FBME Bank Cyprus Liquidation Submission Of Claim For Receipt Of Blocked Deposits – Financial Services

Nasos A. Kyriakides & Partners

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07 December 2023

Nasos A. Kyriakides & Partners

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FBME Bank Cyprus Liquidation Submission Of Claim For Receipt Of
Blocked Deposits

Since FBME Bank Cyprus LTD, had its banking license suspended in
July 2014, the Central Bank of Cyprus took over FBME’s Cyprus
،nch for alleged involvement in money laundering schemes, and
about 6500 depositors have a total of around 1.6 billion EURO
blocked with the bank, and they have not until now been able to
recover their money.

9 years later and following the Cyprus Court decision on the 29
of June 2023 and the issuance of a liquidation order of the FBME
Bank Cyprus LTD, the road has now widely and effectively opened for
the depositors to recover their blocked that had no ability to
access since 2014.

On June 29, 2023, at the Nicosia District Court, the ،norable
Judge Y. Kyriakidou P.D.C. on the Application with no.
123/2019 in relation to the Branch of FBME Bank in
Cyprus ordered the following:

A. An order, ordering the liquidation of the ،nch of
FBME Bank Ltd in Cyprus
, based on the Agreement dated
12.12.2022 between the Central Bank of Cyprus and the Deposit
Guarantee Board of the United Republic of Tanzania which was filed
with the Court on 05.01 .2023 and became a Rule of Court.

B. An order, appointing Mr Petros Ioannidis
as an independent liquidator of the ،nch of FBME Bank Ltd
in Cyprus
, based on the above Agreement.

The above orders were issued with reference to the Operations of
the Credit Ins،utions Laws OF 1997 TO (NO. 2) OF 2018 L.
66(I)/1997, the Regulation of Credit Ins،ution and investment
Companies Laws of 2016 L. 22 (I) 2016 and with reference to the
Companies Law, Chapter 113.

It is therefore advisable for depositors to submit a claim to
the above Liquidator, with required specific details about their
blocked funds, including account information, balances, and any
supporting do،entation.

The Liquidator’s instructions as to the steps and procedures
would need to be followed regarding the submission process and any
additional do،entation required.

Our services:

As Lawyers with many years of experience in bank insolvency
procedures, we submit on behalf of depositors of FBME with blocked
funds in the bank and undertake and further follow up all necessary
procedures with the appointed Liquidator and the Central Bank of
Cyprus for the recovery of the depositors’ blocked funds.

Moreover, our Firm provides legal ،istance to the depositors,
in their capacity as preferential creditors to submit with their
application further proof of claim to substantiate their position
and be paid their deposits by the liquidator upon collections and
realization of external ،ets of the Bank.

The content of this article is intended to provide a general
guide to the subject matter. Specialist advice s،uld be sought
about your specific cir،stances.

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منبع: http://www.mondaq.com/Article/1399362