Cyprus Mail
Cyprus

Cyprus collects €5m in legal expenses from Marfin win

The late Andreas Vgenopoulos, MIG founder and chairman

The Republic has collected the €5m recently awarded to it for legal expenses in a case it won against a Greek investment firm at the International Court of Arbitration, attorney-general Costas Clerides said on Thursday.

Clerides said the €5m has been received from Marfin Investment Group (MIG) and deposited into the Republic’s account.

Back in July, the arbitration court ruled that Cyprus had not violated any of its obligations stipulated in a mutual investment protection agreement with Greece, as claimed by the plaintiffs, MIG.

The case against Cyprus had been brought by the late former MIG founder and chairman Andreas Vgenopoulos and 19 other investors. The plaintiffs were also demanding €1.05b in compensation from Cyprus.

Having ruled in Cyprus’ favour, the court had also ordered the plaintiffs to pay the respondent (Republic of Cyprus) €5m for expenses.

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