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A Russian depositor has filed suit for the seizure of all assets in Russia belonging to Laiki Bank of Cyprus, including its controlling stake in Russia’s Rosprombank, which may now hamper a Cypriot plan to sell off the shares.

Presnensky Court in Moscow has received a lawsuit from ‘Y. G. Borisov’ against Laiki Bank – which operates in Russia under the Cyprus Popular Bank brand – and Rosprombank, in which Cyprus owns a 50.4 percent stake.  

Borisov has demanded the repayment of money that was seized from his account with the Cypriot bank; the exact sum was not disclosed. Laiki Bank’s shares in Rosprombank’s parent company RBP-Holding have been seized, along with all of Laiki Bank’s financial assets n Rosprombank, in order to secure the claim.

At the end of March, Cypriot authorities announced that Laiki Bank – the country’s second-largest – would be restructured and closed in as part of a €10-billion bailout deal with the European Union.

According to the deal, Laiki Bank account holders will see an undetermined amount of their deposits over €100,000 converted into bank shares; whether those sums will be returned depends on the results of a sale of the bank’s assets.

Laiki Bank’s share of Rosprombank must also be sold, and Cyprus is currently in talks with Mikhail Nikolaev, the owner of the remaining RBP-Holding stock. However, the asset seizure now puts the transaction in question.

The seizure of the Cypriot bank’s assets will remain in place until it is canceled by a higher judicial authority.

“We’re talking about a share of a foreign bank in the Russian bank, and if it’ll be levied there may be a conflict of jurisdictions, and nobody knows how it’s going to be settled,” Vladimir Pletnev, a partner at Justina law firm, told Vedomosti newspaper.  

Pletnev also hinted that more suits against Cypriot banks will follow, the majority of which will be filed by individuals. It will ultimately be impossible to satisfy all of the depositors’ demands, so those who go to court first will get the “biggest piece of the pie,” he explained.

Borisov is not the first Russian to sue a Cypriot bank: Earlier, the Algebra firm from Novosibirsk launched legal action against the Bank of Cyprus, demanding a refund of 380 million rubles (about $12.3 million).

The EU bailout deal calls for a levy of up to 60 percent on deposits over €100,000 in the Bank of Cyprus, which holds 80 percent of shares in Russia’s Uniastrum Bank.

Russian citizens and multinational corporations have suffered the most from the financial crisis in Cyprus, as they have notoriously used the Mediterranean island as a tax haven over the last decade.

one more argument why to buy bitcoin !

I hope the Russian courts stick it to the banksters!!

Shit like this is why people will keep buying bitcoins.

Also why the folks who think bitcoin is going down to single digits for the next 3 years are completely full of crap and need to pay a little more attention to what's going on in the world around them.

"OMG, bitcoin's going up too fast, it's becuase of those damn greedy speculators"

... No, it's because LOTS of people WANT bitcoins, because they don't want their FIAT seized from banks in the coming economic shitstorm.

Antibanker is first poster I ever put on ignore. Reason: never properly cites his source.

No, they'll stick it to the depositors who get less value for the their shares which were issued as compensation for the account haircut.

The banksters get to keep all their bonuses, assets and freedom, and early withdrawals they did in advance of the bankruptcy.

The original link:
http://rt.com/business/laiki-cyprus-banks-arrest-765/

I can't even begin to tell you all how happy I am that the concept of "levies" is self-destructing the global banking system.

It's as though the global economy is a giant, complex computer.  And some smart guy came along and said, "hey, let's divide by zero."  Nothing bad seemed to happen because of this, so everyone thought it would work out well and they're all like "whenever we have a problem, we just divide by zero!1one!"

And then years later the entire system just comes crashing down.

Couldn't be happening to a nicer banking system.

Thanks for the new users Cyprus!

One more reason to use BTC :)