Cyprus Mail (Cyprus)

Ruling in CNP vs BoC ,E1/4240m Case Expected in Q4

The London Court of International Arbitration is expected to issue its ruling in the case of French insurance giant CNP Assurances and its Cyprus unit CNP Cyprialife, which seek a total of e1/4240m in compensation from Bank of Cyprus in the fourth quarter of the year, a source said.

"The hearing of the case, which was initially scheduled for May this year, was postponed to June," the source familiar with the matter said on condition of anonymity. "Since the court will need about three months to issue its ruling, we expect it to do so towards the end of the year".

CNP Assurances, which in 2008 acquired a 50.1 per cent stake in Cyprialife from Cyprus Popular Bank, widely known as Laiki (or officially, at the time of the transaction, Marfin Popular Bank), for a total of e1/4145m plus another e1/420m earn-out linked to business objectives. …

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