The overdue debts of 43 major debtors, which the Famagusta EOA took over when it began operations, totaled €9.5 million. Of this amount, €4.43 million has already been collected, while another €1.22 million has been included in repayment plans, as announced by the Agency.
The announcement states that the EOA “continues its efforts to address the large and long-standing debts it inherited upon commencing operations” and that, according to “data presented to the Agency upon assuming its responsibilities, just 43 debtors accounted for total overdue debts of €9.5 million, a fact that demonstrates the magnitude of the problem that had developed over time.”
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It is noted that “as part of the policy adopted by the Agency to address large debts, coordinated collection efforts, payment arrangements, the sending of warning letters, and the taking of legal action where deemed necessary.”
It should be noted that “as a result of these actions, €4.43 million has already been collected, while an additional €1.22 million has been included in agreed-upon repayment plans.”
At the same time, “the Agency has adopted policies that strengthen its collection capacity and promote the equal treatment of all citizens and businesses.”
In this context, “legislation has been proposed to the Ministry of the Interior to allow for the public disclosure of debtors with overdue debts that have remained unpaid for a long period of time (‘Name and Shame”), as well as linking the review of urban planning and building permits to the settlement of debts owed to the Organization,” the statement notes.
The Famagusta EOA “considers that financial compliance with obligations to the Authority is a matter of equal treatment and fairness toward citizens and businesses that meet their obligations in a timely manner.”
“Efforts to reduce overdue debts continue consistently and resolutely, with the aim of securing the Organization’s revenue and utilizing it for projects and services that benefit the local community,” the statement concludes.
