Cyprus’s Disgrace and the Fall-Out
In most other EU member states, property fraudsters, their cronies and corrupt officials would face serious criminal charges and lengthy jail sentences. Why not in Cyprus? The silence is deafening.
The Cyprus government’s refusal to censure fraudsters, let alone arrest and charge them projects an image of approving of and encouraging property-related fraud. People around the globe are now aware that something is seriously wrong with state governance in Cyprus, as evidenced by the direct questions I receive from important people in various countries.
The property protection situation in the government-controlled areas of Cyprus appears to totally contravene the Constitution of the Republic of Cyprus, Article 23, and also equivalent EU and UN charters. By such wholesale and wilful neglect of its property protection duties, whether to its own citizens or foreign buyers, the Cyprus government has forfeited the right to demand support from the international community on its otherwise just position on Greek Cypriot property rights in north Cyprus controlled by Turkey. The glaring hypocrisy has not gone unnoticed in Bruxelles, Strasbourg, London and Washington.
Just as ominous for Cyprus is the huge damage the government’s stance and reputation on all these matters is having on inward investment. This includes not only individual property buyers but also far bigger fish. I am aware of a number of major foreign investors (not just in property) who refuse to invest in Cyprus until and unless the government acts decisively to clean up the title deeds-cum-fraud mess. Cyprus is just too risky for them.
Dr Alan Waring, international risk management consultant, is Adjunct Professor at the Centre for Corporate Governance & Financial Policy, HKBU Hong Kong
http://www.cyprus-property-action-group ... island.htm
