Nicosia is vindicated for 2013 haircut
Cyprus Attorney-General George Savvides said on Thursday that a decision by the World Bank’s International Center for Settlement of Investment Disputes on the case Theodoros Adamakopoulos and others v. Republic of Cyprus, “vindicates” Cyprus, as regards the measures it took in 2013, with the haircut on bank deposits.
In his statements, Savvides announced the decision of the ICSID “on a very serious case,” in which, he said, a large number of Greek investors who had deposits or bonds in Cypriot banks initiated arbitration proceedings based on the bilateral agreements between Greece and Cyprus and Luxembourg and Cyprus, claiming from the Republic of Cyprus total sums which today amount to approximately $600 million.
“It is with great pleasure that I want to inform you that this request was rejected” by the ICSID, after a hearing that took place in London at the beginning of 2023, he said.
On Wednesday, he added, the decision was issued “which vindicates Cyprus as regards the measures taken during the 2013 period” and the haircut on bank deposits. Savvides noted that the decision of the arbitration was final.
