The Attorney General of the Republic, on behalf of the Republic of Cyprus, has filed an appeal against the second decision of the Limassol District Court, dated November 30, 2023, which vindicated the plaintiffs-depositors and ruled that “they have suffered damage to their property and therefore are entitled to compensation” from the Republic, for the losses they incurred due to the haircut of deposits in Laiki Bank in 2013.
The appeal challenges the entire decision of the Limassol District Court.
Specifically, the Republic of Cyprus disputes the findings of the Court regarding the responsibility attributed to it regarding the handling of the economic crisis as well as its connection to the collapse of the banking system and the haircut of deposits.
Furthermore, the Republic of Cyprus disputes the conclusion of the Court that it is obliged to compensate the depositors.
This appealed decision of the Court deviates from the plethora of decisions issued to date for such cases, where similar claims were rejected by the courts.
