The Republic of Cyprus Wins Case Against FBME Founders

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Last week, the International Chamber of Commerce ruled in favour of Cyprus in an appeal filed against the republic by the FBME banks’ founders.

FBME lost the licence to its Cyprus branch in December 2015, appealed to the Paris-based arbitration court, asking for €1.5 billion in indemnities from the Cyprus government, over supposed “inability to safeguard their assets.”