Insider Business International Court of Arbitration rules in favour of Cyprus in FBME case

International Court of Arbitration rules in favour of Cyprus in FBME case

The International Court of Arbitration in Paris on Tuesday ruled in favour of the Republic of Cyprus in the case of the Federal Bank of the Middle East (FBME), which the Central Bank of Cyprus decided to place under resolution in 2014.

The Central Bank said it was fully satisfied with the ruling that “indicates the correct decisions and actions taken by the Central Bank of Cyprus administration and its staff,” its Spokeswoman Aliki Stylianou told the Cyprus News Agency.

The Law Office of the Republic also welcomed the decision saying “it confirms that the Central Bank of Cyprus acted as a prudent supervisory authority and that the Republic did not violate any of its obligations”.

The licence granted on September 8, 2003 to FBME Bank Ltd of Tanzania for a branch operation in Cyprus, was revoked in December 2015 by the Central Bank of Cyprus, placed it under resolution in July 2014 .

The owners of the Bank submitted a request for arbitration against the Republic of Cyprus in the Court of Arbitration claiming damages and compensation of 1.4 billion dollars.

(Cyprus News Agency)

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