The minister of finance recently announced that the statutory rate of interest on judgments pursuant to Article 33 of the Courts of Justice Law has been reduced to 2% per annum with effect from 1 January 2019. This rate will apply for the entirety of 2019.
Limitation periods in Cyprus were suspended for many years. However, in 2012 the Limitation of Actionable Rights Law was enacted to reintroduce time limits for the filing of civil claims. In a recent case, the District Court of Limassol held that the law on limitation periods, together with Article 30.2 of the Constitution, imposes specific time limits to ensure the rule of finality and distinguish between bona fide and mala fide civil and criminal procedures.
The Supreme Court recently upheld a lower court's decision to dismiss an appellant's claim in first-instance proceedings. The claimant had been the only witness in her case, but – after failing to attend the hearing on the appointed date – had requested an adjournment of the case through her lawyers on the grounds that she was unable to attend due to absence abroad for health reasons. The defendant's lawyer had not initially objected to the proposal to adjourn.
The Supreme Court recently issued an innovative judgment relating to Norwich Pharmacal orders which demonstrates the Cyprus courts' readiness to stay abreast of technological developments. The claimant alleged that he was the victim of fraud and conspiracy in connection with online foreign currency trading. The Supreme Court upheld the first-instance decision to appoint an independent computer expert who would provide the technical expertise required to implement the order for disclosure of the information.
The Cyprus Administrative Court recently resolved the question of to which extent, if any, an action of a contracting authority can modify the published terms of the competition in a public procurement process. The court rejected the recourse filed by the applicant, which had sought to annul the decision of the Municipality of Limassol, as contracting authority, to award the contract to another tenderer.