Arab Today, arab today cypriot president happy to declare family assets in probe
Last Updated : GMT 21:55:33
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Politicians accused of protecting finances

Cypriot president happy to declare family assets in probe

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Arab Today, arab today Cypriot president happy to declare family assets in probe

Bank of Cyprus reportedly forgave millions of euros in loans over the last 5 years
Nicosia - Arabstoday

Bank of Cyprus reportedly forgave millions of euros in loans over the last 5 years The Cypriot president pledged on Monday that not even his own family will be immune from a commission of inquiry into allegations of wrongdoing in the runup to a crippling eurozone bailout .President Nicos Anastasiades was responding to allegations traded between the pro-government and opposition press that family members of leading politicians had taken advantage of privileged information to protect their assets from the swingeing hit on bank deposits imposed by international creditors last month.
Anastasiades said that the panel, which is to start its work on Tuesday, would have explicit terms of reference to exclude nobody from their investigations, even his own extended family.
\"I want to emphasise that during tomorrow\'s swearing in ceremony for the three distinguished judges, they be given a mandate to investigate everything that is possibly related to me, including those relatives linked to me by marriage,\" he said.
The massive losses suffered by savers in the island\'s two largest banks in the first eurozone rescue package to punish larger depositors has sparked huge resentment against anybody seen as having taken unfair advantage to shirk their share of the burden.
Big depositors in largest lender Bank of Cyprus face losses of up to 60 percent, while those in second lender Laiki will have to wait years to see any of their money as the bank is wound up with the loss of thousands of jobs.
Allegations have swirled of big movements of cash out of both banks in the runup to the bailout agreement as those in the know scrambled to protect their money.
The panel, which has three months to report its findings, will also probe a list published by Greek media of Cypriot politicians who allegedly had loans forgiven during the meltdown, Justice Minister Ionas Nicolaou said last week.
Bank of Cyprus, Laiki and third largest lender Hellenic Bank reportedly forgave millions of euros in loans over the past five years to lawmakers, companies and local authorities, newspapers in Greece have alleged.

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