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Mete
Warnings : 3
Deputy
Joined: 16 Aug 2005
Posts: 1150
Location: Boston
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When you post a link, can you at least let us know why you posted it and what you think about it? |
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pg
Deputy
Joined: 17 Jan 2006
Posts: 1485
Location: Cyprus
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It was more an update "for the completeness of the archive"...
In general I would expect anyone who lost 10 billion USD to go after them... In addition, I would not claim to do a better arbitration than what the official one will do.
Obviously the way Turkey behaves will influence the EU negotiation chapters on 'energy' and particularly 'investments', but apart from that I had not much comments. |
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repulsewarrior
Deputy
Joined: 06 Jan 2006
Posts: 1767
Location: Canada
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| thank-you pg, updates are important. |
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Mete
Warnings : 3
Deputy
Joined: 16 Aug 2005
Posts: 1150
Location: Boston
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| pg wrote: |
It was more an update "for the completeness of the archive"...
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Thanks. See we don't always have time to read the whole thread and when someone posts a link, a little explanation of the purpose of the link would go a long way. |
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turkcyp
Senior Villager
Joined: 10 Jan 2006
Posts: 423
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| pg wrote: |
It was more an update "for the completeness of the archive"...
In general I would expect anyone who lost 10 billion USD to go after them... In addition, I would not claim to do a better arbitration than what the official one will do.
Obviously the way Turkey behaves will influence the EU negotiation chapters on 'energy' and particularly 'investments', but apart from that I had not much comments. |
As I have said long time ago. Greek Cypriot company is purely taking and economic mater and turning into a political one to balckmail Turkey to pay them the money.
I believe when the case is discussed in the ICSID it will pfail on its economic merits. But at the end if Greek Cypriot side can relate this to energy chapter they think they can balckmail Turkey to pay up.
Good luck to them but it is a very long shot.
They should be going after the Uzan directly and ask to see where he had stashed the millions in which Swiss bank. But the aim is not just economical but political as well.
Motorolla had lost billions of dollars at Uzans and they could not got anything back either. You see whne you invest in foreign company the first thing you should do is to see if this company is a sound one or not. Greek Cypriot company had failed to do nuber one rule of international investing and now they are suffering for it.
And for those who lacks any economical or business knowledge. When a company goes bankrupt the first entity that gets paid is ghoverment. Then comes the debt holders and if anything left then comes the share holders.
This is exactly what happened in this case. Uzans banks went bankrupt leaving billions of money owed to goverment so goverment got paid first by confiscating its other assets who are financed by these banks, to pay for it.
Good luck to them though, I guess if I had lost 10 bil to a crook I would do everything to get something back. But may be next time when they invest overseas they look into what they are investing in better. |
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pg
Deputy
Joined: 17 Jan 2006
Posts: 1485
Location: Cyprus
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Do you honestly believe that Greek Cypriots would have invested 10 billion USD in Turkey?
Clearly the real owners are not Cypriots, but Turks, Arabs, American, British, Russian, or whatever - and they were using a Cypriot company for tax reasons.
Now, if these non Cypriot inverstors go after their 10,000,000,000 USD, do you think they do so for political reasons? |
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turkcyp
Senior Villager
Joined: 10 Jan 2006
Posts: 423
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| pg wrote: |
| Now, if these non Cypriot inverstors go after their 10,000,000,000 USD, do you think they do so for political reasons? |
No but I think you have understanding problems. I have siad they are making it political so that they can blackmail Turkey to pay back them the money. |
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pg
Deputy
Joined: 17 Jan 2006
Posts: 1485
Location: Cyprus
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| turkcyp wrote: |
| pg wrote: |
| Now, if these non Cypriot inverstors go after their 10,000,000,000 USD, do you think they do so for political reasons? |
No but I think you have understanding problems. I have siad they are making it political so that they can blackmail Turkey to pay back them the money. |
I do have these problems. Please explain how they can get their money back in any other way. |
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turkcyp
Senior Villager
Joined: 10 Jan 2006
Posts: 423
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| pg wrote: |
| turkcyp wrote: |
| pg wrote: |
| Now, if these non Cypriot inverstors go after their 10,000,000,000 USD, do you think they do so for political reasons? |
No but I think you have understanding problems. I have siad they are making it political so that they can blackmail Turkey to pay back them the money. |
I do have these problems. Please explain how they can get their money back in any other way. |
They can go to ICSID as they did, and wait for ICSID's decision. That is what any foreign invetstor of any foreign country would do if they have dispute.
But instead what they are doing is trying to use Turkey's EU accesion process as a blackmailing tool to get their money back.
For example this is what Spanish banks did when they have lost millions of dollars in Argentine currency devaluation. They did not go to Spanish goverment and ask Spanish goverment to use EU to blackmail Argentine to pay them back.
Actually as I have said it is not the investors fault. As I have said if it is me who last that much of money I probably would do the same thing. FOr example I am sure Spanish banks wnet to the Spainsh goverment in seach for help as well. (Which I am assuming tried to help them to a degree without reaching to a level of blackmail)
It is Republic of Cyprus goverments faults who is actually helping them. They should have been more principle like Spanish goverment do not mix private affairs of businesses with public affairs of goverments. |
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