Greek Cyprus fined in compulsory purchase case
REUTERS PhotoThe European Court of Human Rights (ECHR) has fined Greek Cyprus 8.75 million euros for wrongdoing in the compulsory purchase of Limasol, which used to belong to Michael Theodossiou Ltd.
The court found Greek Cyprus guilty of purchasing the 4,462-square-meter property based on its value at the decision time in 1972, rather than the price value at the time of the actual transfer in 1995.
The applicant company also complained about the excessive length of the expropriation proceedings concerning its property, citing the right to a fair hearing within a reasonable time.
The court unanimously decided that there had been a violation on account of the excessive length of the proceedings, lasting approximately 11 years and seven months.
The court also ruled in favor of a 6,400-euro fine for non-pecuniary damages and 23,445 euros for costs and expenses.