FBME launches legal fight against Cyprus Central Bank
The Federal Bank of the Middle East (FBME) Limited has announced that immediate legal action is being launched to contest the revocation by the Central Bank of Cyprus (CBC) of FBME Bank’s license for its branch in Cyprus and is challenging this decision in front of Cyprus Courts.
“The revocation, communicated in a nine-page declaration today, 21 December 2015, blames others for actions caused and taken by the CBC Board over the past 17 months, which stem from CBC’s unilateral takeover and attempted sale of FBME Bank’s branch in Cyprus. FBME rejects this Revocation of Licence in its entirety”, says the announcement.
“CBC’s illegal measures against FBME, of which this is the latest, have led to lawsuits in Cyprus and abroad, exposing the Cyprus authorities to a spiral of claims for substantial damages and compensation”, the bank adds.
Source: Famagusta Gazette – FBME launches legal fight against Cyprus Central Bank
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