9 February 2016
Comments have been submitted to the US agency FinCEN in respect to its Notice of Proposed Rulemaking against FBME Bank Limited. These follow FinCEN’s request for a voluntary remand to revisit its allegations and proposed actions, which it sought from Judge Cooper of the US District Court for the District of Columbia.
27 January 2016
Lawyers acting on behalf of FBME Limited have filed a Public Comment to the proposed Final Rule of the FinCEN bureau of the US Department of the Treasury. It is expected that this will appear on the FinCEN website and a full copy is available here.
19 January 2016
The President of the Republic of Cyprus, Mr Nicos Anastasiades, has sent a brief reply to the letter of 27 December from the Chairman of FBME Bank Limited, Ayoub-Farid M Saab (which can be found on this website).
In acknowledging the letter from Mr Saab, the President states that as the matter is subject to judicial proceedings neither he nor his Ministerial colleagues can “… intervene, preempt or influence decisions regarding these ongoing procedures”.
19 January 2016
Courts in Cyprus have ordered a stop to moves by the country’s banking regulator aimed at liquidating the Cyprus branch of FBME Bank Limited. This follows the attempt at the revocation of the branch’s license made public by the Central Bank of Cyprus (CBC) on 21 December 2015.
19 January 2016
FBME has been advised that the Central Bank of Cyprus (CBC) has appointed a new Special Administrator for the Cyprus branch of FBME. Appointed from 11 January 2016, the new administrator, the third since this saga began in July 2014, is Mr. Chris Iacovides.
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.
24 December 2015
Since at least July 2014 and the onset of its assault against FBME Bank, the Central Bank of Cyprus (CBC) has led observers on a bewildering trail of logic-defying actions which have raised important questions about its credibility as a critical organ of government in a modern European state. For most of these past 17 months, the CBC has remained silent as to its motivations and has only lately started to concoct some form of justification for what has gone on, and this in the face of a losing international legal battle.
21 December 2015
FBME Limited has announced that immediate legal action is being launched to contest the revocation by the Central Bank of Cyprus (CBC) of FBME Bank’s license for its branch in Cyprus and is challenging this Decision in front of Cyprus Courts.
15 December 2015
Former Attorney General of the Republic of Cyprus, Alekos Markides has written an open letter to the President Nicos Anastasiades, warning him of the consequences of repeated mishandling of the FBME Bank case, plus arbitrary and illegal actions taken against the Bank by the Central Bank of Cyprus. The implications of these actions have exposed the Cyprus government and Cypriot taxpayers to huge claims for damages plus serious reputational damage.
To see a translation of the letter which Mr. Markides sent on behalf of the beneficial owners of FBME Bank, click here.
11 December 2015
FBME Bank has strongly rejected the supposed evidence that the Central Bank of Cyprus (CBC) has claimed to have found of failings in its anti-money laundering (AML) and CTF procedures and will be looking for legal redress against the imposition of CBC’s proposed fine.
