A controversial decision that drove the Bank of Cyprus Chairman Andreas Iliadis to resign and the securities and exchanges Commision of the island to open an investigation on a matter that has caused considerable damage to private individuals that entrusted their savings to that scheme that is known by its Greek acronym MAEK. The Cypriot parlement is also investigating the luck of information made available to public looking simply for a reliable place to place their savings and not to become investors.

Based on the available information we feel that the bank of Cyprus refusal to pay the 7% interest on the MAEK along with the current market value of those products below 40% of their startup “price” illegally and abusively turns plain savings into complex investment products. We have already opened up discussions with savings account holders from Greece, Cyprus and elsewhere in view of undertaking legal action for reversing this controversial decision on the MAEK that is hurting.