132 companies ( All Listed ) reportedly had inside knowledge of Cyprus’ impending levy tax as they withdrew deposits worth US$916 million

Cyprus bailout inside info? 132 companies pull out over $900mn in deposits

Published time: April 02, 2013 12:20

One hundred and thirty-two companies reportedly had inside knowledge of Cyprus’ impending levy tax as they withdrew deposits worth US$916 million in the run-up to the bailout deal.

The companies withdrew their savings in the two week period (between March 1 to March 15) leading up to the rescue deal that enforced heavy losses on wealthy depositors in Cypriot banks, according to Greek newspaper Proto Thema.

Shortly after this the EU ministers and the IMF hammered out a 10-billion-euro (US$13 billion) bailout agreement with Cyprus, which included a one-time tax on deposits held in Cypriot banks.

In the meantime all banks in Cyprus temporarily froze the amounts required to pay the tax on their clients’ deposits and stopped all transactions while the government negotiated the details of the agreement.

The companies on the list withdrew their deposits in euro, USD, GBP and Russian rubles and later transferred to banks outside of Cyprus. The total amount withdrawn comes to US$916 million.

The list consists of shipping and energy companies, legal practices and state-run companies, Der Spiegel reported. The published list was not yet verified.

It includes A Loutsios & Sons Ltd, reportedly co-owned by John Loutsios, the husband of Nikos Anastasiadis’ daughter Elsa. The company said to have transferred 21 million euro (US$27 million) from Laiki Bank in the week running up to the bailout. The money was then deposited in a London bank, Haravgi newspaper reported.

A Loutsios & Sons Ltd denied that it had withdrawn any money from its Cyprus bank account.

Anastasiades also denied the charges and called the reports an “attempt to defame companies or people linked to my family … [This] is nothing but an attempt to distract people from the liability of those who led the country to a state of bankruptcy.”

Earlier Haravgi newspaper reported that Cypriot Finance Minister Michalis Sarris has confirmed that the government knew in advance that the Eurogroup planned to impose a tax on bank deposits of more than 100,000 euro.

The list raises suspicion that certain companies had inside knowledge of the decision adopted by the eurozone’s 16 countries to finance Cyprus’ deficit.

Just last week the troika of international lenders along with Cyprus agreed on a 10 billion euro ($13 billion) bailout plan, according to which the depositors with more than 100,000 euro ($128,000) in the Bank of Cyprus would lose 37.5 per cent of their savings in exchange for bank shares.

These big depositors may further lose up to 22.5 per cent more if the experts consider bank’s balance insufficient.

This means that those with big deposits in Cyprus’ largest bank could lose could lose up to 60 per cent of their savings in the harsh new EU and IMF bailout deal. Those with deposits less than 100,000 euro will be protected under the Cyprus deposit guarantee.

Below is the list, provided by the Greek newspaper Proto Thema, of the 132 companies that allegedly made substantial withdrawals prior to the levy’s announcement.

Name of Company  Amount Withdrawn Account Balance Currency
LIBRAFELD LTD 6 114 128,63 8 000 948,73 USD
NERTERA INCESTMENTS LTD 6 093 366,98 8 000 590,84 USD
TREADLINE SERVICES LTD 6 015 521,39 242 817 962,55 RUB
TREADLINE SERVICES LTD 6 003 540,50 242 817 998,37 RUB
FIONA TRUST AND HOLDING CORPORATION 6 000 153,66 0,00 EUR
PM LUCAS ENTERPRISES LIMITED 5 793 315,00 0,00 EUR
DTEK HOLDINGS LIMITED 5 041 326,58 6 600 104,74 USD
L.G.O. LUXURY GOODS ONLINE LIMITED 5 000 755,00 0,00 EUR
SYMOUR ENTERPRISES LIMITED 4 705 831,93 6 193 345,41 USD
JUBILANT OIL & GAS INDIA LIMITED 4 583 401,42 6 000 589,14 USD
SPDI SECURE PROPERTY DEVELOPMENT & LIVES 4 578 655,18 6 000 327,62 USD
HELLENIC PETROLEUM CYPRUS LIMITED 4 553 101,32 0,00 EUR
HELLENIC PETROLEUM CYPRUS LIMITED 4 553 081,32 0,00 EUR
LOGISTIC SOLUTION INTERNATIONAL LTD 4 444 482,99 5 816 050,44 USD
AUBURN INVESTMENTS LIMITED 4 365 890,14 5 700 979,34 USD
FOLLBERG INVESTMENTS LTD 4 185 370,90 5 495 391,98 USD
LOGISTIC SOLUTION INTERNATIONAL LTD 4 072 661,10 5 300 975,20 USD
GR SARANTIS CYPRUS LIMITED 4 025 850,00 0,00 EUR
KAZAKHSTAN KAGAZY PLC 3 968 401,16 5 200 589,72 USD
HIGHSTAT LIMITED 3 947 587,65 160 002 043,60 RUB
GONCEMI ENTERPRISES LIMITED 3 922 895,77 5 140 170,33 USD
IRY MANAGEMENT LTD 3 829 520,30 5 000 587,60 USD
LINKWAY SERVICED LTD 3 826 511,55 5 000 102,66 USD
MILES GROUP LTD 3 826 502,99 5 000 091,46 USD
T.R. KRAMER OVERSEAS LIMITED 3 820 968,12 5 000 118,88 USD
ODAY FINANCIAL LTD 3 676 657,48 4 800 979,34 USD
DTEK TRADING LIMITED 3 625 251,51 4 744 004,12 USD
LILITH RESOURCES LIMITED 3 585 327,43 4 684 947,35 USD
DTEK TRADING LIMITED 3 570 148,22 4 646 904,92 USD
LINKWAY SERVICES LTD 3 438 868,02 4 500 102,71 USD
STEELWAY ALLIANCE LIMITED 3 434 608,01 4 500 366,87 USD
CPB CLIENTS A/C – SUBSCRIPTION (USD) 3 287 286,90 4 300 100,00 USD
KAYIA TRADE AND INVEST.LIMITED 3 284 708,51 4 300 340,38 USD
JOYTAS CORPORATION 3 132 166,01 126 980 202,81 RUB
SEPPEST HOLDINGS LIMITED 3 043 238,31 3 988 163,81 USD
VERETTY GROUP INC. 3 024 686,93 122 429 345,60 RUB
TAMOIL LUBRICANTS INTERNATIONAL LTD 3 000 275,00 0,00 EUR
LOUTSIOS ANTIS &/OR KATIA 3 000 215,00 0,00 EUR
OCEAN JOY SHIPPING LTD. 2 975 291,17 3 895 251,20 USD
SOLENTA ENTERPRISES CORP. 2 969 271,64 3 885 588,86 USD
ALCEDO ENTERPRISES LIMITED 2 960 703,34 120 002 043,60 RUB
CPB CLIENTS A/C – SUBSCRIPTION (USD) 2 905 053,13 3 800 100,00 USD
TOTTENWELL LIMITED 2 829 920,52 3 670 982,71 USD
EXXONMOBIL CYPRUS LTD 2 652 798,86 0,00 EUR
EAST STAR SERVICES LTD 2 609 558,09 3 430 786,01 USD
DINGRAS LIMITED 2 594 529,99 105 018 012,12 RUB
EMPERUS LTD 2 580 425,00 0,00 EUR
SATARONT INVESTMENTS LTD 2 522 529,00 3 300 981,44 USD
L.C. NUTRITION HOLDING LIMITED 2 500 475,00 0,00 EUR
HARVEYSON INVESTMENTS LIMITED 2 470 298,66 99 987 010,21 RUB
HARVEYSON INVESTMENTS LIMITED 2 466 608,63 99 998 040,60 RUB
SOKTRIN TRADING LTD 2 453 453,20 3 210 588,86 USD
BRADINGTON CAPITAL LIMITED 2 385 050,00 0,00 EUR
DAISEY ESTATED LIMITED 2 300 737,56 3 004 303,10 USD
AWS AFFILIATE WORLD SYSTEMS INTERNATIONAL 2 279 952,27 2 000 658,11 GBP
ALCEDO ENTERPRISES LIMITED 2 220 540,11 90 002 043,60 RUB
UNIGLOW LIMITED 2 219 544,23 2 900 278,44 USD
ENERSYS INVESTMENT LIMITED 2 217 161,17 2 905 589,72 USD
CPB CLIENTS A/C-SUBSCRIPTION (EUR) 2 200 075,00 0,00 EUR
KORALE MARINE LTD 2 100 355,00 0,00 EUR
GIACOMODEX FINANCE LTD 2 070 416,39 2 710 589,14 USD
JCC PAYMENT SYSTEMS LTD 2 014 663,00 0,00 EUR
AKIMOV ANDREI 2 000 795,00 0,00 EUR
JARLATH LIMITED 29 951 247,90 39 110 339,49 USD
REETMIST LIMITED 26 637 255,65 35 020 000,00 USD
OCTALA SERVICES LTD 26 114 399,32 34 100 182,62 USD
ATED INVESTMENT LIMITED 24 477 213,65 988 030 072,14 RUB
ATED INVESTMENT LIMITED 24 452 439,89 987 030 072,14 RUB
ELECTRICITY AUTHORITY OF CYPRUS 19 315 527,76 0,00 EUR
WICASA S.A. 15 270 823,19 20 050 590,84 USD
COSTAMAR HOLDING LIMITED 15 011 136,14 19 601 541,56 USD
ONEWORLD LTD – 2ND CLIENTS A/C 12 500 775,00 0,00 EUR
CPB CLIENTS A/C SUBSCRIPTION (USD) 11 827 623,04 15 500 100,00 USD
SYMOUR ENTERPRISES LIMITED 10 737 463,12 14 020 979,34 USD
GRAMMER INVESTMENTS LTD 10 662 864,72 14 000 341,37 USD
ALBROOK INTERNATIONAL LIMITED 10 525 057,41 13 790 982,71 USD
A.LOUTSIOS & SONS LTD 10 500 262,50 0,00 EUR
JCC PAYMENT SYSTEMS LTD 10 288 186,43 0,00 EUR
COSTAMAR HOLDING LIMITED 10 193 923,97 13 311 225,91 USD
LILITH RESOURCES LIMITED 10 091 721,63 13 200 981,07 USD
TIRUSFIELD ENTERPRISES LIMITED 9 654 607,64 12 650 432,38 USD
SCM REALTY LIMITED 9 649 337,16 12 600 104,45 USD
TREADLINE SERVICES LTD 9 240 725,00 0,00 EUR
SYMOUR ENTERPRISES LIMITED 8 299 538,90 10 923 023,15 USD
SEPPEST HOLDINGS LIMITED 7 986 430,79 10 499 760,56 USD
YAFFLES CONSULTING INC. 7 682 810,99 10 100 591,60 USD
GOLDFIELD TRADERS LIMITED 7 645 624,95 10 001 241,99 USD
MALLINO DEVELOPMENT GROUP LTD 7 616 596,23 10 000 590,84 USD
TELCREST INVESTMENTS LIMITED 7 249 440,09 9 500 391,24 USD
BEARSTEAD LIMITED 6 915 016,68 9 000 585,72 USD
DTEK HOLDINGS LIMITED 6 602 307,99 0,00 EUR
BELROL LTD 6 578 247,54 265 990 123,92 RUB
LEGACY INVESTMENT HOLDINGS LTD 6 509 869,51 8 500 587,60 USD
OCTALA SERVICES LTD 6 509 559,38 8 500 182,62 USD
CPB CLIENTS A/C-SUBSCRIPTION (EUR) 6 320 077,00 0,00 EUR
LOUTSION ANTIS &/OR KATIA 2 000 215,00 0,00 EUR
CY.T.A. (7 DAYS NOT A/C) 2 000 008,50 0,00 EUR
XERFON DEVELOPMENTS LIMITED 1 995 470,00 0,00 EUR
STEELWAY ALLIANCE LIMITED 1 965 455,16 2 558 236,44 USD
C.M.O. CONTRACTORS LIMITED 1 940 475,00 0,00 EUR
ERILICO LIMITED 1 932 591,50 2 525 317,31 USD
JCC PAYMENT SYSTEMS LTD 1 925 054,25 0,00 EUR
STEELHOLD LIMITED 1 921 011,51 2 500 388,58 USD
RELIANTCO INVESTMENTS LTD – CLIENTS A/C 1 915 260,15 2 500 946,70 USD
STEELHOLD LIMITED 1 914 833,70 2 500 389,83 USD
RANDALE ENTERPRISES LIMITED. 1 912 234,16 2 505 982,87 USD
STEELHOLD LIMITED 1 910 737,18 2 500 390,67 USD
REGUL GROUP LTD 1 861 428,27 2 436 981,90 USD
PAILLE TRADING LTD 1 846 233,72 2 415 981,44 USD
MCS MARITIME CREW AND EQUIPMENT LIMITED 1 845 585,00 0,00 EUR
MACKEREL HOLDINGS LTD 1 800 795,00 0,00 EUR
JCC PAYMENT SYSTEMS LTD 1 791 172,24 0,00 EUR
JCC PAYMENT SYSTEMS LTD 1 788 136,57 0,00 EUR
DTEK HOLDINGS LIMITED 1 776 511,61 0,00 EUR
JCC PAYMENT SYSTEMS LTD 1 755 586,68 0,00 EUR
NEW LEAINA INVESTMENTS LIMITED 1 755 180,32 2 300 163,81 USD
LEFERALO LIMITED 1 753 840,78 2 282 790,16 USD
JCC PAYMENT SYSTEMS LTD 1 731 341,30 0,00 EUR
DTEK TRADING LIMITED 1 722 224,60 2 250 430,88 USD
SIBANTHRACITE PLC 1 721 956,84 2 250 081,00 USD
JCC PAYMENT SYSTEMS LTD 1 719 628,98 0,00 EUR
JCC PAYMENT SYSTEMS LTD 1 700 001,50 0,00 EUR
JCC PAYMENT SYSTEMS LTD 1 673 609,24 0,00 EUR
SCORELINE TRADING LIMITED 1 670 289,41 2 186 742,90 USD
STEWART INTERNATIONAL LTD 1 651 054,30 2 155 946,70 USD
TIRONA LIMITED 1 641 595,60 2 150 982,71 USD
DTED TRADING LIMITED 1 635 202,01 2 139 825,35 USD
LEFERALO LIMITED 1 626 814,04 2 117 461,16 USD

http://rt.com/news/cyprus-companies-withdraw-money-218/