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Cyprus Internet Directory [ Angry investors disrupt Popular shareholders’ meet ]

Angry investors disrupt Popular shareholders’ meet

A MEETING of Popular Bank shareholders was disrupted yesterday as bondholders who claim they’ve been cheated, could not restrain their anger and rage. 

The meeting was abruptly ended by head of the board Andreas Philippou after bondholders became overly vociferous shouting” thieves, thieves’ and “get out, get out”.

Police were forced to intervene when some of the angry bondholders moved threateningly towards members of the board, forcing Philippou to call a premature end to the meeting

The bondholders said they recognised however that it was not the bank’s current board which was to blame for allegedly deceiving them when they invested.

In his attempts to keep the peace, Philippou attempted to give assurances to the bondholders’ persistent questioning, revealing that the board of the Popular Bank was in constant touch with the Central Bank and Finance Ministry to resolve the matter.

“Any solution must be approved by the EU and troika because the bank is currently being supported by the state,” Philippou repeated several times.

“For the best possible solution we must wait until a bailout agreement is signed,” he added.

Most of the Popular Bank’s bonds are non-convertible.

Many bondholders revealed names of bank managers who had urged them to convert their money to bonds.

A number of investors approach Popular chief Andreas Philippou during the meeting (Christos Theodorides)

(Source: Cyprus Mail)
Copyright © Cyprus Mail 2008 Please contact Cyprus Mail for the copyright terms of this article.

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