Disclosure Orders and the 2013 Banking ‘Haircut’.

The Cyprus Mail has published an article co-authored by Partner Nicolas Tsardellis and Associate Angelos Antonellos. The article concerns some recent decisions of the Supreme Court which annulled disclosure orders served on several Cyprus banks.

The authors explain the background to the issuing of the original orders which related to concerns that funds had been transferred out of Cyprus immediately prior to the 2013 ‘Haircut’.  Such transfers would have been in contravention of instructions issued by the governor of the Central Bank of Cyprus which were intended to close all banks between 16th and 27th March 2013. The authors then proceed to outline the opposing arguments of the banks and the current Attorney General before outlining the judgements given and their reasoning.

They explain that annulment of the disclosure orders effectively blocks an investigation by the Cyprus police of the events immediately prior to the ‘Haircut’.  Thus, the cases are a matter of public interest, and the Attorney General will appeal the latest Supreme Court decisions before an enlarged panel of Supreme Court Judges in 2022.

The full article may be viewed here.

For more information, please speak with Nicolas Tsardellis, Angelos Antonellos or your usual contact at Elias Neocleous & Co LLC.