25 June 2016
FBME Limited, the holding company of FBME Bank Limited (the “Bank”), has learned that the CBC-appointed Special Administrator of the Bank’s Cyprus Branch is attempting to sell assets that are property of the Bank. The efforts to dispose of Bank assets are taking place without the knowledge or consent of the Bank’s Statutory Manager in Tanzania and the Bank’s home regulator.
Furthermore, these acts of the Special Administrator are occurring at a time when the Cyprus Supreme Court has yet to rule on the CBC’s application to liquidate the Bank. In short, the Special Administrator lacks the legal authority to dispose of Bank assets and is not therefore able to give good title to any prospective purchaser of such assets.
In order to protect the rights of the Bank, its depositors and owners, any purported transfer of Bank assets will accordingly be the subject of legal proceedings to set it aside in due course and prospective purchasers of such assets are put on notice of the same.