Lawmaker requests latest information on progress of investigations into 2013 financial crisis in Cyprus

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Attalides noted that there has been a lack of progress in bringing justice to those responsible for the financial crisis that plagued Cyprus in 2013. Despite the release of the findings of the committee of inquiry in September of the same year, no significant strides have been made in holding individuals accountable for their actions.

During a closed-doors briefing in October 2017, the attorney-general at the time, Costas Clerides, along with a senior police officer, updated MPs on ongoing criminal investigations related to eight separate cases. These cases ranged from allegations of illegal payments and bribes in the Bank of Cyprus’ acquisition of a Russian lender to the deletion of data from bank computers and suspiciously favorable loans granted to politically exposed persons.

Moreover, investigations revealed concerning practices within the banking sector, including the distribution of hefty bonuses to Bank of Cyprus and Laiki Bank employees and the manipulation of markets through various international lenders. The misuse of Emergency Liquidity Assistance (ELA) provided to Laiki Bank and the unauthorized outflow of deposits during the banking crisis further highlight the potential misconduct that occurred during that period.

Attalides believes that discussing these cases in parliament is crucial to shed light on the current status of these investigations and to ensure that accountability is enforced for the economic catastrophe that befell Cyprus in 2013. The lack of convictions or updates on these cases underscores the need for transparency and a thorough examination of the circumstances surrounding the country’s financial crisis.

The motion submitted by Attalides calls on parliament to revisit the issue and explore the current state of the criminal probes into the 2013 financial meltdown. By bringing this matter to the forefront, she hopes to push for progress in holding those responsible accountable and seeking justice for the impact that the crisis had on the economy and the people of Cyprus.

In conclusion, the continued lack of convictions and updates on the cases related to the 2013 financial meltdown highlights the urgency of addressing these issues in parliament. By revisiting and discussing these matters, there is an opportunity to ensure that accountability is upheld and justice is served for the profound consequences of the crisis on Cyprus. Attalides’ motion serves as a catalyst for further investigation and action to bring closure to this dark chapter in the country’s economic history.