31 October 2014
The legal fightback in the international arena by the owners of FBME Bank against the hostile and illegal takeover of its Cyprus branch by the Central Bank of Cyprus is underway. The latest act has been the completion of the filing in Paris of the shareholders’ case for arbitration with the International Chamber of Commerce. Now the Central Bank will have to justify its actions in an international forum.
30 October 2014
There is a belief amongst some people that if you ask the same question often enough you will eventually get the answer you want. Children sometimes do this: “Can I? Can I? Can I?” in the hope that the parent will finally give in. But we don’t really expect this from senior government officials do we?
29 October 2014
Arbitration at the International Chamber of Commerce (ICC) in Paris in the case of FBME shareholders and the Republic of Cyprus is now underway, with the submission of FBME’s case being completed on 28 October 2014.
27 October 2014
The shareholders of FBME Bank Limited are sending their thanks for the patience and understanding shown by all clients, suppliers, employees and associates of the Bank. These past three months with the Cyprus branch under the inexplicable Resolution Decree of the Central Bank of Cyprus, have been extremely frustrating, not to say highly and needlessly damaging to all.
23 October 2014
Legal arguments concluded yesterday, 22 October, in the District Court in the hearing of the interim application by the shareholders of FBME Bank Limited to freeze any action by the Central Bank of Cyprus to sell the FBME branch. The Court has reserved its judgment for a future date.
22 October 2014
FBME Limited has renewed its commitment to fight all efforts by the Central Bank of Cyprus to expropriate and sell the Cyprus branch of its Bank.
The holding company issued a statement following the first day (21 October) of the scheduled hearing of its interim application by the District Court of Nicosia to disallow a sale of its branch. The hearing continues.
20 October 2014
The Cyprus branch of FBME Bank reopened this morning on the return to the office of the branch Administrator, appointed by the Central Bank of Cyprus. As we reported, the branch was prevented from conducting business during the course of last week on the instructions of the Administrator while he went on leave.
14 October 2014
FBME’s submission, based on the exhaustive investigation into its operations, has been delivered to the US Department of the Treasury’s FinCEN bureau. We understand it is now being read and considered. A copy of the Public Comment which accompanied this is available for download here.
13 October 2014
Dinos Christofides, the Administrator of the Cyprus branch of FBME Bank, appointed by the Cyprus Central Bank under its inappropriate Resolution Decree, will be away from 13 to 20 October 2014, and has left instructions that no cheques are to be issued during this time. In other words, he hasn’t appointed a deputy to do his self-appointed task of approving each and every payment. Presumably, his abnormal service will resume on 20 October.
10 October 2014
Thousands of computers all over the world are accessing the fbmeltd.com website, as shown by the latest statistics of use. A large number of people in North America in particular are finding the site and returning regularly for updates. Many others in the EU and CIS are also avid followers, as well as thousands in Cyprus. In total, since the site was launched in early August there have been 425,000 individual hits on the site from 79 countries.