Charges Anastasiades' In-Law Moved $26.8M

As Cyprus’ government is under fire after reports that politicians and favored companies had loans written off while big bank depositors were having up to 80 percent of their money confiscated to trigger a 10 billion euros ($13 billion) bailout, the Communist-backed AKEL party has charged an in-law of President Nicos Anastasiades transferred 21 million euros ($26.8) million to London only a few days ahead of the deal being set.
AKEL’s house organ, the Haravgi newspaper said the money was moved by Loutsios & Sons, a company owned by an Anastasiades in-law but stopped short of charging inside information was given to prevent the company from losing most of its money.
The opposition party also said that a minister transferred 300,000 euros ($384,188) just before an initial deal that would have seen the seizure of 6.75 of deposits under 100,000 euros ($130,000) that were allegedly insured against loss, and 9.9 percent of those over that threshold.
After a furor, that was revised so that big depositors in three state banks will be nearly wiped out while those who moved their money before the so-called “haircut” have been saved and kept their fortunes intact. There were reports of other transfers ahead of the deal that was being widely bandied about but which Anastasiades said during his campaign ahead of the Feb. 25 election that he would oppose. He relented almost as soon as he took office.
AKEL demanded a burgeoning investigation into loans being written off for a favored few be expanded to include whether some people were tipped off to move their money before it was seized. The party had come under fire itself when the family of former President Demetris Christofias, a Communist, became rich during his tenure with little explanation how.
As is the case with Greeks and their government, many Cypriots have said they believe many politicians are corrupt and in office only to enrich themselves.