March 1, 2022
On 24 February 2022 the Cyprus Court ruled that the Central Bank of Cyprus and in particular the Resolution Authority acted unlawfully by placing FBME Bank Limited, Cyprus Branch, into resolution with the stated aim of selling the business of the bank.
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.”
23 August 2020
Recently reports have been published linking FBME Bank Ltd to the owner of the MV Rhosus, following the recent tragic explosion of the cargo of that ship in Beirut, which has cost many lives and destroyed many homes and businesses.
26 June 2020
It is with great sadness that the family of Fadi Michel Saab confirm his passing earlier this year, at the age of 70. Fadi Michel Saab is survived by his brother, Farid Michel Saab and his son, Michel Fadi Saab who are united in their grief and desire to honor Fadi’s memory.
7 February 2020
In a new development in our legal battle against the private investigators (Nigel Brown, Alec Leighton and their related investigations companies), the English Court has now found the defendants to be in contempt of court for failing to comply with court orders.
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.
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.
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.
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.
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’.