Greek family seeks release of nearly €5m Cyprus compensation award

Nicosia, Cyprus. The family of a quadriplegic Greek woman has publicly appealed to the Cypriot government to release nearly €5 million awarded by the International Centre for Settlement of Investment Disputes (Icsid). The government has so far not complied with the ruling.

Compensation ruling

The family was the only claimant awarded compensation in the final decision issued in March in the case of Adamakopoulos and others v. Cyprus.

The case, registered in 2015, stemmed from the Greek debt crisis and the 2013 collapse of Cyprus’ banking system. Investors in legacy Laiki Bank and Bank of Cyprus alleged that their funds had been illegally confiscated during the €10 billion bail-in of the Cypriot financial system.

The tribunal rejected claims totalling $570 million (€492 million), but made an exception for the Greek family on humanitarian grounds.

Humanitarian grounds

The family said it wanted the compensation awarded by the international court to ensure that its quadriplegic daughter could continue to receive proper care.

Cyprus had previously exempted charities from the bail-in but did not grant the family the same treatment.

The tribunal said Cyprus had recognised that certain categories of individuals should be exempted from the consequences of the bail-in or reimbursed for losses, including charities and people whose funds originated from compensation for injuries, such as victims of the Mari explosion or the Helios plane crash.

It found that Cyprus’ failure to provide relief to the family amounted to a denial of fair and equitable treatment because their claim had similar humanitarian grounds.

Annulment motion

In July 2026, four months after the ruling, Cyprus filed a motion for partial annulment seeking to overturn the Greek family’s claim.

Cyprus argued that the Bilateral Investment Treaty between Greece and Cyprus, dating from the early 1990s, was inoperative during the investment dispute.