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Will Cyprus return the funds to the Russian depositor?


				09.11.2023
						The decision of the Limassol District Court concerning the former depositor of Laiki Bank can be described as historic.
The plaintiff claimed compensation in the amount of 780,832.90 euros as damage that he suffered due to the fact that he lost his funds deposited with Cyprus Popular Bank Public Co. Ltd, (formerly Marfin Popular Bank), which in 2013 were transferred, on the basis of the relevant legislation, to the reorganization mode, in this connection, there was a depreciation of his bank accounts. Among other things, the plaintiff claims that the defendants, the Central Bank and the Republic of Cyprus, were negligent in fulfilling their obligations to resolve a difficult financial situation.
For the first time in history, the judicial authorities of Cyprus have placed the responsibility for overcoming the economic crisis that hit Cyprus in 2009 on the Government and the Central Bank. In its decision, the Limassol District Court asserts that "the depreciation of the plaintiff's deposits was caused by negligent actions of the Republic of Cyprus and serious negligence of the Central Bank, and not by reasons related to market rules."
The court recognized the plaintiff's right to payments and decided to return 780,832.90 euros to the Russian depositor.

Link to source: https://www.alphanews.live/economy/gia-proti-fora-dikastirio-dikaiose-roso-koyremeno-apozimioseis-eu...

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