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Revocation of ‘Golden Passports’ for Three Investors by Cabinet

Three investors had their Cypriot citizenships revoked. Additionally, the passports of the individuals’ wives and children were also taken away, according to government spokesperson Konstantinos Letymbiotis. This action was taken following a thorough investigation conducted by the government.

In the same cabinet session, a bill for 2023 was approved. This bill pertains to the issuance of court orders aimed at safeguarding the collective interests of consumers. Its purpose is to modernize the existing institutional framework that protects consumers’ collective interests.

With the new legislation, courts are granted the authority to intervene and halt any behaviors that violate consumer protection laws. Furthermore, the bill introduces fresh regulations empowering courts to issue corrective decisions in cases where consumers have suffered harm.

However, the ministers in the cabinet did not reach a consensus on another bill concerning the ‘basket of goods.’ This bill has been under discussion since the previous year, and the ministers felt that there was insufficient information regarding its contents. Letymbiotis stated that the ministers have requested further clarification regarding its potential implications. The bill will be presented for discussion in a subsequent cabinet session.

Source: Cyprus Mail


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