Cyprus Property Victims | Equal Treatment For All


Cyprus Property Victims – Equal Treatment For All

Back in 1987 I bought a villa off plan in south Cyprus. The developer Leptos was a reputable developer and I have to say I was treated with respect, got what I paid for and had the deeds to the property within two years of moving in.

Leptos was then run by Michael Leptos an enterprising Greek Cypriot who fled from the north after the Turkish intervention and bought up a mountain range up above Paphos, now known as Kamares village. He put in all the infrastructure before building (how refreshing) and then built to order. The result of his doing the job the right way round meant I moved into my villa complete with water, normal electricity, a land line from day one and proper roads with drainage.

Oh how Leptos appear to have changed now that the sons have taken over the reigns.

Developers: irregular banking system to blame for NPLs
By George Psyllides

DEVELOPERS, who owe billions in loans and are not servicing them, on Monday asked for more time, citing the irregular situation in the island’s banking sector.

Speaking after a meeting with a delegation from the island’s international lenders, the chairman of the developers association Pantelis Leptos said first the situation must return to normalcy.

“Today we have restrictions in exporting currency and blocked deposits and if the necessary time is given for each case separately, these loans will be served,” Leptos said.

Developers owe banks over of €6 billion in loans, most of them considered non performing.

“When the situation is not normal in Cyprus’ banking system, we cannot all demand the rest to behave normally,” Leptos said.

As part of its €10 billion bailout, Cyprus agreed to shut down its second biggest bank, Laiki, and seize deposits to recapitalise the Bank of Cyprus.

Capital controls were introduced last year to prevent a bank run. Domestic controls – except opening new accounts – have been removed but overseas transfers are still restricted.

Leptos said there are four different euro currencies in Cyprus; the old and the new, the frozen and the free.

“This did not exist in other countries where the troika (of international lenders) intervened. So, here too there must be normality first before having demands from the marker and the people of Cyprus to behave normally,” Leptos said.

He said the association’s instructions to its members were to service their loans.

Leptos expressed optimism that the real estate sector will rebound, adding that the troika have been convinced it could show a difference in the next three years.

He said foreign investors are showing a big interest in Cyprus at a time when local buyers were still sceptical.

“There is still a negative sentiment in Cyprus, stemming from the fact that we still have blocked deposits, uncertainty in the market, and the messages are not positive. This must change,” Leptos said.

Developers knew there was big demand for real estate in Cyprus.

The troika delegation is currently on the island as part of the bailout programme’s fourth evaluation.”

I have read of Leptos trying to silence pressure groups set up by disgruntled purchasers. I cannot believe that would have happened under the guidance of old Mr Michael Leptos.

I bought shares in a Hotel built in Coral Bay at the time I bought my Leptos Villa. The Company now trades as Leptos Calypso Hotels Limited and I still hold approximately 27,000 shares in this Company who I have to say have never paid me one penny in dividends.

A bad investment, yes and then some. I have no idea what they are worth today, but with the ROC in turmoil, I would guess a lot less than the money I so unwisely invested in 1989.

My purchase of property in north Cyprus has turned into the nightmare to end all nightmares.

Today sees the start of round two of the main case Kulaksiz 5 -v- Akfinans Bank Limited. Today the cross examination of Bob French will continue. I assume, although I do not know for sure, the bank will then present their case and witnesses. Will Mr or Mrs Clark whose private email to Bob French has, according to Cyprus Today, been used by the bank in the cross examination of Mr French, do the unthinkable and attend in person as witnesses for the bank? Will the principal for the bank appear as a witness? Who knows but I guess like the rest of you, I will have to wait to read about it in Cyprus Today.

Never give in never give up

Pauline Read

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