The first lawsuit against Laiki, K.T.K.

The first lawsuit against Laiki, K.T.K. and Dimokratia for a money cut – He worked his whole life and lost hundreds of thousands.

More specifically, the trial of the first civil lawsuit that has been registered, which concerns the cut of Laiki Bank deposits, which occurred in March 2013, continues before the Larnaca District Court.

The lawsuit filed (2014) by a 75-year-old Greek Cypriot, who had immigrated to the United Kingdom many years ago, creating his own business in London, is being heard before President T. Karakanna.

In the early 2010s, he returned to Cyprus, depositing his life savings in an account at Laiki Bank. The lawsuit, which began last December, is directed against Laiki Bank, the Central Bank and the Republic of Cyprus.

As reported in court, the amount cut is approaching one million euros! During Thursday’s (16/01) proceedings, economist-expert Konstantinos Kyamides testified in court, who referred to the reasons for the collapse of the economy and banking system of Cyprus at that time, while speaking of the negligence of both the People’s Bank and the Central Bank, as well as the Republic of Cyprus, in relation to the reasons that led to the cutting of deposits.

Economist Kyamidis is the second witness to testify at the trial. His testimony will continue on January 24. During the first hearing, the plaintiff testified.

This is the first civil lawsuit to be heard in a Cypriot court since 2013, which is related to the haircut on deposits of Laiki Bank.

The plaintiff is represented in court by the law firms of Demetriou & Demetriou LLC in Larnaca and Famagusta.

This case, which is the first of its kind to be brought before the courts, is garnering enormous interest, not only among legal circles, but more generally among the common people and especially among the hairy depositors, as to what the court’s final verdict will be.