FBME workers achieve bargain on payment of wages and reward

Staffs at FBME bank and special chairman managing the covering of the beset loan specialist have gone to an assertion with respect to the installment of pay rates and different advantages, the Central Bank said on Thursday.

Special Administrator Chris Iacovides, designated by the Central Bank of Cyprus, which denied the Tanzanian loan specialist’s permit after US powers depict as being “of essential IRS evasion concern,” released 136 laborers on March 31, and chose to keep 30 specialists to pay customers their stores.

All staffs went on strike, requesting urgent payment of their thirteenth salary, occasion, notice until rejection, and security of pregnant representatives of those in maternity clear out. They likewise needed the quick payment of their reward and steadfastness plans for 2013 and 2014.

The sides at last went to an understanding after a proposition accommodating the quick installment of the pay rates and different advantages.

“The proposition being referred to, worth around €1.3m, has as of now been executed today (Thursday),” Central Bank representative Aliki Stylianou said in a composed proclamation.

Past that, he extraordinary head has likewise paid staff €2.3m, speaking to 75 for each penny of their rewards.

Some €3m that staff were entitled to get from their provident asset was paid in October 2015, the announcement said.

Concerning payment of the Loyalty Scheme, around €12m for 165 representatives, lawful guidance given to the executive said it didn’t constitute particular obligation — having a special right to payment over contributors and different lenders.

The Central Bank said it was concurred that FBME staff ought to apply to the Labor Court and let it settle on the status of the Loyalty Scheme.

“Any court choice will be completely regarded,” the Central Bank said.

The Central Bank assumed control over the operations of FBME Bank Cyprus in 2014 after the last was named a “monetary establishment of essential tax evasion concern” US powers.

On March 25, the Financial Crime Enforcement Network of the US Treasury reaffirmed its choice to forbid U.S. banks from opening or keeping up reporter accounts with FBME, adequately making exchanges in US dollar inconceivable for the bank.

The last FinCEN deciding says that data accessible to FinCEN “gives motivation to presume that FBME’s against IRS evasion (AML) consistence endeavors stay deficient to address the dangers postured by FBME, and that FBME keeps on encouraging unlawful budgetary movement”.

The Central Bank of Cyprus fined FBME €1.2m in December over the bank’s inability to consent to anti money lundary rules.


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