Latest Headlines

Reports written by George Psyllides

Aristo boss denies fraud

Theodoros Aristodimou, the founder and managing director of Aristo Developers and former Chairman of the Bank of Cyprus, denied defrauding the state during his testimony at the Paphos Criminal Court.

Home repossession ban extended

Parliament passed a bill by the slimmest of majorities to extend the ban on repossessing homes whose purchasers have no Title Deeds even though they may have paid for them in full.

President abandons home buyers

In a move that many consider will destroy the island’s property market, President Anastasiades has rejected the ‘home buyers’ protection bill’ passed by Parliament on 19th March.

Title Deeds: ‘a complete and utter mess’

Although MPs voted though amendments preventing banks from repossessing homes that people have paid for, home buyers will still be unable to secure their Title Deeds until the developers debts have been repaid.

MPs vote to protect home buyers (update)

MPs have voted to protect home buyers who are unable to obtain the deeds and who face the threat of losing their homes if their developer fails to repay his loans or becomes insolvent.

Foreclosure protection for deed-less buyers

Parliament has asked the Cyprus government to exempt from foreclosure buyers who bought property from insolvent developers and who risk losing their homes even though they may have paid for them in full.

Municipal secretary quizzed at Aristo trial

The trial of Aristo boss Theodoros Aristodemou and three others defendants in the suspicious land zoning case continued on Tuesday with defence lawyers quizzing municipal secretary Themis Philippides.

Protection for crisis-stricken homeowners

Crisis-stricken homeowners will be offered protection against foreclosure under the provisions of the fourth bill of the ‘insolvency framework’, which has been handed to political parties for their views.

Aristo Developers lays off workers

The dismissal of fifty workers from Aristo Developers Limited has been blamed mainly on the legal issues involving its boss, Theodoros Aristodemou, and partly on the economic crisis.

AKEL moves to suspend foreclosures law

Communist opposition party AKEL has proposed that the law on foreclosures is suspended until June next year to give the authorities sufficient time to prepare the insolvency framework.

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