FinCEN severs access to U.S. Financial System for FBME Bank Ltd
201507.30
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FinCEN severs access to U.S. Financial System for FBME Bank Ltd

FBME, one of Tanzania’s largest commercial banks, has been cut off from accessing the US financial system on suspicions that the bank has facilitated money laundering, terrorist financing, and organized crime. The action finalizes a 2014 ruling from the US Treasury Department’s Financial Crimes Enforcement Network (FinCEN) naming FBME “a foreign financial institution of primary…

Central Bank of Cyprus as regards press reports on FBME Bank Ltd (Cyprus brach) in administration
201507.23
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Central Bank of Cyprus as regards press reports on FBME Bank Ltd (Cyprus brach) in administration

Regarding recent press reports in connection with the FBME Bank Ltd Cyprus branch, which has been under resolution since July 2014, due to the adverse effects sustained by its operations as a result of the Financial Crimes Enforcement Network’s (FinCEN) action, of the US Department of Treasury, of naming the bank as a primary money…

FBME under Administration Update
201505.20
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FBME under Administration Update

Central Bank of Cyprus in its capacity as The Resolution Authority announced that Mr Dinos Christofides, Special Administrator of FBME Bank Ltd (Cyprus Branch) has resignied for personal reasons, as of 16 May 2015. According to a press release by the Central Bank, Mr Andrew Andronicou, who was recently appointed as an additional Special Administrator,…

P. N. Kourtellos & Associates LLC sets landmark precedent; Winding up of Orphanides Public Co Ltd
201504.24
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P. N. Kourtellos & Associates LLC sets landmark precedent; Winding up of Orphanides Public Co Ltd

Employing some 2,000 drivers and packers on the supply end and 1,250 for the company, the supermarket chain was deemed the largest one in Cyprus, once considered too big to fail. Orphanides Public Company Ltd has now been declared insolvent. The District Court of Larnaca following 2 years of litigation fight, the fierce opposition of…