28 December 2015

FBME Bank Limited’s Chairman, Ayoub-Farid M Saab, has written an urgent Open Letter to the President of the Republic of Cyprus, Nicos Anatasiades, outlining the serious consequences of the calamity initiated by the Central Bank of Cyprus (CBC). The latest actions by the CBC include an attempt not only to withdraw the FBME branch license in Cyprus but, ludicrously, in Tanzania too.

It calls for the investigation of CBC officials, started in the spring of 2015 by Cyprus’ House of Representatives, to be recommenced quickly to stop those same small group of officials from doing any further harm to the country, the CBC or to FBME. It states that the CBC’s most recent decisions have come because of its failing case in international courts in the US and France, and desperation ‘at the potential implications for themselves’. The letter re-states FBME’s willingness to engage in discussion to find a way out of the current malaise.

The full text of the letter is available here.