Please note that on Wednesday 25.2.2015 the Athens Multi-Member Court of First Instance heard the first 2 cases brought by clients of ours who formerly owned CECS.
The hearing lasted around 4 ½ hours, which is a satisfactory amount of time to say the least since the court had the luxury of having sufficient time to listen to, ask questions and evaluate the witnesses who testified under oath. We believe that the discovery of documents, and the witness examination and cross-examination process in general by the court and both sides demonstrated that the case is well-founded and that the Bank of Cyprus’ assertions are both mala fides and contradictory. We are completely satisfied and expect judgment to be rendered in 3 to 6 months from now; we expect a favourable outcome and the long-awaited vindication of the first of our clients. Although formally speaking the judgment will not be binding on other courts, as we have already said it is of vital importance because it is the first time that the issues raised in our lawsuits have been examined by the courts.