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Alpha Panareti named in MEP question

Alpha Panareti, a Cyprus property developer based in Paphos, has been named in a question raised in the European Parliament by MEP for Scotland George Lyon in connection with EU citizens who have been defrauded by property investment schemes.

GEORGE Lyon, MEP for Scotland has raised a question in the European Parliament asking if the Commission is taking any action against the Paphos-based developer Alpha Panareti.

Question for written answer E-002885/2011
to the Commission
Rule 117 

George Lyon (ALDE)

Subject: Recourse and redress for citizens defrauded by property investment schemes in other Member States

With reference to the ongoing problems being faced by European citizens who have bought into property investment schemes in other Member States, Cyprus in particular, and have then found that the property developers have acted unlawfully and have been unable to recover their investments,

  • Is the Commission aware of the problem?
  • To what degree can the Commission assist the affected consumers?
  • Is the Commission taking any action already against the Paphos-based developer ‘Alpha Panareti’ or any other major Greek or Cypriot agents or banks?

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

About George Lyon

George Lyon is a Scottish Liberal Democrat politician, and has been MEP for Scotland since 2009. From 1999 to 2007 he was the Member of the Scottish Parliament for Argyll and Bute, and served as Deputy Minister for Finance, Public Service Reform and Parliamentary Business between 2005 and 2007.

Readers' comments

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  • @Unbelievable – Lawyers issue warnings to the web hosting providers threatening legal action.

  • Unbelievable says:

    Hi Mark Harpen,

    I understand you can not divulge information about Alpha Panareti, but I really don’t understand how websites setup to help people in this situation can be legally shutdown?

    On what basis can a UK lawyer do this? What’s the difference from a newspaper printing facts or a legal demonstration taking place.

    As long as the website doesn’t states any Defamatory or Libel statements, then its good to go..

    What about BBC WatchDog and many other sites out there, giving advice and warnings to consumers!

    Ask your lawyers if you can setup a website without registering a Domain Name. From your face book account you can supply an IP address to your website where people have to register to login.

    Then you can share information, pictures and have discussions (all factual of course) Nothing Libel or Defamatory here.

  • Geo says:

    What’s with keeping things secret Mark get it in the open. Lets know what’s going on, lets show the world what the problem is. The more exposure the better.

  • Andrew says:

    To think others could have fallen foul of that developer too. Lucky those that chose a different bent developer instead.

    They could have chosen a lawyer who would have represented them instead of the developer and the bank , but they just couldn`t find one.

    There has to be a moral in here somewhere.

    Found it.

    When in Cyprus never trust a bank. Never trust a developer and never ever trust a lawyer

  • John Swift says:

    When in Cyprus in 2008 we stated then that the EU was the way to go.

    You can imagine the response I got from ex-pats who work for some of the estate agents and developers, using UK ex-pats tends to give an aura of honesty and security when in fact they’re just a front.

  • Costas Afortune says:

    Through looking at various sites and forums this company seem to use a certain Paphos bank and certain local lawyers! I wonder if In the near future these will be named and therefore maybe warning investors of the pitfalls of using them ? Or in fact , shock people into checking such things as POA Dates and signatures etc , or maybe bad or no advice from certain Greek lawyers regarding mortgages or terms and conditions of contracts which may seem to be one sided towards the developer ? Or could this be a reminder to duped investors to contact as many MEPs as possible to encourage them to work for there money and help the people they are supposed to represent !

  • Dave says:

    Duuuuuhhh !!! Any thing new news happening in Cyprus???? Wake me in 10 years!

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


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