A new reversal in the FBME Bank’s case

As Greek newspaper Kathimerini reported, the Frankfurt court rejected the requests of special administrator of the Cyprus branch of Tanzania’s FBME Bank Ltd, Chris Iacovides, additional to the information on the closed accounts of the FBME Bank’s account owners. In response, Iacovides said he is the right to participate in all court proceedings in the German’s court still. The reason for the dispute was that the Frankfurt court did not recognise Chris Iacovides as a legal entity, and therefore one cannot make requests to the court on their behalf.

Last July 2014, the Central Bank of Cyprus froze all FBME Bank’s deposits on suspicion of money laundering. One year later, FBME Bank lost the license which led to the loss of customers deposits.