"With profound sorrow, the CTC Group announces the passing of Nicos Kyprianou Shacolas, its founder, who served for decades as Executive Chairman and subsequently as its Honorary Chairman for Life," the Group has said in a statement.
It added that "a pioneering entrepreneur with vision and an inexhaustible creative spirit, he began his business career in the early 1950s and never ceased working or planning new ventures until the very end of his life."
As noted by the Group, "His business activities expanded across a wide range of sectors both in Cyprus and abroad, and he became one of the country's largest employers, providing jobs and opportunities for career development to thousands of employees. At the same time, he made significant contributions to charitable causes and projects of public benefit."
The statement continues, "A pioneer with vision, leadership skills and a creative spirit, active both in Cyprus and internationally, a man deeply committed to public life, a donor and benefactor honoured by Heads of State, Nikos Shacolas, a self-made entrepreneur, left an indelible mark on Cypriot business through both his entrepreneurial achievements and his extensive social and philanthropic work."
The Boards of Directors, management and employees of all companies within the CTC Group expressed their heartfelt condolences, sympathy and support to his family.
The Group added that it will continue its business activities while remaining true to the values that Nikos Shacolas bequeathed to the organisation.
Nicos Shacolas served as Honorary Consul of Mexico in Cyprus for seventeen years. He also served as 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.
He was one of Cyprus's foremost donors and benefactors, supporting initiatives relating to the Cyprus issue, as well as the country's cultural and social life. Among his notable contributions were funding international awareness campaigns on the Cyprus issue and financing the purchase of patrol boats.
His major philanthropic contributions also included a €13 million donation to the University of Cyprus for the construction of the Nicos K. Shacolas Medical School and Health Sciences Building and the Shacolas Educational Centre for Clinical Medicine. He also funded the construction of the Marion-Arsinoe Archaeological Museum, the Polis Chrysochous Cultural Centre, the Karavas Cultural Foundation, and the establishment of the Karavas Scholarship Foundation for outstanding students.
In recognition of his lifetime contribution, President Glafcos Clerides awarded him the Medal for Outstanding Service of the Republic of Cyprus.
He also received the distinction of Honorary Officer of the Order of the British Empire (OBE) and Mexico's Order of the Aztec Eagle. He was honoured twice by Italy, receiving the decorations of Knight of the Italian Republic and Grand Officer of the Order of the Star of Italian Solidarity.
The French Republic appointed him an Officer of the National Order of the Legion of Honour, while Sweden awarded him the Royal Order of the Polar Star. He was also honoured by 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 foundations and organisations.
In 2021, he published the book Nicos K. Shacolas – Narratives, Experiences, Lessons, in which the renowned businessman recounts, in his own words, the experiences, challenges and defining moments of his life, while sharing valuable lessons for aspiring entrepreneurs and a wider audience.
Also read: Iconic business leader Nicos Shacolas has died
(Source: InBusinessNews)
