Government to appeal Limassol court granting compensation for Laiki Bank depositors

In a significant legal development, the Attorney General of the Republic of Cyprus is set to file an appeal against the recent decision of the Limassol District Court.

The court's ruling, dated November 30, 2023, granted plaintiffs-depositors a claim asserting they suffered property damage and are entitled to compensation due to losses incurred from the 2013 impairment of deposits in Laiki Bank under the "Resolution of Credit and Other Institutions Law of 2013."

The decision by the Limassol District Court, issued by the same Judge who recently vindicated a claimant in a similar case on November 8, 2023, stands in contrast to previous judgments that dismissed similar claims.

Notably, this legal action targeted the People's Bank of Cyprus, the Central Bank of Cyprus, and the Republic of Cyprus, with the judgment ultimately focusing on the Central Bank of Cyprus and the Republic of Cyprus.

In response to this divergence in judicial decisions, the Legal Service of the Republic has thoroughly examined the court's judgment and determined the necessity of filing an appeal.

A dedicated team of Legal Service officials is already in the process of preparing the appeal, signaling the Republic's commitment to contesting this unique legal outcome.