BANK OF CYPRUS, CYPRUS DEVELOPMENT BANK, GLOBAL CAPITAL INVESTMENTS
Today we will start our analysis and commentary regarding CLR Investment Fund Limited (CLL), as promised in our previous article.
This company was listed on the Cyprus Stock Exchange in 2000, having managed to raise over €200 million (=£150 million) from tens of thousands of investors during that period.
The well-known investment company CLR, which created and managed this investment company, managed to lose tens of millions of euros from wrong investments until 2011.
Below we present you the company’s balance sheet for the first half of 2011, where the company’s equity amounted to just €27 million.
As if all this was not enough, the company’s assets were exploited first by the Bank of Cyprus, which was the main shareholder, then by the Cyprus Development Bank (CDB), which bought from the Bank of Cyprus, and now by GLOBAL CAPITAL SECURITIES, which, it seems, was and still is linked to the Development Bank.
A leading role in this ‘bleeding’ of tens of millions of euros for the benefit of both Bank of Cyprus and Development Bank was played by the members of the Boards of Directors of the Securities and Exchange Commission over the years since 2000, who approved and tolerated this situation.
As an example, by 2011, with all the mistakes made by the original shareholders who managed the company, CLL already had almost €27million in capital, mainly due to significant provisions to debtors and impairments of the value of their investments.
Now, how the Bank of Cyprus and the Development Bank managed to “disappear” investments in real estate, investments in other companies, such as the Development Bank itself, but mainly loans and receivables, from many named and unnamed borrowers, and annihilate the company’s balance sheet, only they themselves know it well… And since, notably the Bank of Cyprus, all it did was to repay loans it had to receive from CLL, largely at the expense of the company’s shareholders.
See how the company’s balance sheet has been broken down today – with equity of almost €3.5 million:
Undoubtedly, what is worthy of much investigation is what they have written off, zeroed out and given away to all those who were in debt or to investments that should have been worth a lot and have been annihilated or sold at exorbitant prices.
And the Cyprus Security and Exchange Commission of course has been sleeping through the ages.
In the coming days, we will come back and name every member of Directors of the Cyprus Security and Exchange Commission, every member of the CLL board and members from Bank of Cyprus and Global Investment appear to have had an active role in all of this, as well as name those who owed the company money, which companies CLL had invested in and the securities disappeared, and more…
In anticipation of new revelations…
