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Next The state will pay to Aiantas € 9,001,595 • BUSINESS • The state will pay to Aiantas € 9,001,595
& nbsp & nbspInsider & nbsp; & nbsp;
The state sued for coercion to invest in the CSE and now the investment company Aiantas will get back at least € 9,001,595 by decision of the Nicosia District Court.
Specifically, the District Court of Nicosia awarded to the investment company Aiantas Investment Public LTD compensations in the amount of € 9,001,595 plus legal interest from 04/03/2009 for damage it has suffered due to the violation of constitutional right which is guaranteed by A. 25.1 of the Constitution. This article guarantees the right of everyone to practice any profession or to engage in any trade or gainful employment.
In its Lawsuit against the Republic of Cyprus, the investment company claimed damages for violation of the above right as result of the enactment of the Cyprus Securities and Exchange (amending) Law of 2000. With this Law, investment companies were forced to invest 80% of their Capital in the CSE regardless of what is dictated by their knowledge and experience. The above law has been declared unconstitutional by a decision of the full Plenary Session of the Supreme Court.
