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.

In particular, FBME’s owners welcome the invitation to parties involved in the dispute to ensure that the Cyprus branch of FBME Bank is not liquidated or otherwise destroyed, damaged or harmed; and that no further action should be taken to undermine the interests of depositors, employees or other stakeholders.

The Arbitrators have strongly advised the parties to the dispute to work together to bring about better processes for running the branch and resolving difficulties for depositors, staff, the home supervisor and affiliates. FBME Limited has initiated a reach-out to CBC to achieve these ends in line with the Tribunal’s Procedural Order 3.