Monthly Archives: August 2016

Clarification: The ICC’s International Arbitral tribunal orders the Republic of Cyprus to permit access to FBME’s Premises to the Bank’s Owners and Directors

7 August 2016

By two decisions dated 27 May and 26 July 2016, the Arbitral Tribunal constituted in the ICC arbitration opposing Messrs. Ayoub Farid Michel Saab and Fadi Saab, the owners of FBME, to the Republic of Cyprus, decided that the Claimants shall be granted access to the premises of the Branch during regular business hours.  Various public statements have recently been issued by the Cypriot authorities in relation to these decisions.  These statements can only be characterised as misleading.

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ICC’s Arbitral Tribunal Orders CBC to Permit Access to FBME’s Premises to the Bank’s Owners and Directors

1 August 2016

The Arbitral Tribunal at the International Chamber of Commerce (ICC) in Paris has ordered the Republic of Cyprus to grant the shareholders and directors of FBME Bank access to the FBME premises in Cyprus. They were excluded on 31 March 2016 at the same time as the Central Bank of Cyprus (CBC) sacked 140 FBME employees in Cyprus.

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