Hili Properties has definitively parted ways with its managing director Georgios Kakouras.
Kakouras was suspended by the company on January 29 pending the outcome of an internal investigation. Earlier that same month, he was relieved of his duties as CEO of Hili tech subsidiary Harvest Technologies.
In a statement to the market on Friday afternoon, Hili Properties said Kakouras would not be returning to the post.
“Following the conclusion of the internal investigation undertaken, the Company hereby announces that Mr Georgios Kakouras has ceased to hold the office of Managing Director of the Company, with effect from February 27, 2026,” it said.
Sources told The Business Picture that Kakouras is now not employed by Hili in any capacity.
Hili Properties has not disclosed what triggered the internal investigation into its former top executive.
The company is currently being led by company CFO Daniela Pavia, who is serving as interim CEO. That arrangement will continue until a permanent replacement is appointed, the company said.
Kakouras, who holds degrees in engineering and business administration, joined the Hili group in 2019 when he was appointed CEO of its subsidiary Apcopay. He was made managing director of Hili Properties in September 2020.
Hili Properties is the real estate arm of the Hili group of companies, managing a property portfolio comprising shopping centres, healthcare facilities, offices and commercial properties across Malta, Romania, Lithuania, Estonia and other European countries.
