Cyprus Mail

ICC orders Cyprus to temporarily freeze FBME sale and resolution

By Stelios Oprhanides

An arbitration court ordered Cyprus to refrain from the sale or resolution of the Federal Bank of the Middle East, before it issues an interim verdict, a spokesman of the lender’s shareholders said.

“The arbitral tribunal firmly invites the respondent to refrain from proceeding with the sale or the resolution of FBME Bank and from transferring its funds to the Central Bank of Cyprus before the arbitral tribunal has decided on claimants’ request for interim measures,” a statement issued by the FBME shareholders quoted the Paris-based International Chamber of Commerce as saying.

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