Thursday, 8 September 2022
The Royal Bank of Scotland (Natwest UK) is demanding the return of its property which also includes the Jasmine Court Hotel in Kyrenia, Yeniduzen reports.
Quoting the press in south Cyprus, Yeniduzen writes that the bank has warned that it will apply to the European Court of Human Rights (ECtHR ) if the decision made by the Immovable Property Commission (IPC) is not implemented.
Representatives of the Royal Bank of Scotland Cyprus, who sent a warning letter to the Turkish Ministry of Finance, which is also responsible for the State Real Estate and Materials Office, on 15 August, said that they expect a response by 15 September within the framework of the Good Administration Act.
In November 2017, the European Court of Human Rights (ECtHR ) accepted as a domestic remedy a 2010 application by the Royal Bank of Scotland to the Immovable Property Commission (IPC), which had agreed to pay almost £23 million for the property consisting of 150 acres of land it had owned as a 50:50 shareholder in the Pharos Group prior to 1974. The property evaluation was based on pre-1974 values.
However, five years after the IPC set the compensation at £22,773,940, the money has not been paid to the legal owners because the TRNC “does not have the financial resources”.