New bill provides leasing, selling property belonging to state only under specific rules

November 1, 2019 at 6:45pm
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The House plenum on Friday unanimously voted a bill prohibiting the Cabinet from selling, leasing or exchanging any property belonging to the Republic of Cyprus unless defined rules, regulations and set criteria are met.

The proposed bill was tabled by opposition left-wing Akel, centre Diko, socialist Edek and the Green party.

“What sparked the necessity for this bill to be drafted was the outrageously low evaluation of government plots by the Land Registry Department over the recent past years,” Akel’s MP Irini Charalambides told journalists.

“Specifically, the prime location plot opposite Hilton Hotel in Nicosia had been evaluated as low as €5 million,” she added.

Representatives of the Interior Ministry as well as that of Finance had agreed with the provisions of the proposed law, according to a report submitted before the plenum.

The report also noted that the abolition of this power from the Cabinet makes it unacceptable for the government in place to give out any property belonging to the Republic for investment purposes.


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