ARTICLE
16 January 2024

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

Nasos A. Kyriakides & Partners LLC

Contributor

The firm was established in the year 2003 by the Managing Partner Mr. Nasos A. Kyriakides. Nasos A. Kyriakides & Partners Law firm has been committed to providing the highest standards of service with integrity. Over the past 20 years, a combination of professional skill and expertise and the support of our loyal long-term’ clients, has seen the firm grow in both reputation and size. This well-established Cyprus Law Firm specializes in the fields of Worldwide Company Incorporation, Corporate Services, Management & Administration, Mergers & Acquisitions, Litigation and Arbitration, International Tax Planning, Banking and Corporate Finance, International Trusts, Intellectual Property, Real Estate, Shipping, IPO Stock Exchange Listings and Energy Law
Since FBME Bank Cyprus LTD, had its banking license suspended in July 2014, the Central Bank of Cyprus took over FBME's Cyprus branch for alleged involvement in money laundering schemes...
Cyprus Finance and Banking
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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 branch 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 honorable 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 branch 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 branch of FBME Bank Ltd in Cyprus, based on the above Agreement.

The above orders were issued with reference to the Operations of the Credit Institutions Laws OF 1997 TO (NO. 2) OF 2018 L. 66(I)/1997, the Regulation of Credit Institution 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 documentation.
The Liquidator's instructions as to the steps and procedures would need to be followed regarding the submission process and any additional documentation 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 assistance 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 assets of the Bank.

The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.

ARTICLE
16 January 2024

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

Cyprus Finance and Banking

Contributor

The firm was established in the year 2003 by the Managing Partner Mr. Nasos A. Kyriakides. Nasos A. Kyriakides & Partners Law firm has been committed to providing the highest standards of service with integrity. Over the past 20 years, a combination of professional skill and expertise and the support of our loyal long-term’ clients, has seen the firm grow in both reputation and size. This well-established Cyprus Law Firm specializes in the fields of Worldwide Company Incorporation, Corporate Services, Management & Administration, Mergers & Acquisitions, Litigation and Arbitration, International Tax Planning, Banking and Corporate Finance, International Trusts, Intellectual Property, Real Estate, Shipping, IPO Stock Exchange Listings and Energy Law
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