IMPORTANT ANNOUNCEMENT – Bank of Cyprus Legal Action

До 8 июня сохраняется возможность заявить требование лицам, чьи денежные средства задерживаются на депозитах банков Кипра. Точнее, можно сказать,что до 7 июня, поскольку в субботу 8 июня суды не работают.

Due to the recent developments in Cyprus with the Eurogroup decisions of the 15/03/2013 and 25/03/2013 and the following decrees issued by the Central Bank of Cyprus which have affected the deposits held in the two major banking institutions in Cyprus, our legal department along with our legal associates attempted to establish a comprehensive view on the legal parameters available for challenging the legality of the above actions.

We feel obliged to clarify at this point that the below constitute a general legal view of the situation and for each particular case a legal advice should be rendered.

Having said the above, please note that the following is the proposed course of action for any interested party which have suffered losses on the deposits held in the Bank of Cyprus.

Bank of Cyprus depositors may pursue the following action:

(1) Administrative Petition

File an administrative petition to the Supreme Court of Cyprus against the Central Bank of Cyprus the Governor of the Central Bank and the Minister of Finance, challenging the legality of the decree issued by the Central Bank for the bail-in plan. Such petition needs to be filed by the latest the 8th day of June 2013 since the constitutional limitation of 75 days for an administrative petition would be expired. By the lapse of the 75 days period no such petition can be filed after that period.

We would like to stress out that there is a strong public interest and necessity defense for the Central Bank and the Republic legislating the way they did and unfortunately no legal practitioner may successfully predict the outcome of such petitions. However, it is advisable to consider the filling of such petition by means of exhausting domestic remedies and enabling an applicant to apply to the ECHR for damages in relation to the violation of rights protected under the ECHR.

(2) Civil Action

File a Civil Court Action against the Republic of Cyprus, the Bank of Cyprus and the Central Bank of Cyprus claiming punitive damages for the breach of their constitutional rights (e.g. breach of the right to property Art. 23 of the Constitution of Cyprus). Through this process the claimants may claim special damages equal to the lost amount in the accounts. Kindly note that our legal associates have reservations as to the success of such claim but this is something that can be examined at later stage, since there is no limitation period emerging the filling of such action.

Please advise if you would like to proceed with the filling of a court action as per above (point 1) so that we can assist you undertaking relevant legal measures through our legal associates.  Make sure that you respond to this prior to the 24th of May, so that the lawyers will have sufficient time to assess your case and make the proper fillings.

We remain at your disposal for any further clarifications and or assistance you may require.


Corporate Department | Oxford Management Limited

Пресс-служба Interlegal

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