Ashley Madison loses 10% of their capital in Cyprus
Ashley Madison set up an office in Cyprus as a base for its international operations, attracted to Cyprus because of its reputation for financial stability, a low corporate tax rate, a friendly banking environment and a strong rule of law.
Sure, the Ashley Madison executives were aware that a banking crisis was brewing, but they had ventured ahead. They were assured in part by a promise from President Nicos Anastasiades that he would soon arrange an equitable bailout with the international organizations that have guided the euro zone through four previous bailouts while keeping bank depositors whole.
The Cypriot government had just declared it would seize nearly 10 percent of the Ä2 million, or $2.6 million, Ashley Madison had on deposit in Cyprus to help secure its bailout.
Ashley Madison is the most famous name in infidelity and married dating.
Published on April 10, 2013