The citizens of Larnaka have missed the chance to have had their city re-established within the tourism sector of Cyprus, as well as a huge upgrade of the downtown area. As a result, hundreds of new job and business opportunities are lost.

Below is the official statement by the shareholders of Lanomex Development Limited, the investors of Larnaka Tower Project.

Dear Sirs,
Unfortunately, the company is forced to announce the termination of Larnaka Tower project, located on Finikoudes waterfront in Larnaka, due to reasons beyond our control.

Employees of the Municipality of Larnaka verbally assuring us of support and willingness to help, but in fact, they do everything to ensure that the project will never be implemented. After seven years we have not even received a Town Planning Permission.

The comments of Larnaka Municipality employees in the press, saying that only since 2020 we have been working on the project, are absolutely false and do not correspond to the reality. The truth is that we were forced to make changes to the project, but this was done precisely because it was impossible to overcome bureaucratic barriers, under pressure from the officials themselves. Not a single promise made to us by the Municipality has been fulfilled.

Larnaka is a beautiful ancient city, but unfortunately the city center requires significant investments to improve its attractiveness. The buildings on the site acquired by our company are currently in an extremely poor condition and do not satisfy the needs of city residents and tourists. We tried to change this situation by investing 170 million euros for the construction of two hotels, but we were not allowed to do it. We are sure that none of the officials will be held responsible and the officials themselves are aware of it.

From our own experience we know that unfortunately there is no support from the authorities, for foreign investors in Cyprus. Our case could be a subject for investigation by the country’s authorities, but we all know that this cannot happen in Cyprus.

We started working on the project in 2013, a difficult year for the country. Since then, we are being delayed and therefore we are unable to make any progress in issuing the necessary licenses to start the construction. During these seven years we have faced serious financial losses, due to the fault of specific individuals, and struggles for false hopes and expectations.

Mr. Nikolay Potapenko, the director of the company, from November 9th to December 2nd 2020, protested at the presidential palace, as his last attempt to draw the attention of the authorities to our problem. However, none of the officials at any level reacted to our case.

Nevertheless, we are hoping in positive changes and that the foreign investors will receive enough support by the government in the near future.

Yours sincerely,

Nikolay Potapenko
Managing Director,
Lanomex Development Limited

The Larnaka Tower Project
The first presentation of the Project – 18/06/2014
Investor’s protest from 9/11/2020 to 2/12/2020
The current condition of buildings on site