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Is the HSBC Case Putting the TRNC’s Banking System at Risk?

The ABAG group, victims of Gary Robb’s North Cyprus Aga Development scam, are taking HSBC Bank to court. They are doing this through a joint action run by Tsimpedes Law firm. According to the Cyprus Mail the foundation of the case against HSBC is that they were “involved in illegally transferring monies for the sale of these properties knowing that title to the underlying properties are illegal and/or defective because the “TRNC” lacks the sovereign power to issue or obtain title.”” [Cyprus Mail]

On the face of it, any bank transferring money to North Cyprus could risk being accused of breaking the south’s laws, especially as they can pass any law they like and expect the north to follow it if they want to avoid law-breaking. So, if banks are letting you take money from an ATM and you spend it in a Turkish Cypriot restaurant set up on Greek Cypriot property then there is a risk that the bank has unknowingly become involved in breaking a law, probably able to be supported in international courts.

I know that Nationwide, for example, aren’t directly supplying the money when you use a debit card to take Turkish lira from an ATM in the north but they could be forced to issue a warning that anyone using cards to withdraw cash there will have their account closed! Hypothetical you think? With banks under all sorts of pressure, anything is possible in my opinion.

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