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The Hellenic supervising authorities have decided to permanently revoke the operating license of the insurance company “VDV LEBEN” on January, 5, 2011 (already suspended since last September). The company can no longer honor its commitments on the insurance contracts/financing tools it has concluded in house mortgages, health insurance and pension schemes.

On its 8792/November, 17, 2010 ruling, the Athens Court of First instance ordered a conservative seizure (injunction) on all assets of the bank up to the requested amount for one of our clients who purchased Lehman structured products through that bank.

Today in Bern, Federal Councillor Eveline Widmer-Schlumpf and the Greek Ambassador in Switzerland, John Mourikis, signed a revised double taxation agreement (DTA) in the area of taxes on income and capital. The DTA also contains provisions on the exchange of information which were negotiated in line with the parameters decided by the Federal Council and are in accordance with the OECD standard. The revised DTA will contribute to the further positive development of bilateral economic relations.

Compromise has been reached for an out of court settlement between our clients and Citibank, Greece concerning the Lehman products.