- Cyprus Property News Magazine - http://www.news.cyprus-property-buyers.com -

Corruption investigation delays Chinese deal

THE GOVERNMENT has launched a final effort to save the deal on a multi-million Euro Chinese investment at the old Larnaca airport.

According to a report by state broadcaster CyBC, Cyprus Minister of Communications and Works Efthimios Flourentzou held talks this afternoon with Chinese investor Yang Ki. Last week, the Chinese magnate sent a letter to the government informing them of his intention to withdraw his interest due to time-consuming state bureaucratic processes.

However, it was disclosed that the Chinese company intending to invest at the old airport had been added to the corruption watch list by the Chinese authorities following press revelations concerning Marios Ieronymides. Yang Ki said this was why he was withdrawing interest for the time being – and will make a comeback when the matter has been resolved.

Meanwhile Mr Flourentzou assured that an investigation will be launched as soon as possible into the case of Marios Ieronymides, an associate of Yang Ki, who has been accused of conflicts of interests.

Marios Ieronymides, a top diplomat at the Presidential Palace, resigned following allegations that he benefitted personally from his ‘friendship’ with Yang Ki, sole shareholder of Far Eastern Phoenix, the company that signed a deal with Hermes Airports for a 19 year lease on the old airport.