Letters of the Securities Association to parties and candidates for Presidents

The Association of Securities Holders is asking for support from the parliamentary parties and the candidates for President of the Republic so that the securities issued by the banks of Cyprus and Laiki are not converted into shares.

The Association today sent letters to the leaders of the parliamentary parties and the candidates for President of the Republic, informing them about the course of the consultations regarding the issue of converting securities into shares or not.

It refers in particular to the meeting of the Association with representatives of the Troika on November 9, in the presence of representatives of the Central Bank and the Ministry of Finance who did not support the association because they attended the meeting as observers.

The Association also refers to the meeting with all the Authorities involved and the delegation of the two commercial banks (Kyprou and Laiki), during which "the two banks submitted some controversial and unacceptable proposals", as reported.

In its letter, the Association asks for the support and dynamic involvement of the parties and the candidates for Presidents in case the association chooses the out-of-court settlement of the whole issue.

According to the letter, while the Troika insists on the conversion of all securities into shares (both convertible and non-convertible), it told the Association that it respects the decisions of the Courts.

"We invite you to join us and to state publicly and boldly that you are strongly opposed to the securities shareholding. Please note that the two banks could, if they wished, convert the convertible securities into shares, from last summer. But they did not do so, fearing the outcry of the securities holders. "Did they expect the Troika to force them, as young Pontic Pilate, to wash their hands?" The letter reads.

In conclusion, the Association makes it clear "that for us the securities are illegal and invalid, and if we are not satisfied we will withdraw all the concessions we have made so far and will claim here and now the return of our money through the court process".

Source: SigmaLive.com