Insider Business Last hope for Laiki Bank depositors who lost all their money

Last hope for Laiki Bank depositors who lost all their money

The law suit by Laiki Bank against Marfin Investment Group (MIG), late Andreas Vgenopoulos, Efthymios Bouloutas and Kyriacos Magiras is the last hope for the now defunct lender’s depositors whose money was lost overnight in 2013 to get a decent compensation.

In March 2013, following tortuous negotiations between the Cyprus government and the Eurogroup, all deposits in Laiki over €100,000 underwent a haircut. Together with 47.5 per cent of deposits over €100,000 in the Bank of Cyprus, as part of the county’s bailout agreement with the EU and IMF.

Laiki Bank, once Cyprus’ second-largest lender, collapsed years after Vgenopoulos became its head man. Bouloutas was the CEO at the time and Magiras a senior executive. MIG was Vgenopoulos’ investment vehicle.

The lawsuit goes on since 2013, following an initial decree for the freezing of assets of the defendants amounting to €3.8 billion. That amount was equivalent to the total deposits lost in the haircut.

The lawsuit has gone through daunting legal proceedings when it comes to the freezing of assets with objections, trials within trials, disputes over the jurisdiction of the Cypriot courts and the involvement of judicial authorities in Greece and the United Kingdom.

The procedure seems to still have a long way to go before the final judgment, and it is unclear whether another defendant has been added to the list following the death of Vgenopoulos three years ago or if the trial continues with the remaining ones only.

In its annual report, MIG noted that they “still consider that action taken against them was clearly intended to be a fefense tool for the Republic of Cyprus in the international arbitration process.” MIG’s appeal against the first court’s decision ultimately turned in favour of the Republic of Cyprus.

Read more:

https://in-cyprus.com/sale-of-cyprus-popular-bank-subsidiaries-completed/

Top Stories

43 new cases of COVID-19 on Monday

The Health Ministry announced 43 new COVID-19 cases on 19 October, out of 2,558 laboratory tests, taking confirmed infections to 2, 687. The break-down of...

1420 only for emergencies regarding COVID-19

Due to the increased number of telephone calls to the telephone center 1420 of the Ambulance Service, it is pointed out that the center...

Anastasiades-Tatar to meet in UN premises

Cyprus President Nicos Anastasiades and the new leader of the Turkish Cypriot community, Ersin Tatar, will meet in the UN premises in Nicosia. Government Spokesman,...

Four people sentenced to imprisonment for abduction

The Larnaca District Court today sentenced four people aged 42, 22, 24, and 19 to imprisonment for abducting a 27-year old last August in...

Weather expected to be cloudy with local showers this week

The weather this week is expected to be cloudy with local showers, mainly in the afternoons. Partly cloudy on Tuesday with isolated showers and possible...

Taste

Squash soup

Ingredients: 1 kg pumpkin, cut into small cubes, approximately 5 cups 2 medium (400g) sweet potatoes, cut into cubes, approximately 2 ½ cups 1 chopped leek, only...

Mezedes

No visit to Cyprus is complete without enjoying the traditional meal of many small dishes known as ‘meze’. This large feast, which has been a...

Prawns with fried cheese, barley shaped pasta

Put the barley shaped pasta into a small pan with salted water, bring to a boil and when tender, drain. Peal the prawns leaving...

Salmon and shrimp sheftalies

Mix all ingredients for tabbouli in a bowl and keep to one side so flavours can combine. Prepare the sheftalies: wash and soak the casing...