GIFA Holding, President Yusuf Kisa’s Charges Dropped

Lefkosa District Court has dropped all charges against businessman Yusuf Kisa, who was arrested in 2021.  headquartered in Northern Cyprus, announced on December 15, 2022,  the legal case against its President and Director, Yusuf Kisa, had been resolved. Kisa was arrested by TRNC Police on July 9, 2021, and charged with violating the newly amended Law No. 43/2020 (Law on Leasing, Factoring and Financing Companies and the Prevention of Usury) and Law No. 62/2017 (Banking Law of the TRNC). Authorities had determined that GIFA Holding Limited and Grandex Finance Ltd. were non-compliant with requirements regarding their memorandum of articles of association and publications (both online and offline). Court ruling On December 2, 2022, by order of presiding Judge Hasan Bosnak of the Lefkosa District Court, all charges against Yusuf Kisa were dropped and the case, including all related matters, was dismissed. A subsequent court order dated December 12, 2022, signed by Judge Nil Çeliker, rejected and cancelled the guarantee order dated July 13, 2021 (No. 242/21) in its entirety. December 15, 2022, from the company’s attorney, Ünver Bedevi of Bedevi Law Office, it was explained that the issue arose from an oversight linked to the company’s accountant, who had suffered a stroke. All necessary corrections were completed within the 45-day period ordered by the court on July 13, 2021. Bedevi confirmed that no official case would be filed, all bail procedures had been cancelled, and there were no pending legal cases against Yusuf Kisa or any associated companies, including GIFA Holding Ltd. and Grandex Finance Ltd.