The most of circulating assets on our business Current Account are blocked.
Over 700k of expropriated money will be used to repay country's debt. Probably we will get back about 20% of this amount in 6-7 years.
I'm not Russian oligarch, but just European medium size IT business. Thousands of other companies around Cyprus have the same situation.
The business is definitely ruined, all Cypriot workers to be fired.
We are moving to small Caribbean country where authorities have more respect to people's assets. Also we are thinking about using Bitcoin to pay wages and for payments between our partners.
Special thanks to:
- Jeroen Dijsselbloem
- Angela Merkel
- Manuel Barroso
- the rest of officials of "European Comission"
P.S. The worst thing is, that even a month ago I was suspecting that things can go wrong. In February, I several times called my banker and lawyer and asked them if money on the account is safe, mentioning that article in Financial Times
. But they convinced me that there is no reason to worry, and even if country goes default, in no way current accounts may be affected. "This is European Union and banks here can't just grab your money and go" I was told.
I got a hard lesson and now I know the meaning of phrase "TRUST NO ONE".
[ 2013-04-01 11:32:19 PM Update
Deposits under €100,000 in Laiki will be transferred to the BoC. All deposits belonging to credit institutions, insurance companies, the government and other public bodies such as local authorities and municipal councils will also be carried over to the BoC. The same applies for charity foundations, schools and educational bodies and deposits belonging to the country’s main bank card transaction agency, JCC Payment Systems Ltd. Depositors who move from Laiki to the BoC are not part of the haircut.
The deposits that will not be transferred to the BoC will be part of a bad bank that will undergo resolution, i.e. an orderly wind down. Although the money will be there nominally, depositors will not have access to their money for an indefinite amount of time. As the bad bank slowly starts tidying up its account books cash would start going into the accounts, but the depositors could lose a substantial part of their savings if the bad bank fails to fully recoup all of its bad assets, as expected by analysts.
Now we have untouchables whose accounts in Laiki Bank are not affected. This means that money expropriated from regular business, current and savings accounts will sponsor all other "tax exempt" accounts.
[ 2013-04-02 05:32:24 PM Update
]I have news from a law company who are now working on class action lawsuit filed by the depositors of Laiki Popular Bank and The Bank of Cyprus.
At this moment they are gathering information from affected account holders with over 100k EUR amounts and looking for legal grounds to appeal the seizure of funds.
Our attorney assumes that, with the current situation, it is most likely that the depositors of Laiki Bank will eventually lose 100% of any amount over 100K EUR.
Although legal research is not yet finished, lawyers suspect that the whole situation with bailout is contrary to the constitution of Cyprus and the European Declaration of Human Rights.
We have already had precedents where local Cypriot lawyers backed by influential business figures have already won some small victories.
I'm asking everyone, who has affected account in Laiki Bank or The Bank Of Cyprus, to contact me regarding participation in the class action by sending me private message.
[ 2013-04-04 07:37:24 AM Update
]Central Bank could face slew of lawsuits from depositors
LARGE depositors in Laiki Bank who face losing most if not all their money have warned they will take the Central Bank’s top brass to court if even one cent is taken out of their accounts.
The threat of legal action raises the spectre of the bailout programme unravelling in the courts, and slapping the state with massive sums in penalties.
A lawyer representing a number of large depositors sent a letter to Central Bank Governor Panicos Demetriades last Thursday warning that if a haircut of any size was imposed on their deposits held at Laiki Bank, depositors will file a private criminal case against the governor, board members, and certain CB officials for allegedly committing “a number of criminal acts and omissions”.
[ 2013-04-10 06:41:50 AM Update
Today I've sold another part of my bitcoins and now I have money enough to completely pay off all our debts to customers and contractors.
Thanks to Lady Luck and Satoshi Nakamoto for the resurrection of my business!
I'm so inspired with bitcoin that I'm thinking about launching serious bitcoin related business project. Will announce it soon.
[ 2013-05-30 09:22:23 PM Update
]The stealing of my money is now finalized.
Yesterday I looked at my Laiki account and found that frozen amount is not more shown on my balance.
100% of frozen funds is now appears as outgoing transaction to nobody with comment "DECREE".
Also there are some news from lawyers.
The Supreme Court has not announced its decision yet. It examines preliminary objections raised by the Attorney on a basis that the Law and the Order are political acts of the state (like decision to start war) and therefore cannot be examined or controlled by the Supreme Court and that the matter in issue should be considered as a private and not a public law matter.
Also, there is recent translation of the "Capital Controls imposing DECREE
[ 2013-07-10 10:49:23 PM Update
"Blocked Funds" amount has finally disappeared from our Laiki account. Bank told me it's "waived" (their interpretation of word "stolen"). We won't receive any bank shares as compensation for confiscated amount since the bank is liquidated.
The rest of the money (100k EUR) are still subject to Capital Control and we can only transfer 5K monthly.
Today I had a conversation with a manager from Laiki Bank.
He has been honest and confirmed that we may forget about anything over 100K as it's already spent to pay country's debts. Also, I was warned that the financial situation in the country is getting worse and worse
and we should be ready to lose even part of insured (under 100K) money during this year (this is why they keep capital control enforced).
By the way, this style of "bank restructuring" is going to be adopted in the whole European Union. Soon, everyone's uninsured money (over 100K EUR) in EU banks will be at risk of seizure./the material in this post can be used on any resources without any restrictions/