High Court reverses IPC compensation for Greek Cypriot company

The Greek Cypriot owner of land in Catalkoy, on which Acapulco Holiday Village is built, has lost his case filed at the High Court against a decision made by the Property Compensation Commission (IPC). He was demanding compensation of 18 million euro as opposed to the 2.5 million euro awarded by the commission.

Turkish Cypriot daily ‘Kibris’ reports that 35 donums of land used to build the tourist village had been purchased by the Acapulco Holiday Village and/or businessman Unal Caginer. Acapulco Holdings Ltd – part owner of the land in the holiday village, had filed an application with the IPC demanding that this land be sold to the TRNC state and the money be paid to his company as compensation and usage fee.

The IPC had estimated the worth of the property at 2.5 million euros, adding the precondition that the money should be handed over after the existing mortgage and liabilities are paid.

The Greek Cypriot company appealed against this decision at the High Court and filed a lawsuit against the Housing Department, which was involved in the case. The court found against the application to the Commission for compensation without having paying the mortgage and the liabilities as well as the pre-conditioned decision of the Commission.

The court rejected the Greek Cypriot company’s appeal that the amount of compensation awarded was low. Following the judgement by the High Court, the IPC’s decision to pay 2.5 million euro as compensation was revoked.

Kibris Gazetesi

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