The National Solidarity Fund Management Committee is out of compensation.
The Acts and omissions of the National Solidarity Fund (EDA) Committee (ED) is denounced by the Association of Old Bank of Cyprus shareholders.
In his memorandum to the Parliamentary Committee of Finance, the President of the Association Stelios Nicholson argues that the EDF legislation explicitly notes that “the purpose of the Fund is to help replenish losses suffered by persons who have been in the essentials of the fund. Law markets ».
Clearly, he adds, these persons include old, tired shareholders of the Bank of Cyprus.
At the same time, it also states that the legislation also expressly notes that the Management Committee also includes “three people who have the required guarantees and honesty and which are jointly proposed by the affected links of depositors, holders Law, and are defined by the Council of Ministers. “
According to Mr Nicholson, a member of the Board of Directors of the Association has been approved and is equal to the representatives of the other two links in the ED.
“From the above it is clear that the legislator considers that among the legal beneficiaries of the Fund are old shareholders of the Bank of Cyprus,” he said.
For this reason, he informs when the Ministry of Finance’s platform was opened to apply for all beneficiaries except for the old shareholders, by letter from the Association dated January 16, 2024 to the then DG of the Ministry of Finance and the President of the Fund demanded clarification.
“In a reply letter dated March 7, 2024 we were stated that” to avoid technical problems such as the collapse of the platform due to the large number of potential applicants for old shareholders of the Bank of Cyprus not to collect shareholder data, “he notes.
Since then, it has complained, nothing has been done in this direction, nor has the platform for submitting new applications has been opened even though the lawyers Mr. Chrysostomidis with their letters dated 24/04/24, 23/05/24 and 18/12/24 have invited the ED as they deal with the ECA as they face their lawyers as a lawyer. other beneficiaries.
“The omitted ED to respond to the above letters is unjustified and reprehensible. In addition, any decision of the EDF to disburse the Fund by ignoring the old shareholders of the Bank of Cyprus is equivalent to us by ignoring the legislation of the Cypriot Parliament and is therefore opposed to law. “
It is noted that recently the President of the Republic and the Minister of Finance have announced that soon the EDF will disburse € 180 million (from the € 260 million in its assets) without taking into account the old shareholders of the Bank of Cyprus.
“From the Commission we ask you to ensure that the Old Shares of the Bank of Cyprus will be within the beneficiaries of the EDD.”
It is noted that the Finance Committee will discuss on Monday the developments in the activation of the National Solidarity Fund, including the handling of old shareholders.