Greek Property Case Hit HSBC as well

 

Property suits filed by Cypriot Greeks are also affecting "third parties". A particular case filed against the British bank HSBC on the grounds of using a building owned by a Greek Cypriot without consent is taking the dispute outside of the island. The plaintiff filed for damages.

The Financial Times included the story inside its Thursday June 2 edition, saying the HSBC was caught in the property battle in Cyprus. The bank building was abandoned by the Greek family in 1974 in Girne (Kyrenia) and owned by a Cypriot Turkish family after that date. Turkish Demirbank hired the building after that, and when HSBC bought Demirbank via Savings and Insurance Deposits Fund (TMSF), it started to use the said building. Failing to remain indifferent to the developments, the Greek family hired lawyer Ahilleas Dimitriadis to file a suit against HSBC. Dimitriadis who sued Turkey for one million euros in Titina Loizidu case now demands $62,000 for the Greek family and asks last three year's leasing fee for the building in addition to a leasing contract for future use of the property; however, HSBC branch in Istanbul refuses the family's demand. HSBC headquarters in London was also involved in the case and has not decided about the situation yet it is reported. Lawyer Dimitriadis reminded since South Cyprus was not a member of the European Union (EU) during the time that the building used by Demirbank and the family was not able to ask for damages from Turkey back then, it was meaningless to file the suit at that time: "But now the things have changed. Greek Cyprus became a member of EU and a British Bank is also involved in the case," he added.