FBME director precludes reliability plan payment under the steady gaze of court decision


The unique director of the Cyprus branch of FBME Bank, the Tanzanian moneylender, which had its permit disavowed by the Central Bank, said that he will disregard staffs requests for the prompt payout of exceptional cases after as of now approving the payment of €3.5m.

The sum paid is for notification until dismissal, remaining vacation, and thirteenth compensation, advantages to laborers either pregnant or on maternity leave, and seventy five percent of their reward, Iacovides said in a messaged articulation on Wednesday.

FBME laborers, sacked by Iacovides in March, “keep on blaming the Central Bank (of Cyprus) with dauntlessness as opposed to saying thanks to it for its conclusive mediation to support them, and keep on protesting until their requests are completely met,” the bank’s manager said.

Four weeks back, the Central Bank set off the investor insurance plan to empower the payent of secured savings to the bank’s clients, days after the U.S. Treasury’s Financial Crimes Enforcement Network reaffirmed its choice to forbid U.S. banks opening or keeping correspondent accounts with FBME Bank which it depicted as of “essential money laundry concern”.

“Continuation of the protests is nothing than a blackmail, given that it effectively keeps the return of protected savings after the steps to conceal €100,000 per depositor initiated,” he said. “Protestors are putting resources into this trying to fulfill their lawfully questionable requests, not as an aftereffect of a court administering, but rather by power”.

Laborers and their legal counselors misconstrued the helpful position appeared by the Central Bank and the director, Iacovides included.

The laborers’ legal counselors “have likewise confounded the lawful circumstances” in regards to the branch, Iacovides said, including that one of them alluded to a “unique resolution” and “unique liquidator” while no such court request has been issued.

“The failure to comprehend the circumstances does not help interrogation and dispute will be settled in court,” the executive said.

Iacovides released 136 out of the bank’s 165 laborers. Remaining staffs went on strike and began to dissent outside the Central Bank together with their released partners. They demand the quick payment of what they depict as their right, which likewise incorporate their loyalty scheme in abundance of €12m.

The strike provoked the Central Bank to urge investors to present their cases at the supervisory power. As indicated by the FBME  Ltd. site which communicates the perspectives of the FBME shareholders, as of April 30, just 120 of the aggregate 6,500 investors registered for the depositor security plan. The bank’s savings are assessed at around €1.4bn.


Legal counselor Stephanos Skordis, who speaks for most of the bank’s dismissed and remaining laborers, said on Wednesday that strikers were not wanting to come back to work unless they were paid their dues as presented by their loyalty scheme.

“They have paid out just what they thought they were compelled to pay at any rate,” Skordis said earlier on Wednesday in a telephone interview.

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