Cyprus Financial Crisis Lawsuit As a foreign (non-Cypriot) investor in these banks, you may have legal claims, including, but not limited to, the discrimination of foreign investors in favor of domestic investors, under various international treaties to which the Republic of Cyprus is a party. Discrimination Against Foreign Investors Cyprus is a party to various “Bilateral Investment Treaties” with the following nations: Armenia, Belarus, Belgium and Luxembourg, Bulgaria, China, Czech Republic, Egypt, Greece, Hungary, India, Jordan, Lebanon, Malta, Moldova, Poland, Romania, Russia, San Marino, Serbia, Seychelles, and Syria. Such Bilateral Investment Treaties typically contain what are termed “fair and equitable treatment clauses” under which foreign investors can sue states for mistreatment of their assets if, for example, they are discriminated against in favor of domestic investors. A Bilateral Investment Treaty between Cyprus and Russia signed in 1997, for instance, contains a fair and equitable treatment clause, which provides: “Each Contracting Party shall ensure in its territory for the investments made by investors of the other Contracting Party and for the activities in connection with such investments, fair and equitable treatment, which would exclude the use of discriminatory measures that might hinder management, maintenance, use, enjoyment or disposal of the investments.” As discussed in detail above, the final terms of the final Cypriot bailout deal will effectively keep the majority of Cypriot depositors’ investments intact while forcing large haircuts on the investments of Russians and other foreign investors with deposits of over €100,000 in Laiki Bank and/or the Bank of Cyprus, in violation of Cyprus’s various bilateral investment treaties. currentlegalcases/cases/cyprus-financial-crisis-lawsuit.html
Posted on: Wed, 03 Jul 2013 18:40:21 +0000
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