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Suicide victim’s widow calls for justice

The widow of a British suicide victim is calling for institutions in the UK and Cyprus to be brought to account in connection with the Cyprus property mis-selling scandal that has devastated the lives of so many.

Cyprus mis-selling victim commits suicide ON SUNDAY 8th January 2017 Philip Davies tragically took his own life, only hours after receiving notification that Alpha Bank had re-opened legal proceedings in Cyprus for a Swiss Franc loan.

Mr & Mrs Davies invested all their life savings and their pension into this property, but are now facing demands for repayment of nearly £700,000 from the bank against a loan that began at only £275,000.

Mr Davies was well-known and respected amongst those who worked with him to secure justice in Cyprus. Mr Went, a fellow member of a group of victims, said:

“Philip was a strong fighter for justice against the mis-selling that took place, and was the one of the few that forged ahead with a claim with the CCPS (The Competition & Consumer Protection Service). A victory was achieved when it was established that the contract with the developer and the loan agreement with the Bank, contained unfair terms. I remember many a meeting we attended together and phone calls we had and felt buoyed up by his enthusiasm to push ahead to get justice, not just for himself but for everyone involved.”

Mr. & Mrs. Davies envisaged that they were purchasing a dream home in Cyprus with developer Alpha Panareti. Unfortunately, the experience turned into a nightmare, through alleged mis-selling, misrepresentation and breaches on the part of developers, UK selling agents, Cypriot lawyers, Alpha Bank.

The villa, which was purchased off-plan is now on a derelict development, with no title deeds due to long -standing issues in Cypriot land-registry legislation, built on land that is already heavily mortgaged by the developer to the Bank.

Mrs Davies places the blame for her husband’s death squarely with the developer and the bank, who appear to have mis-sold these properties and loans, not just to them but 1000’s of other families. She is particularly critical of the bank for the pressure they placed on her and her husband.

Back in March 2013, the Alpha Panareti case became a prominent issue in the UK House of Commons. A Select Committee under William Cash MP, which over 100 MPs signed up to, used the case to inform the Ministers in this country, European Commission and Officials in Cyprus of the legal predicament affecting the defendants. Unfortunately, no information regarding progress has been received since 2013.

Recent pleas to the Cyprus Minister of the Interior to implement a complete overhaul of the relevant legislation has apparently fallen on deaf ears with only a short term short term fix to the existing law.

The Government of Cyprus has been operating this system for decades, the lawyers saw no need to alert their clients of the title deeds trap and the bank argues that all they were doing was simply facilitating the dream.

But their dream turned into a nightmare and Mrs. Davies accuses them and the legal system in England that has allowed lawyers to feed on the plight of these victims.

Even UK legal representation has failed to always protect the best interests of their clients. Mr Davies was known to have been hit particularly hard by a London legal firm who took almost £30,000 in fees, before apparently breaching the terms of their retainer and forcing the Davies’ to fund alternative representation. Their subsequent attempts to get the case heard by the Legal Ombudsman were rejected on the grounds that this matter relates to Cyprus, despite the fact that it involves a London firm and a High Court action in London. And despite numerous complaints to the SRA (Solicitors Regulation Authority) after a five-year investigation, they have yet to offer any conclusion or hope of recovering the lost legal fees.

Mrs. Davies is understandably devastated and keen to protect her family from publicity. She hopes, however, that her husband’s suicide will help bring Cypriot housing victims together to support one another through consolidated legal action, and to achieve the justice which Mr Davies so badly wanted for all.

Recently, a growing group of victims, of which Mr Davies was a part, formed their own Client Committee to control the conduct and funding of their legal cases and ensure that no victim of Cyprus property mis-selling feels trapped and alone under similar circumstances. Tragically, this appears to have come too late to give a ray of hope to Mr. Davies.

— Ends —

Press release issued by the Cyprus Property Victims Committee

Readers' comments

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  • Costas a fortune says:

    From hundreds of people on underground sites on FB and Twitter etc we are all horrified and shocked at what this family must now be going through, RIP Phillip.

    People must once again kick up an almighty fuss on FB , twitter etc and continue to contact local and MEPs to shout for help and justice. Please don’t sit back and let others do it, if you haven’t already then please contact your local police regarding fraud, newspapers explaining how you were scammed, join in protests at property shows or outside Alpha Bank in London etc.

    Local paphos bank, local Paphos lawyers, builders, and even certifying officers are all connected to what the BBC called ” The £500million property scheme in Cyprus” (just search on u tube , and get sharing the link on your Facebook etc)! British people need and want justice from this once loved island which is now nothing more than a cesspit of corruption.

    Please if you are thinking of buying in Cyprus, save your money and buy elsewhere.

  • Conor O'Dwyer says:

    There is shock and sadness at the loss of this fighter. The underground support groups on facebook are in mourning.

    The Brits are taking a hammering in the judicial system, that I know only too well. We are easy targets for corruption.

    I can tell you that we are going to be heard this year. Action is coming. Protests at property shows are to resume and be larger and louder than before. Targeted better. We will dominate the Daily Mail comments section, Twitter, Trip Advisor and post on every Cyprus story published here in the UK.

    We will ensure that every tourist, businessman and property buyer makes an informed decision. That they know bigotry and corruption is rife. Cyprus will have to fight for our tourists and retirement money with their shameful track record on show. We will hold a mirror up to this country and let them see how ugly they have been.

    We will arm our MP’s with evidence of the abuses suffered. We will show the disparity between what we give to Cypriots in the UK and what we receive there in return. We can’t even get legal aid or translators, let alone a fair hearing within a reasonable time. Our MP’s will have our evidence to hand for their bilateral talks and we will hold them accountable and ensure a fair deal.

    We are grieving at the moment but action is coming.

  • Linda says:

    I know how that poor man must have felt. I am a 70 year old pensioner that was duped by ***, ********, ********* and ***** **** all in collusion with each other. My bank statement came through today from alpha bank and which has gone up by £60,000 in interest payments alone. My partner isn’t working. I am at the end of my tether can’t sleep at night and the thought of self harm has come to me many times but who do I turn to? I know there are hundreds of people in the same predicament and no money left to fight with as these robbers have taken all our savings.

    Ed: Dear Linda, I cannot imagine how you must feel and the stress you’re suffering but I’ve had to hide the names of the companies and individuals you named. These people do monitor what is reported here and until they are sued in connection with alleged collusions and details are in the public domain, you and I risk being sued for libel.

    I will write to you with details of organisations that may be able to help.

  • Richard says:

    Some good comments on here.

    So? What are we all going to do about it? Surely it is time for concentrated focus and lobbying again on the British government to intervene?

    Doesn’t look like we are remaining under the control of the E.C.J (for all the use they’ve been quite frankly) – so maybe time to orchestrate something different?

  • Dr Alan Waring says:

    In all of this, there is an impression created that in all the wrongful and, possibly in some instances, criminal acts involved that have been perpetrated by organisations and corporate entities – the banks, law firms, developers etc – there were no human beings involved. Wrong! In each and every case, there will be identifiable individuals who knowingly and with malice aforethought took decisions (or failed to take the right decisions) which not only caused catastrophic loss and stress to innocent buyers but clearly in some cases also led to their suicide.

    It is surely time to name-and-shame the parasites, especially those who have blood on their hands. Let us at least get publicly aired the names of the Chief Executives, owners, partners etc who direct these organisations and businesses. Both morally and legally, they are accountable for whatever has been done in their corporate name.

    And what about Anastassiades and Hasikos? They could and should have ensured prompt government action to snuff out this Cypriot abomination. For their abject failure to do so, they too must share the responsibility for the endless psychological torture meted out to Mr and Mrs Davies by a wholly dysfunctional system.

  • Gavin Jones says:

    The instigators of this huge deception are equally to blame: developers, lawyers and bankers. They are the unholy triumvirate of fraud and general wrongdoing. However, above them and even more responsible is the state itself for knowingly allowing this subterfuge to thrive and prosper.

    And why has this situation continued year in and year out? Because they’re all incestuously linked to one another in a Devil’s brew of corruption. The presidency and parliament have been dominated by lawyers so what chance has there ever been of them confronting the nefarious practices of their own kind? None whatsoever.

    Not so long ago, the very Chairman of Bank of Cyprus was none other than the owner of one of Cyprus’ leading property developers who coolly helped himself to over €300 million of loans from his bank. Did conflict of interest issues kick in? Not a bit of it.

    With the above catalogue of rigged ‘misdemeanours’, there’s a wonder there haven’t been other examples such as that of Peter Davies. For those wishing to buy real estate in Cyprus, it’s always been a question of “Abandon hope all ye who enter here”. And for those who insist on ‘entering’, you’ve been warned.

  • Jill says:

    This whole sad affair just makes it clear that the corruption, greed and injustice of this island is never going to change. I understood that these things were supposed to be swept out by this government when it came to power how ever many years ago!! Once again, all talk, no action. The heartlessness of all the organisations involved is breathtaking. Alpha Bank surely should be properly investigated -perhaps shut down as was Laiki Bank. How can a loan of 270,000-odd increase to over 700,000? What’s going on here?

    That poor man and his wife didn’t stand a chance did they?

  • stanno says:

    Cyprus is disgusting and fit for Mafia type people only. Save yourself and get out.

    Shame on Cyprus.

  • George says:

    Condolences to the family. So sorry for your loss. Unfortunately this was a tragedy waiting to happen and I would be surprised if it were the last.

    The long term emotional torment suffered by thousands of people caught up in these desparate situations is immeasurable. This is compounded by the total lack of a willingness to offer any practical long term solution to the problem by the financial institutions who are culpable in their incompetence( some would say corruption) in creating the situation. To then be financially fleeced by the very people supposed to be be trying to help resolve the issue is devastating.

    I hate to say it, but if The Cypriot handling of the title deeds fiasco is anything to go by the plight of thousands of others will be remain unresolved while the powers that be continue to bury their heads in the sand.

  • Dino Pastos says:

    Without proper action and legislation, this fiasco will continue and it will only get worse.

  • Terminator says:

    From the London Mafia:- Greek Cypriots reside in this town and were given the opportunity to resettle and build new lives by this Country in the 1960’s and this is how you repay your thanks, well in the only language Greek Cypriots understand “We know where you live”. Unless you pay back the money you have stolen from the British, we will take it.

  • Richard says:

    First off – sincere and heartfelt condolences to his widow, family, friends & co-members of the groups he belonged to fighting this issue.

    Secondly – if there is any crumb of good that comes out of this terrible event – it is that people still involved find ways to bring increased pressure to bear against those who remain – even now – unaccountable & unwilling to bear responsibility.

    In this day and age – it is beyond contempt that such a situation forces anyone to even consider this ultimate outcome – let alone carry it out.

    This must not (and will not) be forgotten or sidelined.

  • David says:

    What a tragic story and dreadful news. My condolences to his widow.

    This poor man appears to have been let down by everybody that he came in contact with, including the legal firm that he instructed. Does anybody know who this firm is and how they breached the retainer? What did the SRA and the Legal Ombudsman do to protect him from the actions or inaction of that legal firm who are based in London?

    Ed: I have a very good idea of who the London firm is, but until it is sued and the information is in the public domain I cannot name them – I’d risk being sued for libel. (Libel is the written form of defamation. It is a tort (civil wrong) making the person or entity (like a newspaper, magazine or political organization) open to a lawsuit for damages by the person who can prove the statement about him/her was a lie.)

    Unfortunately I have to review & vet all comment as some of them are most definitely libellous.

    But I can say that the law firm concerned is being sued by some of its former clients and that the Solicitors Regulation Authority (SRA) is investigating complaints against the head of the firm.

  • Rotraud/Vienna says:

    I m very saddened about this misfortune and injustice.

  • Linda says:

    Our sincere sympathies to Mrs Davies.

  • Pete says:

    Unfortunately this whole cesspit is contrived to separate the victim from their money and years of practice has made them heartless experts. It seems Alpha bank have had their hands in more than one set of dirty dealings; with no apparent reason they continued to lend a now bankrupt developer millions even though he never repaid his loans and Paphos CID refuse to investigate. How long must the innocents suffer at the hands of the Cypriot “authorities”?

    I extend my condolences to Mrs Davies and her family and hope she finds comfort in knowing she’s not alone.

  • Brian says:

    Shocking news, so sad my condolences.

  • Gary says:

    Terribly sad. You cannot underestimate the emotional impact of the Swiss Franc fiasco in Cyprus. We keeping waiting for the Finance dept to implement a bill to resolve this issue fairly… and still we wait. It is clear the banks will take no action unless they are forced by legislation. Individuals should not be left to fight in isolation.

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


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