Cyprus Central Bank welcomes court verdict over FBME Bank complaint.

Global Banking News-February 1, 2019--Cyprus Central Bank welcomes court verdict over FBME Bank complaint

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Global Banking News - 01 February 2019

The Central Bank of Cyprus (CBC) has welcomed the verdict by a Paris Arbitration Court, which turned down an application by FBME Bank against the central bank.

FBME Bank had claimed EUR1.44bn from the central bank as compensation for closing down its operations in Cyprus. The case was filed in 2014 by Lebanese brothers Ayoub-Farid Michel Saab and Fadi Michel Saab, who indirectly owned the bank. They claimed that the Lebanese government had failed to protect their investment.

They cited a bilateral agreement between Cyprus and Lebanon for the protection of...

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