Author Archives: Editor1

Statement Regarding Tanzanian Parliament Speech

21 June, 2021

“We are aware of a recent statement made in the Tanzanian Parliament by a Senior Member of the Parliament, regarding the continued failure of the Bank of Tanzania & the Tanzanian Deposit Insurance Board to provide access to deposits held at FBME Bank Limited since it was placed in Administration.

FBME Bank was fully liquid and solvent when placed in Administration, both in Cyprus and Tanzania.

We would like to express our disappointment that depositors and former members of staff continue to receive no support from the Bank of Tanzania and that a number of depositors have sadly passed away since FBME was placed in Administration, without receiving the funds they held at the bank – This is a tragedy!

We the Saabs continue to stand ready to assist in remedying the situation for depositors, staff, and creditors.”

FBME Shareholders win legal battle against private investigators

26 June 2019

 We are pleased to announce that we have won our UK High Court battle against Nigel Brown, Alec Leighton and their respective investigation companies. The case, which concerned the investigators’ flagrant breach of express confidentiality, also went to the heart of the false allegations which have since been perpetuated by the media, based on affidavits drafted only to serve the investigators’ commercial aims.

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Update on ICC arbitration against the Republic of Cyprus

29 January 2019

On the 15th January 2019, by an Award communicated to the parties on the 29th January 2019, the International Court of Arbitration of the International Chamber of Commerce in Paris ruled in favor of Cyprus by two arbitrators with a dissenting opinion by the third member of the Tribunal, in our arbitration proceedings against the Republic.

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Supreme Court upholds ruling that Central Bank of Cyprus was wrong to liquidate FBME Bank Ltd.

24 August 2018

The Supreme Court of Cyprus has unanimously dismissed an appeal by the Central Bank of Cyprus (“CBC”) and the Resolution Authority against an earlier court decision which ruled that the Central Bank was not legally justified when it attempted to liquidate FBME Bank Ltd registered in Tanzania.There has notably been very little press coverage of this decision, which is in keeping with the negative portrayal of FBME Bank Ltd in the media. We therefore wish to update depositors on this development and confirm that we are doing everything in our power to ensure the return of their deposits.

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Notice to FBME Clients and the Public

23 December 2017

Recently there have appeared in the press various wholly false and outrageous allegations against FBME Bank, which is owned by FBME Ltd. For example, we have recently been accused of banking Manafort and Gates, who have never had accounts at FBME and who are widely known to have accounts with Bank of Cyprus. The Bank believes these falsehoods have been deliberately generated by people with a commercial axe to grind against FBME. The timing of this egregious smear campaign started in earnest immediately following the final hearing of a Bilateral Investment Treaty arbitration in June 2017 between the Saab Brothers and the Republic of Cyprus at the International Chamber of Commerce in Paris, which we are currently awaiting the outcome of.

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News Update

14 December 2017

There have recently appeared online false allegations against FBME. We categorically deny the alleged wrongdoing. We are consulting with our lawyers.

For further detail please see our more comprehensive response to these allegations in our post below entitled ‘Announcement’.