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Audit office says state losing money from hotel agreements signed in 70s and 80s
© Cyprus Mail | Audit office says state losing money from hotel agreements signed in 70s and 80s

The state is losing large sums of money from five agreements the government signed in the 1970s and 1980s for the lease of forest land for 99 years to construct five hotels in Ayia Napa, the Audit Office said on Tuesday.
The Audit Office said the method of calculating rents, as set out in these contracts, may, in the current circumstances, distort the tourism industry, as landlords pay significantly lower rents than they would pay if they rented the land today.
The contracts, four of w….. Read More On: Cyprus Mail

Article Source: Cyprus Mail
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