30 September 2014

On 29 September, the District Court of Nicosia has fixed the Interim Application filed by the shareholders of FBME Bank Limited for hearing on 21 October 2014.

The said Interim Application was filed on 14 August 2014, as part of a process that the shareholders of FBME Bank Limited initiated, in aid of the imminent arbitration proceedings before the International Chamber of Commerce in Paris, by which the shareholders invoke investor rights under a bilateral investment treaty between Lebanon and Cyprus signed in 2002.

The undertaking of the Central Bank of Cyprus and the Resolution Authority not to issue any order or make a binding agreement concerning the sale of the branch, until the judgment is handed down in the above interim application, was reaffirmed.