FBME ad­min­is­tra­tor al­lows with­drawals up to

Financial Mirror (Cyprus) - - FRONT PAGE -

The spe­cial ad­min­is­tra­tor of FBME Bank’s Cyprus branch said on Mon­day that the bank started ser­vic­ing cus­tomers? in­struc­tions, up to an ini­tial limit of EUR 10,000 per cus­tomer per day. Ac­cord­ing Di­nos Christofides, the ad­min­is­tra­tor ap­pointed by the Cen­tral Bank of Cyprus, only cheques drawn in euros are avail­able, with a daily limit of 10,000, non­cu­mu­la­tive, per cus­tomer.

He said in a state­ment that the branch is striv­ing for the SWIFT sys­tem to op­er­ate, which will en­able it to recom­mence its ef­forts to im­ple­ment cus­tomer trans­ac­tions with­out the need for cheques.

On July 21 the Res­o­lu­tion Au­thor­ity is­sued a de­cree, which placed the FBME Bank Cyprus branch un­der res­o­lu­tion, with the pur­pose to sell the op­er­a­tions of the branch “with the aim of pro­tect­ing FBME de­pos­i­tors”, after a US Trea­sury re­port im­pli­cated the bank in money laun­der­ing.

Mean­while, in a con­tin­u­ing war of words, the Cen­tral Bank re­jected al­le­ga­tions by the share­hold­ers of Tan­za­nia-based FBME Bank that it is re­spon­si­ble for the demise of the bank’s Cyprus branch, which has been sus­pended for nearly two months caus­ing havoc to cus­tomers who have lit­tle or no ac­cess to their funds.

The share­hold­ers had sug­gested that the ac­tion was a “hos­tile takeover” in or­der to sell the cash-rich op­er­a­tions to third par­ties and held the Cen­tral Bank and in­di­vid­u­als per­son­ally li­able for dam­age and loss suf­fered by FBME Bank,

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