More information is being sought by the Government from legal firms for Villa Pinada and The Aegean to investigate a controversy at the developments.

The Police Commercial Crime Bureau has also received a report.

Both the Occupation Permit and the Certificate of Compliance for Villa Pinada were issued in April.

It is learnt that the Mortgagee Bank has appointed receivers to the developer company under its Building Mortgage.

The receivers will take charge of the company's books and papers, as well as investigate the accounts and history of sales and payments on behalf of the mortgage.

The rights and obligations of the various parties involved in the developments will have to be resolved between purchasers, the developer and the receivers in accordance with the terms of the Agreement for Sale and Purchase and the Building Mortgage. 

For The Aegean, the project has yet to be completed and no Occupation Permit and Certificate of Compliance have been issued.

The consent to sell has been suspended, pending further information from the developer. Any funds still held by the developer's solicitors in the stakeholders accounts cannot be released.