25 May 2015
Recent decisions in the arbitration process at the International Chamber of Commerce (ICC) in Paris have been warmly welcomed by the owners of FBME Limited. They have reaffirmed their strong commitment to providing full cooperation to the Arbitral Tribunal and to achieving a solution to the dispute through collaboration with the Respondents.
21 May 2015
A press release has been produced on the latest round of arbitration at the International Chamber of Commerce (ICC) in Paris. This covers recent decisions of the Arbitral Tribunal and can be read by clicking here.
18 May 2015
Dinos Christofides, the accountant appointed to run FBME Bank’s Cyprus branch by the Central Bank of Cyprus (CBC), abruptly left his role on Friday, 15 May 2015. The CBC announced on its website that Mr Christofides has resigned for personal reasons, though in private conversations he gave a different perspective.
9 May 2015
On 21 July 2014 at 11 o’clock in the evening, the Central Bank of Cyprus announced the imposition of resolution measures on the Cyprus branch of FBME Bank. As we know, Resolution is a preferred route for taking over the affairs of a bank going bankrupt, but it has not been used before for a healthy, liquid bank such as the Cyprus branch of FBME. In turning to this measure, the Central Bank failed to coordinate – or even inform – the supervisors of the head office of FBME Bank, the Bank of Tanzania. From that day to this, the CBC has still failed to link its actions to those of the superior authority in Tanzania or even to pay much attention to the rules and laws of Cyprus and the EU.
5 May 2015
An interesting factoid has emerged from the details of the appointment of a second Administrator by the Central Bank of Cyprus (CBC) to run the affairs of the Cyprus branch of FBME Bank: the two Administrators are paid more than the combined salaries of the Governor of the CBC and the person she describes as her boss, the ECB President Mario Draghi. You can probably also include the combined salaries of the other members of the CBC Board of Directors and still have change.
3 May 2015
Recent reports have incorrectly stated that FBME staff have approached the Police and the Central Bank of Cyprus to make certain unspecified allegations of breaches of Anti-Money Laundering Law. As far as FBME understands, the persons referred to are in fact individuals connected to British companies that are currently engaged in litigation with FBME regarding disputed invoices and services.
30 April 2015
Central Bank of Cyprus (CBC) has appointed a new set of investigators to audit the anti money laundering procedures at the Cyprus Branch of FBME. The advisers appointed by the Central Bank are international law firm DLA Piper, financial investigators Kroll and Cypriot lawyers Georgiades & Pelides.
23 April 2015
Head of the Parliamentary Merit Committee, Demetris Syllouris MP, went on Sigma TV in the evening of 21 April to speak about the cancellation of the Parliamentary group’s hearings into actions taken against FBME Bank and its branch in Cyprus by the Central Bank of Cyprus and its Resolution Committee.
22 April 2015
A failure of key government officials to attend caused for the third time the Cyprus Parliamentary hearings into what has become known as the ‘FBME affair’ to be cancelled. The hearings have been called by MPs who sit on the Parliamentary Merit Committee which oversees the actions of State officials and civil servants, and the stated aim has been to investigate the actions taken against FBME Bank and its Cyprus branch by the Central Bank of Cyprus.
21 April 2015
The Administrator of the Cyprus Branch of FBME, Dinos Christofides, left the Cyprus branch of FBME Bank at 2pm yesterday, Monday 20 April, saying he will not return until Monday next week, 27 April. In time-honoured fashion, he managed not to warn anyone before he walked out, leaving the Bank’s efforts to meet payments to its depositors to grind, once more, to an undignified halt!
