Council of Europe Reaffirms IPC's Functionality

The Council of Europe’s Committee of Ministers, convened in Strasbourg, confirmed the closure of the Rock Ruby case after compensation was paid by the IPC. This step demonstrates that the IPC continues to be acknowledged by the Council of Europe as a valid mechanism for handling property claims.

In its decision regarding the application of Rock Ruby Hotels LTD and related European Court of Human Rights (ECHR) rulings, the Committee of Ministers stated, "The Council of Europe’s Committee of Ministers has decided to conclude the examination of this case."

The statement highlighted that the case was filed due to restricted access to properties in the TRNC and the loss of control over the assets. The court had ruled that the company should receive fair compensation for the loss of use of the property and non-pecuniary damages, as well as costs and expenses.

It was noted that in 2005, the company reached an amicable agreement with the Immovable Property Commission in the TRNC for the full value of the property, along with compensation for the amounts claimed and interest as ruled by the court. The agreed amount has been paid, the statement confirmed.

The announcement emphasized that since the individual issue had been resolved, the Committee of Ministers had fulfilled its obligations and decided to end its examination of the case.