FBME Renews Warning of Future Legal Action

12 November 2014

 The shareholders of FBME Limited have made it clear that they are holding the Central Bank of Cyprus and individuals within the Central Bank personally liable for damage and loss suffered by FBME Bank, its depositors and owners. The persons considered responsible include but are not limited to the Special Administrator appointed by the Central Bank of Cyprus to control the operations of the Cyprus branch of FBME Bank.

The stated intention of the Central Bank of Cyprus has been to expropriate the Cyprus branch of FBME Bank and to sell it to outside interests against the wishes of its owners. Resolution powers have been imposed against the Cyprus branch of FBME Bank; however those powers were designed only for institutions facing insolvency, not healthy banks such as FBME.

The shareholders are seeking a legal solution to the actions of the Central Bank of Cyprus and its administrator in line with protection afforded under Cypriot, EU and international law.

FBME Bank’s Cyprus branch has been prevented by the Central Bank of Cyprus’s administrator from keeping its depositors, correspondents and others from being informed as to what is happening, which is why it launched this website.

Any person or company seeking to acquire FBME’s Cyprus branch or its assets is hereby Placed on Notice that good title cannot be transferred to them by anyone other than the current shareholders. Any purported transfer will accordingly be the subject of legal proceedings to set it aside in due course.