JUDGEMENT has been handed down in London’s High Court in the jurisdiction case involving British buyers of property in Cyprus vs Alpha Panareti Limited, Andrea Ioannou and Roseberry Overseas Property Limited (ROPUK).
The judgement concluded that Brits who purchased property in Cyprus can have their cases against their developer heard and decided by the UK court in certain circumstances. The case was heard in June this year before the Senior Master, Master Whitaker.
We understand that the QC representing Alpha Panareti intends to appeal the judgement.
It is now expected that the claimants will pursue their cases of negligent misrepresentation and breach of contract against their developer in the UK, subject to any appeal.
The investment scheme to which this judgment relates has been the subject of a number of questions raised in the European Parliament:
The local media in the North East of England have shown much interest in events with the Northern Echo recently publishing four reports:
In October 2011, the BBC broadcast a report by Chris Jackson of the Inside Out North East and Cumbria team about the scheme, a 12 minute clip of which can be viewed below.