Even in cases in which the identity of the wrongdoer or the
whereabouts of the misappropriated property is unknown, there are
tools available for recovery of property, or proceeds of property,
which have been misappropriated from a Cyprus company or a company
managed and controlled from and in Cyprus,.
Tracing consists of the rules developed by common law to deal
with situations where assets have been misappropriated and the
wrongdoer is not in a position to compensate, or money compensation
is not adequate. In Foskett v McKeown [2001] 1 AC 102, the
House of Lords explained that "tracing" is the process of
identifying a new asset as the substitute for the old. In other
words, tracing identifies the traceable proceeds of the
plaintiff's property, enabling a plaintiff to substitute the
traceable proceeds of the original asset as the subject matter of
the claim.
