EU Investigates BoC Out-of-Court Settlements

The Cyprus House Ethics Committee heard last week that the European Single Supervisory Mechanism (SSM) has started investigating all out-of-court Settlement procedures made by the Bank of Cyprus with individuals who ever bought or owned convertible bonds in Cyprus.

Central bank representative told MPs the EU group had requested that they review potential risks from ongoing legal cases resulting from a recent commotion over the out-of-court settlement of two cases which occurred concerning relatives of President of the Supreme Court, Mr Myron Nikolatos.