AVAX

Joannou & Paraskevaides was a Cypriot international building, civil and electromechanical engineering contractor with an involvement in the energy (oil and gas) and industrial sectors operating in the Middle East, North Africa, Europe and Asia. At its zenith, the construction giant that was J&P Overseas Ltd., had about 15,000 people on staff and boasted a turnover in excess of $1.5billion.
History.
North Africa and the Middle East.
Joannou & Paraskevaides (Overseas) Limited (“J&P(O) Ltd”) was established in 1961 in Guernsey, Channel Islands. J&P(O) Ltd completed its first overseas projects in Libya in the 1960s. J&P(O) Ltd then took its next major step and expanded into the Persian Gulf in the 1970s.
During the subsequent decades, J&P(O) Ltd played a leading role in the Persian Gulf's construction boom completing highways in all types of terrain, tunnels, bridges and flyovers, airports, housing schemes, palaces, luxury hotels, hospitals, universities, commercial buildings, sports and conference centers and complex military projects.
Electrical and Mechanical Expertise Acquired.
On 1 January 2006, J&P(O) Ltd wholly acquired two specialist electrical and mechanical contractors A&P Paraskevaides (Overseas) Ltd and Conspel Construction Specialists (Isle of Man) Ltd. region. Their acquisition allows J&P(O) Ltd to supplement its current activities and expand its construction capability and expertise.
Closure.
Before going into liquidation, the company disposed of its stake in Queen Alia Airport in Amman, which was expected to generate more than USD 100 mln in revenue.
J&P Overseas was shut down with the company accumulating damages of around USD 750 mln.
The problems at J&P Overseas emerged in 2017, sending the company into liquidation, after banks rejected its restructuring proposal <ref>