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Cyprus developer Alpha Panareti named in MEP question

Alpha Panareti, a Cyprus property development company, was named in a question raised in the European Parliament by Derek Roland Clark MEP for East Midlands region who is seeking advice for one of his constituents.

DEREK Roland Clark, MEP for East Midlands region has raised a question in the European Parliament concerning a complaint alleging misrepresentation and fraudulent dealings relating to property in Cyprus.

Question for written answer E-001031/2011
to the Commission
Rule 117
Derek Roland Clark (EFD)

Subject:       Properties in Cyprus

I have received a complaint about alleged misrepresentation and fraudulent dealings concerning new properties on Cyprus. A constituent of mine stands to lose very significant amounts of money and he quotes the dealings of an agent, Alpha Panareti, and a major Greek and Cypriot bank, Alpha Bank.

It would seem that other people are involved in this affair and are losing money. I wish to enquire as to whether this matter is known to the Commission and, if so, whether any action is being taken.

Further reading

Properties in Cyprus written question to European Commission E-001031/2011

Recourse and redress for citizens defrauded by property investment schemes in other Member States written question to European Commission E-002885/2011

Property problems in Cyprus: Alpha Panareti written question to European Commission E-003397/2011

About Derek Roland Clark

Derek Roland Clark is a British politician and Member of the European Parliament for the East Midlands region. He is a member of the United Kingdom Independence Party, first elected in 2004, and subsequently re-elected in 2009.

He is a retired science teacher.

Readers' comments

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  • Richard says:

    Responding to the comments of ‘out of the frying pan’…

    There is a well-known phrase that states: “if you think failure – you already have”.

    Who thinks that to invest thousands of pounds abroad only to end up resigned to losing those monies is acceptable?

    There are BILLIONS of pounds of foreign investment in the UK. Those overseas nationals have benefited hugely from investing in Britain – and for all we know – Alpha Bank may well be one of them!

    If (in return) Cyprus wants to steal my money – they’ll have a BIG fight on their hands.

    At great risk of upsetting a few people here – I’m tired of seeing some people talk so ‘glass half empty’ about having been unfairly treated – and reading between the lines that ‘oh well – we’re finished’.

    Invest the same time in constructively objecting to and fighting against these issues instead of moaning about them – and we might (just might) well get a great result!

  • Gavin Jones says:

    Mike (10.34 12th. February).

    Reading between the lines, are you saying that the banks, lawyers, developers – in collusion with the government – are a bunch of crooks? I have to say that thousands wouldn’t disagree with you…

  • sebastiano says:

    I have house in Cyprus which I brought 5years ago and I am still waiting for my deeds. I blame government for allowing this to happen the European Union has to act I predict that within the next year Cyprus will be the next Greece, there is no tourist no body is buying property its to expensive and people are leaving this is recipe for a disaster.

    I have tried to contact the minister MP for European Union nobody will tell you if any body know can you help.

  • Peter says:

    Cyprus in the EU? It’s a joke the Country’s moral standard is a joke and so is its reputation and its building industry.

    Its banks, developers and lawyers are all a joke, only its not funny.

  • out of the frying pan into the fire says:

    A very good response from Mr Clark, however it will fall on deaf ears, once again. There is none so blind as those who do not want to see.

    And as for Cyprus having the EU Presidency, the EU should put in place minimum standards to hold this office. If they did a lot of us will be dead before Cyprus holds office.

  • Mike says:

    As a Greek Cypriot may I express my thanks to Mr Clark for raising this issue. Hopefully some good will come of it and that my Country which is continually being lambasted for its property buying process, considered by many to be fraudulent, misrepresented, unethical & immoral; due in no small part to the less than robust laws and regulations that govern this process, can be ‘encouraged’ to introduce laws which protect citizens interests above those of corporate giants, the Banks and large developers.

    It is no secret that some underhanded practices have been going on in collusion with lawyers, Banks and agents, all of whom have used the law to exploit and generally extort money from honest unsuspecting Cypriots and foreigners alike resulting in the foreign buyers not being able to obtain title to their property and therefore would not be registered owners.
    Forgive me if I do not hold my breath for a speedy solution, I cannot see the country suddenly exposing itself and announcing that it now has billions of Euro’s of toxic debt owed by developers without security & collateral. Which would be the case if free title were issued to everyone who has paid for their home.

    A raft of amended regulation and a great many statements on state television will be made, sadly none of which will actually solve the issue but will serve to obscure it for a while longer and the people will swallow it all, as before, until the next question is raised on realisation that nothing has actually been done to progress the issue.

  • stephen mackay says:

    Thank you Mr Clark…Lets hope we get some help from the EU. Its the only thing that’s going to push the Cypriot Bank/developers/solicitors to become honest.


    Alpha Panareti are a joke. Alpha Bank don’t care,

  • Tojo says:

    Thanks thanks thanks Mr Clark!

    Please for the multitude of us who have been misled, pursue this until justice is done – we will be very grateful.

    Good luck,

  • The views expressed in readers' comments are not necessarily shared by the Cyprus Property News.


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