Cyprus-Forum.com

[Get Real!]

BoC customers fighting back…

Athienitis (supermarkets) wins case against BoC.

http://www.philenews.com/el-gr/oikonomi ... eza-kyprou

This is probably the first case of a Cypriot company fighting back and winning against the government’s decision to plunder depositor’s (>100k) accounts.

In my opinion in the case of the BoC it hasn’t folded but it is being restructured so bankruptcy rules cannot really apply and they thus cannot make any claims against depositor’s accounts.

Athienitis (supermarkets) have won their case which should open the gates for others… and rightly so.

A quick translation of the decision says…

“The court forbids the BoC and/or its administrator and/or the Central Bank from “disturbing” Athienitis’ accounts without a just compensation”

Now I’m not sure how you calculate a “just compensation” on your own plundered money other than a complete refund but that remains to be seen.

[bill cobbett]

Well, that was quick... wonder whether it is just a temp injunction...???

[Get Real!]

Well, that was quick... wonder whether it is just a temp injunction...???

I’m not sure, but what the government hasn’t counted on is the fact that those with accounts >100K can afford to defend themselves with that same money about to be stolen!

[Get Real!]

In the news right now…

The dodgy Cypriot deals have began… some depositors having >100k and good political contacts can have the haircut deducted from the first 100K instead of from the balance minus 100k!

[sven]

Well, according to Dr George M. Georgiou of the Central Bank of Cyprus, the Cyprus Capture is illegal and he put it in writing to Mr Takis Phedias of the Laiki Bank, damning evidence indeed.

[sven]

Someone has just brought up a good reason to doubt the authenticity of the Letter I posted. wouldn't a letter written in Cyprus to a Cypriot bank by a rep of the Cypriot central bank be written in Greek? . I have to say a very good point.

[Dmitry Moscow]

I'm Dmitry from Moscow, I have online business, a small one.
If you can make this info about Laiki heard then it should be -
First it's not dirty money, Mafia money or any as they say - it's lies.
I'm a small business with 3 persons all of which is me and my family, and we held there our current turn-over money for developing business, accounting with our counter-agents (simply re-investing into the company again) within Europe in EURO currency etc. it was over 100K but under 200K.
28.03 - they written off all money over 100K from the current business account.
29.03 - they doubbled all the transactions made via Debet Card - all these amounts are blocked as well and written off the available funds. Some of them x3 or x4 times the same transaction written off. They told it's a technical glitch.
30.03 - they written off the Balance 17K Euro. Don't know why. So the account is almost empty now.
So for now my activity is paralized, business is stopped, no funds for living except what was we had managed to get from the Card abroad. They just screwed us.
I opened an account in October 2012, because there was a lot of advertising in Moscow, Russia - saying it's safe, it's EU, it's Euro. No one told about the secure limits under 100K, in Moscow here they told everything is secure.
On the 16th of March they blocked the account and shut the bank. Since then no one is in the Moscow rep office any more. I called them a week before when there were news about closing the bank, they told they are not going to close and everything is OK.
After the 16th they started to play games with the 'deposit' word, meaning only 'deposits' are hurt, not all the accounts. They lied.
I've lost everything now what I had.
Whom do I address the claims? What are the chances?
Dmitry

[Rufus2013]

They have lied full stop...I have a B0C account and feel terrified watching the news each day as these haircuts are getting higher each day...next it will be 100% of our money...gone...wiped out. We put our money in BoC in good faith and have received no interest on the balance, its a disgrace. We were highly recommended to BoC by a company formation agent who we have recently found out recommends all her clients to this bank. We even checked 7 months ago if BoC was safe and they promised it was completely secure.
I am very sure that there will be some legal action taken but not too sure when....maybe some law firms will set up a class action case for all the non-millionaires who have lost out big time.
it is even impossible to get your money out the bank with the small limits they have set....the BoC has even added the payments I made on the debit card and withdrew from the account before the bailout was announced onto the balance that has been frozen...disgusting.
Good on the Archbishop for taking a tough stance...I so hope he succeeds to take the BoC to task.
If anyone is interested in a class action maybe we should make ourselves know.

[bill cobbett]

I'm Dmitry from Moscow, I have online business, a small one.
If you can make this info about Laiki heard then it should be -
First it's not dirty money, Mafia money or any as they say - it's lies.
I'm a small business with 3 persons all of which is me and my family, and we held there our current turn-over money for developing business, accounting with our counter-agents (simply re-investing into the company again) within Europe in EURO currency etc. it was over 100K but under 200K.
28.03 - they written off all money over 100K from the current business account.
29.03 - they doubbled all the transactions made via Debet Card - all these amounts are blocked as well and written off the available funds. Some of them x3 or x4 times the same transaction written off. They told it's a technical glitch.
30.03 - they written off the Balance 17K Euro. Don't know why. So the account is almost empty now.
So for now my activity is paralized, business is stopped, no funds for living except what was we had managed to get from the Card abroad. They just screwed us.
I opened an account in October 2012, because there was a lot of advertising in Moscow, Russia - saying it's safe, it's EU, it's Euro. No one told about the secure limits under 100K, in Moscow here they told everything is secure.
On the 16th of March they blocked the account and shut the bank. Since then no one is in the Moscow rep office any more. I called them a week before when there were news about closing the bank, they told they are not going to close and everything is OK.
After the 16th they started to play games with the 'deposit' word, meaning only 'deposits' are hurt, not all the accounts. They lied.
I've lost everything now what I had.
Whom do I address the claims? What are the chances?
Dmitry

Terrible story Dmitry...

... and yes, it's the easiest thing in the World to describe all the monies invested by our Russian friends in CY as "dirty money", as "mafia money" ... much of this rubbish spread by some in Germany in advance of their elections there in September.

What to do...??? We've already seen the action by Athienitis above and there are bound to be others by individuals and companies in the days ahead.

Maybe have a think about making contact with your fellow country people who are in the same position (and we know there are 000s of you who have been screwed) and encourage a class action against the Banks and the Republic.

Perhaps make contacts and organise at ... http://www.russiancyprus.info ...???

[bill cobbett]

They have lied full stop...I have a B0C account and feel terrified watching the news each day as these haircuts are getting higher each day...next it will be 100% of our money...gone...wiped out. We put our money in BoC in good faith and have received no interest on the balance, its a disgrace. We were highly recommended to BoC by a company formation agent who we have recently found out recommends all her clients to this bank. We even checked 7 months ago if BoC was safe and they promised it was completely secure.
I am very sure that there will be some legal action taken but not too sure when....maybe some law firms will set up a class action case for all the non-millionaires who have lost out big time.
it is even impossible to get your money out the bank with the small limits they have set....the BoC has even added the payments I made on the debit card and withdrew from the account before the bailout was announced onto the balance that has been frozen...disgusting.
Good on the Archbishop for taking a tough stance...I so hope he succeeds to take the BoC to task.
If anyone is interested in a class action maybe we should make ourselves know.

Yes, there is at least one firm seeking clients for such a class action but am not gonna post a link cos i've never heard of them and they are asking for 1000USD up front.