Foundations Administration leases Nicosia land to UBP

The Board of Directors of the Foundations Administration has decided to lease approximately 16 decares of land in Nicosia to the National Unity Party (UBP) for 10 years to serve as the party's headquarters. The annual rent for the large plot, located behind November 15 University, has been set at 12,000 TL.

Concerns have been raised regarding the legality of the decision, as the board reportedly bypassed several mandatory legislative procedures. According to regulations, a tender process must be conducted, a formal project must be submitted, and a security deposit equal to 5 percent of the project cost must be paid to the Foundations Administration before a contract is signed. Reports indicate that these requirements have not yet been met, yet the administration is reportedly preparing to sign the agreement with the UBP.