Government welcomes decision of the International Arbitration Tribunal in favour of Cyprus

The Government of the Republic of Cyprus has welcomed the decision of the International Arbitration Tribunal which rejected the claim for compensation by Marfin Investment Group (MIG) and 19 other natural and legal persons in Greece.

Government Spokesman Prodromos Prodromou said in a written statement on Friday that it is very important that any negative developments have been avoided regarding the excessive demands that have been unjustifiably raised against our country”.

He congratulated the Law Office as well as the Central Bank and the Finance Ministry for contributing to winning this legal battle.

The MIG and 19 other natural and legal persons from Greece, were seeking 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.

Source: Cyprus News Agency