Pyrpolizer wrote: Viewpoint wrote: What if they still have going concerns or ways to pay back lost funds? Do you know Asil Nadir indirectly own Kibris news paper? and is paying off his debt vis the collapsed bank he once owned.
Legally it doesn’t stand. I may be a shareholder in 100 Companies, if one goes bankrupt they cannot touch a penny on my other shares, nor a penny of my personal property. Asil Nadir is a special case and you should know that.
wrote: That is only part of it, selling off assets the balance has to be found from somewhere and that is from payments to the Insurance fund by local banks and payments of outstanding debts by closed bank borrowers and bank owners.
Who told you the balance
has to be found? What you described is actually the process of liquidation, whatever is gained from that is fine. However it would never balance because if it would the Bank wouldn’t need to declare Bankruptcy on the first place. I don’t know what the Insurance fund paid, all I know their depoited capital was $2 million per Bank, whereas the total amount due was 87 million nett
Look at the article I posted. The money came from Turkey. Period.
The banks have been liquated and the balance of the debt has been agreed by the insurance fund with the ex bank owners to be repaid over periods ranging from 10-15 years see Central Bank of TRNC web site for more details of agreements reached.
You are right that the money came from Turkey but the amount you quote is incorrect is was 225 million us dollars which is gradually being repaid by liquidated assets, current bank insurance fund premiums, closed bank repayment programmes plus repayments from those borrowers of banks that closed. Our Central Bank provides full details on its website.