Universal Life hits back at MFS

Referring to the legal action filed by MFS Holdings Public Company Ltd against Universal Life” dated 6/2/2007, Universal Life Insurance Public Company Ltd to announced that MFS is not registered shareholder in the company’s registry and it has not ensured the necessary approvals from the relevant authorities in order to become a shareholder of the company and therefore Universal Life cannot understand how its actions can cause damage to the interests of MFS.
It is noted that Marketrends Finance Ltd, subsidiary of MFS, is Universal Bank Public Ltd debtor for the amount of CYP3,7 mln. Universal Bank Public Ltd has filed on March 2005 legal action (No 2357/05) against Marketrends Finance Ltd and also against its guarantors. Amongst them is the holding company MFS (former Marketrends Financial Services Ltd) as well as its Director and First Executive Board Member Lambros Christofi.
Regarding the legal action of MFS against Universal Life, the company has instructed its legal advisers to take all necessary steps.