Central Bureau of Investigation
HYDERABAD: City-based Coastal Projects Limited (CPL), which is facing a CBI probe for Rs 4,736-crore loan fraud, is now embroiled in another controversy over its Cyprus deals.
In an FIR, the CBI alleged that as per a forensic audit, CPL had invested Rs 40 crore in Coastal Transnational Ventures Limited (CTVL), a wholly-owned subsidiary firm, in Cyrpus.
CPL had given a corporate guarantee of $15.6 million in favour of Exim Bank for the loans availed by CTVL for acquisition of shares in another Cyprus-based company. Bank guarantee was invoked and CPL had to pay Rs 102 crore (equivalent of $15.6 million) at the time of conversion. However, the amount receivable for CPL was converted into CTVL shares, the CBI alleged.
Last Updated On: Dec 25 2020 12:17 Gmt+3
Turkish President Recep Tayyip Erdoğan’s proposed plans for the former seaside resort of Varosha in Northern Cyprus are contrary to international law, according to a study by the German Bundestag s Scientific Service (WD) seen by Ahval ahead of publication. The 23-page legal study was commissioned by Bundestag member Sevim Dağdelen from the leftist Die Linke party and chairwoman of the German-Turkish parliamentary group.
On Oct. 6, the Turkish Republic of Northern Cyprus (TRNC) reopened a stretch of beach and several avenues in the “ghost town” of Varosha, a suburb of Famagusta, located in the no-man s land of the divided Mediterranean island. Cyprus has been split between the TRNC, recognised only by Turkey, and the Republic of Cyprus, an EU member that controls the southern two-thirds of the Island, since a Turkish military intervention in 1974.