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Archives August 1, 2012 posted by

HSBC linked to north property deals

COURT papers filed by a group of UK investors allege that HSBC bank took part in a “fraudulent property scheme of biblical proportions” in the north of Cyprus, according to the Telegraph.

The documents claim the bank supported an “illegal commercial enterprise” in the occupied areas.

“The Plaintiffs invested life savings into what they believed were vacation or retirement dwellings with valid legal title issued by the TRNC,” papers seen by the Telegraph claim.

“HSBC is involved in illegally transferring monies for the sale of these properties knowing that title to the underlying properties are illegal and/or defective because the “TRNC” lacks the sovereign power to issue or obtain title.”

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