Cyprus & Japan: FBME Hit by Multi-million Fraud Lawsuit

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There is a legal storm around an alleged monumental money laundering case involving numerous jurisdictions which is also related to the acquisition of an Indonesian bank four years ago and is expected to consume Cyprus.

The respective lawsuit details the acquisition of Indonesia’s Bank Mutiara by Tokyo-based financial services company J Trust Co. Ltd.

According to sources, J Trust revealed the existence of the lawsuit on Friday the 2nd of February against its connected companies and other defendants on its website. However, the Japanese company denies that it is amongst the respective defendants.

The plaintiffs are seeking several hundred million US Dollars in compensation from the 21 defendants. In addition to the J Trust, this includes PT Bank JTrust Indonesia, Singapore’s J Trust Asia PTE LTd, PT J Trust Investments Indonesia and executives, including the CEO of J Trust, Nobuyoshi Fujisawa, who apparently has recently gained Cypriot citizenship according to sources.