Property developer Simon Mistriel Aykut is facing a legal battle over illicit development on Greek Cypriot land, with properties worth €43 million at stake and 124 charges against him. The Nicosia district court has detained Aykut due to concerns about his flight risk until the upcoming criminal court hearing.
Cyprus aims to become a tech hub with its Centers of Excellence and “Cyprus 2035” strategy, focusing on digital transition and innovation in AI, robotics, and biotech. Recently, Commerce Minister Papanastasiou and Chief Scientist Skourides promoted Cyprus in Japan, showcasing its competitive advantages and potential as a technological powerhouse for international firms.
The Cyprus Borrowers Association (Syprodat) recently celebrated the ratification of two bills that offer substantial support to vulnerable borrowers, protecting primary residences and professional premises valued up to €350,000 and €750,000 respectively. The legislation also enhances the role of the Financial Commissioner, allowing for outofcourt dispute settlements and providing a mediation appeal process for terminated loans, further safeguarding borrowers.
