order of the Polar Star of Sweden, and received a special commemorative plaque from the United States Government.
He was further awarded the Medal for Outstanding Service of the Republic of Cyprus. He also received honours from the Church of Cyprus, the Cyprus Chamber of Commerce and Industry (CCCI), the Cyprus Employers and Industrialists Federation (OEB), the Municipality of Nicosia, the Municipality of Karavas, and numerous other institutions and organisations.
InBusinessNews and IMH extend their sincere condolences to the family and loved ones of the deceased.
May he rest in peace.
(Source: InBusinessNews)
