We wish to announce that CLR Capital Public Ltd has reached an agreement with Marfin Popular Bank Public Ltd for the settlement of its obligations, claims and counterclaims between the two sides.
According to the agreement, the total obligations to Marfin Popular Bank Public Co Ltd have been set at £11,700,000. The settlement provides for the payment of the debt in a period of 20 years.
As a result of the agreement, CLR Capital Public Ltd will be burdened and it will recognize the interests of £1,087,869 for 2006 in the profit and loss account. CLR Capital Public Ltd will also proceed to the write-off of the sum presented in the Company’s books as receivable by Marfin Popular Bank Public Co Ltd of £1,731,821, while it will regain assets of £2,547,707. As a result, the profit for 2006 (announced in the indicative results) will drop from £4,419,399 to £1,871,692.
The Company believes that the settlement will be beneficial not only for financial reasons, such as the write0-off of interests of £3.6 million, but also because it will terminate the uncertainty and will restore the relations and the cooperation with Marfin Popular Bank Public Co Ltd, one of the largest banks in the area.
According to the agreement, the total obligations to Marfin Popular Bank Public Co Ltd have been set at £11,700,000. The settlement provides for the payment of the debt in a period of 20 years.
As a result of the agreement, CLR Capital Public Ltd will be burdened and it will recognize the interests of £1,087,869 for 2006 in the profit and loss account. CLR Capital Public Ltd will also proceed to the write-off of the sum presented in the Company’s books as receivable by Marfin Popular Bank Public Co Ltd of £1,731,821, while it will regain assets of £2,547,707. As a result, the profit for 2006 (announced in the indicative results) will drop from £4,419,399 to £1,871,692.
The Company believes that the settlement will be beneficial not only for financial reasons, such as the write0-off of interests of £3.6 million, but also because it will terminate the uncertainty and will restore the relations and the cooperation with Marfin Popular Bank Public Co Ltd, one of the largest banks in the area.
Thursday, 5 April, 2007 - 14:36