IPC needs £2 billion to pay compensations

Over the past four years, the Immovable Property Commission (IPC) has not been able to make any decisions regarding Greek Cypriot property compensation claims because it lacked the money, Chairman of the IPC Ayfer Erkmen (pictured far right), has said.

Erkmen explained that the number of Greek Cypriot applications to the commission, to date, were 6,327 and added that only 837 out of those had been resolved with compensation (£179,360,871).

The IPC needed £2 billion in order to conclude the remaining cases, he added.

Explaining that Turkey has demanded that the TRNC government implement a local improvement tax in order to raise funds, Erkem noted that because the TRNC had failed to meet this condition, the cash flow from Turkey had been suspended.


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