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Cypriot Bank Wins £5.5M As Judge Calls Out Dishonesty

Law360, London (May 29, 2019, 5:34 PM BST) -- A London judge has dismissed a claim brought by a developer seeking to compel Bank of Cyprus to write off his outstanding loans, concluding that the alleged written agreement on which the suit was based was not genuine or binding.

Property developer Phytos Stavrinides and two of his companies will need to pay Bank of Cyprus £5.5 million in overdue loan repayments, after Judge John Kimbell dismissed their claim at the High Court on Friday.

Judge Kimbell said in the ruling, which was published late Tuesday, that he had “no hesitation” concluding that a letter put forward by Stavrinides to allege...

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