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

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 The total amount withdrawn comes to US$916 million.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A Loutsios & Sons Ltd denied that it had withdrawn any money from its Cyprus bank account.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.

Financial journalist Clem Chambers believes other eurozone countries will follow the sad example of Cyprus.
“The system is not addressing the underlying problem of all of this, which is deficits - state deficits, trade deficits. Europe and America are bleeding to death and they are not doing anything about it,” he told RT.

“Unless they turn that round – and there is no sign they are going to – then the dominos must fall."

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