HSBC sued in the states over trnc branch

wanderer


Joined: 05/02/2009
Posts: 1653

Message Posted:
23/02/2011 13:34

People who have lost property may join the class action by paying an administrative fee of $300 if they have up to three deeds to property and $600 if they have more than three deeds. The law firm is taking the action on a contingency fee basis which means that the lawyers will be paid, aside from the administrative fee, only if they are successful. The law firm will charge 25 per cent of the gross amount recovered.

Turkey itself is not listed as a defendant along with the HSBC and the regime in the north. The reason: to avoid issues of state immunity.

The lawsuit comes under the Foreign Sovereign Immunities Act (FSIA), a US law enacted in 1976. The Act enables foreign States, their political subdivisions, agencies, or instrumentalities to be sued in federal or state courts in the United States

wanderer


Joined: 05/02/2009
Posts: 1653

Message Posted:
23/02/2011 13:35

Tsimpedes says the ‘TRNC’ as a “commercial enterprise” sells properties in the occupied areas of Cyprus with false titles and its profits from these sales are processed through the HSBC plc bank. These properties may belong to Greek Cypriots.

The lawsuit has been filed in the United States District Court, Washington DC. American courts allow foreign nationals to sue in the United States. Over 100 people living in the US, Greece, the UK and Cyprus have already filed.

Here we go again

http://www.cyprus-mail.com/cyprus-problem/trnc-targeted-commercial-enterprise/20110223

deputydawg


Joined: 30/03/2010
Posts: 1727

Message Posted:
23/02/2011 14:28

If there is a favourable judgment how is it to be enforced ? I find it difficult to believe that HSBC has organised it's trading groupings and corporate status in such a way that HSBC as a whole would be liable for the acts and omissions of any one tin pot subsidiary such as that trading in TRNC perhaps under a corporate umbrella specific to that location and/or it's assetts are in a separate holding company. Good to see something that appears to be positive action and it of course would be great if HSBC has been naive enough not to have "a cunning plan" in anticipation of litigation following dubious trading.

suehowlittle


Joined: 31/10/2010
Posts: 1202

Message Posted:
23/02/2011 16:45

brian, methinks you are too clever to live here - wish i understood it all = but probably better that I do not xx

karakum5c



Joined: 18/03/2008
Posts: 1021

Message Posted:
23/02/2011 17:26

If the Greeks want to upset the international financial/business community there going about it the right way.



The Greek economy on the mainland and Cyprus is in a bad way.



Not a good idea to fall out with the local firebrigade when your house is already on fire !

YFred


Joined: 06/05/2009
Posts: 1471

Message Posted:
23/02/2011 17:34

Karakum, shush. If they wish to burn themselves, they have every right to do so. Freedom is a very important thing. It was only 150 years ago where punishment for attemted sucide was death penalty. We are not going back to that.



I will stand by my fascist cousins as they burn themselves and if they need any assitance i shall only be too happy to help them.

elko2



Joined: 24/07/2007
Posts: 4400

Message Posted:
23/02/2011 17:36

HSBC is careful to occupy only pre-74 turkish Title properties. Tsimpedes, the lunatics have fantastic imaginations to sue for processing the proceeds. Unbelievable. In any case, as Brian pointed out, the HSBC corpopration in US is completely independent of HSBC Turkey.



Lots of small donations can become nice sums. So they are no fools after all.

ismet

brother



Joined: 29/01/2010
Posts: 446

Message Posted:
23/02/2011 22:25

Here we go again. Yet another masterpiece of a painting of false victimhood.

TRNCvictim


Joined: 17/08/2010
Posts: 1417

Message Posted:
23/02/2011 22:49

Hey ismet



Unlike the TRNC who likes nice large sums! and still continue to steal victims properties from beneath them? It really doesn't matter where the victims come from does it UK, US, Ireland, Germany, Scandinavia, Russia, Greek Cypriots, or Turkish Cypriots, outer or inner Mongolia, Ukraine, you could be having some new victims from Libya! as long as they know exactly what they have to deal with, and understand how corrupt the TRNC is, at least they have been forwarned

mmmmmm



Joined: 19/12/2008
Posts: 8398

Message Posted:
24/02/2011 09:29

re msg 5 karakum5c



Has there been Enosis ( Union with Greece) ? 'Greek's and mainland ? !



How many times.. ? You are actually paying the very Greek speaking CYPRIOTS - who still seek union - a back -handed compliment ;)



This certainly is an interesting case - aimed at trying to discourage international financial institutions from trading in 'TRNC'

TRNCvictim


Joined: 17/08/2010
Posts: 1417

Message Posted:
24/02/2011 22:43

mmmmmm's (mess 10)



Yes I agree it certainly will discourage any financial institutions from trading in the TRNC! we keep chipping away!

Groucho



Joined: 26/04/2008
Posts: 7993

Message Posted:
24/02/2011 23:49

The action against HSBC bank is probably without merit and may therefore damage the rest of their case. They won't be told...

It seems typical of the blunderbuss approach used by this firm. Spray out your shot and see if you can do some damage... It's a risky strategy and they may end up having shot themselves in the foot.

malsancak


Joined: 23/08/2009
Posts: 2874

Message Posted:
25/02/2011 07:14

I wonder if someone will be suing the RoC government for the "compulsory purchase" of Turkish Cypriot property, without permission, in the south? Is the EU now compliant in these actions where TC land is used to build roads etc.? Perhaps the EU will be sued? What a mess!

yenibob


Joined: 13/10/2010
Posts: 1203

Message Posted:
25/02/2011 08:19

The EU is certainly compliant in any action taken against the TRNC, I would be interested to know if they are legally complicit.

negativenick


Joined: 10/11/2008
Posts: 6023

Message Posted:
25/02/2011 08:50

mess 12 - wasn't it a "blunderbus" approach that started the problems in 1974 ?

pollymarples


Joined: 08/08/2010
Posts: 1778

Message Posted:
25/02/2011 17:08

Even the fact that anyone has to go outside the TRNC to seek Justice, whether or not they are successful,

sounds alarm bells to future Investors/Purchasers. Very sad that it has become necessary.

mmmmmm



Joined: 19/12/2008
Posts: 8398

Message Posted:
25/02/2011 17:59

WHO from the EU (?) is 'taking action' against 'TRNC' ? ..



Now I DO know of the ECHR rulings against Turkey - and some where RoC is told it's citizens must use TR's mechanism re the question of property...



'Mal' - for use those TCs who had land compulsorily purchased should be paid out . the excuse that it is pending a settlement is wearing a little thin.. esp. as TR is having to pay out via the IPC.