FBME settlement saga continues as BOs compensation demands triple

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The FBME Bank Ltd settlement saga continues as the Business Owners of the lender sought international mediation after its Cyprus branch was forced to liquidate; they have reportedly tripled their prerogatives against Cyprus, sources close to the case released: “They are demanding €1.5B in damages”. While the figures were confirmed to be correct, no-one has yet to give any further information about how the new demand was justified by the owners of the bank. The owners of the bank initially resorted to the Paris-based arbitration court of the International Chamber of Commerce asking for €500m in compensation, citing the provisions of a bilateral agreement between Lebanon and Cyprus that essentially protect their investor rights.