The allegations were made by the association of Laiki depositors (SYKALA), who said the mooted transfer of the 18 per cent stake in
Reports have suggested that the 18 per cent stake held by the now defunct
SYKALA – which had laid a claim to the 18 per cent but lost its case in court – is opposed to selling the stake.
Speaking at a news conference yesterday, SYKALA claimed to have discovered a gross conflict of interest, whereby
At the same time, argued SYKALA member
And given that the single largest shares package in BoC could go to the EBRD, that would mean that the troika – via its point man Verwey – would have effective control over BoC, he reasoned.
Kyprianides went on to lambast the finance minister for backtracking on a promise to consider giving control of the 18 per cent stake in BoC to the Laiki depositors.
"Very quickly the minister changed his mind, taking cover behind the resolution law so that the Laiki depositors who suffered a haircut would be excluded from controlling the 18 per cent," he added.
Under the deal, the Resolution Authority was to instruct Laiki's administrator to entrust, by
The Resolution Authority in
Hitting back at SYKALA's claims, Georgiades suggested the association should have done its homework before firing off allegations.
He said a quick look at EBRD's website would suffice to show that EU member states with a stake there represent themselves on the EBRD's board, and are not represented by Verwey.
"Ever since they (SYKALA) lost in court, they have been complaining and resorting to conspiracy theories. This is not serious," the minister said.
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