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article imageCyprus: Politicians took €26m abroad just days before haircut

By Katerina Nikolas     Apr 1, 2013 in World
The haircut which took depositors in Cyprus banks by surprise was apparently no surprise to top politicos. Politicians and their relatives transferred over €26 million abroad just days before ordinary savers were looted.
Newsit (Greek publication) has published documents showing the transfers of funds out of Cypriot banks just before the March 15 Eurogroup meeting. Due to Greek data protection laws the names of account holders were blacked out but the accounts of politicians and top state officials were identified by the letter L.
According to CypLive the Cypriot Communist party (AKEL) made accusations in Sunday's Haravgi that the in-laws of President Nikos Anastasiadis involved in the company Loutsios & Sons Ltd., transferred millions of euros abroad from the Laiki bank on March 12 and 13.
Anastasiadis has issued a statement refuting the allegations. To Vima carried a statement by the Loutsios company involved documenting the purpose of transferred funds, in defence of the company and Anastasiadis' relatives Katia and Andy Pike. The statement notes that whilst the sum of €10,500,000 was transferred from Cyprus for legitimate business purposes, the sum of €15,000,000 remains in troubled banks and is subject to loss.
The statement raises the question of why, if one supposedly had "privileged information," the whole amount was not transferred abroad.
More about Cyprus, Cyprus haircut, Cypriot politicians, Nikos Anastasiadis, Laiki Bank