MIG seeks arbitration for €824 mln lost in Laiki Cyprus

The Marfin Investment Group, headed by former Popular Laiki boss Andreas Vgenopoulos, plans to turn to the international court of arbitration in order to recover 824 mln euros lost from the winding down of Laiki Bank as part of the Cyprus bailout plan.
MIG's investment in Laiki had already been diluted when the bank was nationalised in mid-2012 after its capital base was hit by a writedown in Greek government debt, to which it was heavily exposed.
Athens-based MIG said that it would submit a request for arbitration against the Republic of Cyprus, with another 20 legal entities and individuals joining the action, seeking an additional 229 mln euros.