Kulaksiz 5 v Akfinans Bank | Next Step the ECHR?

Kulaksiz 5 v Akfinans Bank - Next Step the ECHR?WITHOUT PREJUDICE

Kulaksiz 5 v Akfinans Bank – Next Step the ECHR?

We are now most definitely edging our way to the ‘final countdown’ for Kulaksiz 5 who will at least know their fate in the TRNC. I do not think many people are optimistic the right decision for them will be made and already I personally am looking towards the ECHR for our next battle.

If as I suspect we lose, we will all be in the same boat. If we win, I suspect my little boat will be cut adrift and I will be left to sink. I do not intend to sink, I will be going the ECHR route alone if I have to. In many ways it will be pitiful if I have to, but be warned TRNC, it will present a very bad picture of what you do to pensioners whose only crime is to oppose being robbed by a system that does not work and a Government who do not care. I am aware the defendant will be Turkey and I do feel that in itself is unfair, nevertheless it is the route I will take because it will be the only one available to me.

In the ROC the Foreclosures Bill is still being opposed by the opposition, who ironically caused the major part of the banking fiasco but oppose the correct and only solution. Somehow a system that works well in the civilised world, is thought not to be for them. That takes their idea that they are ‘special’, to a whole new level.

An Archbishop leads a revolt against the YES vote for the new BOC share issue. Can you imagine the Pope doing something like this?

“We shall go there and vote against it,” Archbishop Chrysostomos, who heads an association of old BoC shareholders, said.

The bank is holding an extraordinary general meeting (EGM) of shareholders today to approve a capital increase of about €1.0bn pledged by foreign investors and the European Bank of Reconstruction and Development.

The bank’s old shareholders are opposed to the move as it would further dilute their shareholding.

“But I wish to be frank,” Chrysostomos added. “We know that we cannot muster more than 1.0 per cent of the votes [at the EGM]. Therefore, our position will be defeated, but what we want is for our voice and our protest to be heard, irrespective of whether we fail.” ¹

All I can say is thank God for small mercies, at least with only 1% the old shareholders will not be able to scupper all attempts at recovery alone. My vision of an Archbishop is a Godly man schooled in theology and the saving of souls, that this one is pictured in the Cyprus Mail at a meeting with the President (in his hat and frock) just appals and disappoints me. Still we all remember Makarios.

Never give in never give up


¹   http://cyprus-mail.com/2014/08/28/diko-refuses-to-budge-on-foreclosures-bill/

Pauline Read

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