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South investigates TC land sale irregularities

12 July 2013

South Cyprus government officials yesterday submitted cabinet decisions and company files relating to a real estate deal involving state telecoms company (CyTA), currently under investigation by an independent committee.

The documents concern Turkish Cypriot land transactions, including appropriations, in Dromolaxia, Larnaca, as well as the paperwork of a town planning permit issued for the land in question and how it came to belong to CyTA for over €20 million.

The case involves the purchase of land near Larnaca Airport in 2011 by CyTA’s pension fund from Wadnic Trading Ltd at allegedly twice its value, when a nearby piece of land was reportedly being sold for far less.

Wadnic bought the land from its Turkish Cypriot owner, changed the term of use of the land, upgraded the coefficients, and sold it on to the CyTA pension fund, allegedly many times over the price originally paid to the original owner.

Last week it transpired that the Secret Service (KYP) had produced two conflicting reports on whether the Turkish Cypriot in question had resided in South Cyprus for the necessary six months prior to selling his land.

Together with the decisions made by the cabinet, which included approvals of transactions regarding Turkish Cypriot land, and permissions to deviate from the official building coefficients, the committee was handed company registrar files regarding Wadnic Trading, Glarisano Enterprises, Esfera Holdings, LICA Secretarial, LICA Law Partners Orphanides, Touch Blue Development, Hassapis Land Developers, G. Hassapis Holdings, and Hiala.

The investigating committee will reconvene on Monday.

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