FBME Bank Ltd v Reorganization Committee, Central Bank of Cyprus, Ntinos Christophides, Andrew Andronikou, District Court of Nicosia, Civil Case No. 5838/2015
It has been filed on November 24, 2015 by FBME Bank Ltd ('FBME') against the Reorganization Committee ('RC'), the Central Bank of Cyprus ('CBC'), Ntinos Christophides and Andrew Andronikou. This civil action concerned the credit balance held on its accounts and the accounts of its branch in Cyprus with CNC. One decision that has been issued, is publicly available: the interim order of December 17, 2015. It is unclear, whether these proceedings are still pending or a final judgment has been issued.
(December 17, 2015) FBME sought a freezing order for said credit balance, as well as an interim order for the preservation of all documents, including electronic files related thereto. The Court reviewed the applicable legislation and relevant case law.
It stressed that FBME withheld that administrative action No.1024/2014 regarding the annulment of the Order of the reorganization measures against FBME's branch, was pending before the competent court. It held that this was material and sufficed as a reason to dismiss the request. Nonetheless, it proceeded with examining the statutory requirements for an interim order.
Regarding the chances of success, the Court noted that issuing the requested interim measures would amount to violating applicable law and orders. Parallel to that, at the present stage of the proceedings, it was impermissible to review the power and scope of any legislation. Therefore, the first statutory requirement was not met. Further, the Court underscored that FBME had the obligation to present full and sufficient data establishing its allegations. Contrary to that, FBME had merely presented general arguments. Thus, the second statutory requirement had not been met. Finally, the assertion of the possibility of being unable to enjoy full justice at a later stage of the proceedings was tainted with ambiguity and vagueness. Consequently, neither had the third statutory requirement been met. The request was therefore declined. [document]
Note: Document(s) and English introduction(s) kindly provided by Natalia Charalampidou.