in-cyprus 9 November 2023 - by Annie Charalambous
The Law Office of the Republic will appeal this week’s decision by Limassol District Court to order €780,000 in compensation to a Russian client of collapsed Laiki over 2013’s haircut on bank deposits.
This is what a top tanking Law Officer told state morning radio on Thursday, following the first ever such decision by a Cyprus court.
The ruling also points out that the Cyprus Republic bears responsibility for not dealing with the great economic crisis. And so does the Central Bank of Cyprus as the institution responsible for the supervision of the banks.
The court also blasts the President of the Republic at the time over repeated reassuring statements that he would prevent the imminent haircut.
The Russian depositor had lost almost €800,000 in the haircut and is one of many who have taken their case to court but failed to be justified.
The ruling was not officially made public but extensive excerpts were published on Wednesday by sigmalive.com and re-printed in numerous other media outlets.
