A company owned by in-laws of Cypriot President Nicos Anastasiades wired €21 million from Laiki Bank to London days before the Eurogroup’s crisis-triggering levy proposal, claims a Cypriot newspaper. The president demands an investigation.

During two days, 12 and 13 of March, the company A.Loutsios & Sons Ltd., co-owned by Loutsios John, the husband of Nikos Anastasiadis’ daughter, Elsa, took five promissory notes worth €21 million from Laiki Bank. The money was then transferred to London, reported Cypriot newspaper Haravgi, affiliated to the communist-rooted AKEL party.

The withdrawal was fulfilled just three days before the Eurogroup meeting when euro finance ministers agreed a 10 billion euro ($13 billion) bailout for Cyprus.

The company, however, has firmly denied the reports.

Responding to the allegations, President Anastasiades called the publication an “attempt to defame companies or people linked to my family”.

“[This] is nothing but an attempt to distract people from the liability of those who led the country to a state of bankruptcy,” Anastasiades said.

The president stressed that no one, including himself, will walk free from the on-going investigations looking into responsibility for the crisis that has engulfed the Cypriot economy.

Moreover, Anastasiades assured that when the investigative committee assembled on Tuesday, he would request that its members look into this particular case.
Cyprus? President-related company transfers ?21mn to London prior to bailout agreement ? report ? RT News

1. It's Russia Today, which has taken a very pro-Russia stance in the entire EU/Cyprus debacle.. so this could easily just be Russian propaganda

2. If it IS true, and proven to be directly tied to the "bail in" those involved should be prosecuted for something akin to insider trading.

3. This highlights the completely unhinged nature of the EU "bail in" scheme, but also seems to point to the fact that it wasn't a well known and long planned money grab, as some have claimed.

4. Is the UK going to become a "haven" for currency? Even more than it currently is..?


An interesting report.

Don't make too many assumptions until you go read the entire article.