Attorney General says Cyprus’ interests defended at International Arbitration Tribunal

The Law Office has successfully defended Cyprus’ interests in the proceedings commenced by Marfin Investment Group (MIG) against the Republic of Cyprus at the International Arbitration Tribunal, Attorney General Costas Clerides said on Friday.

Speaking at a press conference, Clerides said the Tribunal fully justified the positions of the Republic of Cyprus in the legal proceedings of MIG, Andreas Vgenopoulos and 19 other natural and legal persons from Greece, with which they were claiming compensation of Euros 1.05 billion for the violation of provisions in the agreement between Greece and Cyprus for the mutual protection of investments, in relation to the former Popular Bank.

Clerides said the Tribunal ruled that the Republic of Cyprus had not violated any obligation emanating from the agreement and dismissed all claims. It furthermore ordered the claimants to pay legal expenses of Euros 5 million.

Replying to questions, there was no right to appeal a ruling of the Tribunal, but only a mechanism for the revision of the decision for strictly restricted reasons.

He added that he expected the decision to be helpful in similar proceedings pending at the International Arbitration Tribunal.

Clerides thanked international law firm Skadden, Arps, Slate, Meagher and Flom (UK) LLP, which took this very important case for the Republic of Cyprus in cooperation with the Law Office.

He also referred to the close cooperation between the Law Office, the Central Bank and the Ministry of Finance in handling the case and thanked everyone involved for their hard work over the past five years.

Source: Cyprus News Agency