The owners of FBME Bank, the Lebanese brothers Ayub Farid Saab and Fadi Michel Saab, demanded to appeal the claim of the Central Bank of Cyprus to appoint the Liquidator of the Cyprus office of FBME Bank and pay 3,3 million euros for accompanying legal services and salaries to a special supervisor and other consultants related to the liquidation of FBME.
Tanzanian bankers deny any violations of the law; They appealed to the International Arbitration and asked to refund 500 million euros in compensation for damages from the actions of the main bank of Cyprus.
The case was referred to the Nicosia District Court, which recognized the decision of the Central Bank of Cyprus to designate the Liquidator as null and void, because the legislation of the Republic of Cyprus stipulates that the Central Bank of Cyprus can not claim liquidation of foreign banks that continue to conduct banking operations. In addition, this undermines the credibility of the Cypriot banking system on the part of depositors, tk. the recognition of the bank as a bankrupt means the loss of investors' savings, because the guaranteed amount of repayment of deposits does not exceed 100,000 euros, as a result of which the government of Cyprus will not be able to close all deposits.
FBME Bank Ltd requires Cyprus to increase the amount of compensation
And today, on 19 May, information appeared on the network that the scandalously known FBME Bank Ltd requires Central Bank of Cyprus to increase the amount of compensation three times, and now the main bank of Cyprus owes it € 1,5 billion in damages. An anonymous source claims that the bank's owners do not in any way substantiate their demands. According to the bilateral agreement between Cyprus and Lebanon regarding the protection of investors' rights, FBME Bank has the right to do so, however, no comments from both sides have been received so far.