A decision announced by the Cyprus Supreme Court last week has paved the way for thousands of investors who lost money in the 1999-2001 stock market debacle to claim it back.
Ruling on Wednesday, the Supreme Court rejected an appeal brought by Investylia against Livadhiotis Bros Investments.
The dispute between the two firms began in 2000, when Livadhiotis paid £12,020 for Investylia shares. However, the rejection of the firm's listing application that year meant that Livadhiotis was left with non-tradable shares.
A district court ordered the return of the cash to the investment firm, a verdict which was then - unsuccessfully, as it emerged last week - appealed by Investylia before the Supreme Court.
Reports in the national media following the decision have suggested that it is likely to prompt many of the around 25,000 investors affected by the share bubble to bring lawsuits against the companies which caused them to lose money.
A comprehensive report in our Intelligence Report series examining offshore investment, offshore stock exchanges, and hedge funds is available in the Lowtax Library at http://www.lowtaxlibrary.com/asp/subs_reports.asp and a description of the report can be seen at http://www.lowtaxlibrary.com/asp/description_report9.asp
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