Content Join OGEMID
 
  • Linkedin
  • Twitter
  • Rss

Transnational Dispute Management

Skip navigation

Transnational Dispute Management

The network for international arbitration, mediation and ADR, international investment law and Transnational Dispute Management

Join OGEMID

Transnational Dispute Management

The network for international arbitration, mediation and ADR, international investment law and Transnational Dispute Management

  • Sign in
  • Subscribe
  • Home
  • Sign in
  • About About
    1. Home
    2. About
    3. About TDM
    4. About TDM
    5. Founding Editor T.W. Wälde
    6. T.W. Wälde
    7. Editorial team
    8. Editorial team
    9. Contributing Authors
    10. Contributing Authors
    11. Subscriptions
    12. Subscriptions
  • Journal Journal
    1. Home
    2. Journal
    3. Browse Issues
    4. Browse
    5. Articles by Category
    6. By Category
    7. Articles by Author
    8. By Author
    9. Advance publication
    10. Advance publication
    11. Specials
    12. Specials
    13. Search
    14. Search
    15. Book reviews
    16. Reviews
  • Legal & Regulatory docs. L & r docs
    1. Home
    2. Legal & Regulatory docs.
    3. L&R by Country
    4. L&R by Country
    5. L&R by Category
    6. L&R by Category
    7. L&R recent additions
    8. L&R recent additions
    9. Search
    10. Search
  • Audiovisual library AV library
    1. Home
    2. Audiovisual library
    3. Audiovisual Library
    4. Audiovisual Library
    5. TDM/OGEMID Interviews
    6. TDM/OGEMID Interviews
    7. Conference presentations
    8. Conference presentations
  • OGEMID OGEMID
    1. Home
    2. OGEMID
    3. About OGEMID
    4. About OGEMID
    5. Suggest a topic
    6. Suggest a topic
    7. Guest programme
    8. Guest programme
    9. Seminar programme
    10. Seminar programme
    11. Browse archive
    12. Browse archive
    13. Search
    14. Search
    15. Join
    16. Join
  • News & Events Events
    1. Home
    2. News & Events
    3. News
    4. News
    5. Events
    6. Events
  • Subscribe
Home > Legal & Regulatory docs.

Ayoub Farid Michel Saab and Fadi Michel Saab v Central Bank of Cyprus - Civil Case No 541-2014 - Greek - Judgment of 17 December 2014

  • Sign in to download document
Country
  • Cyprus
Year

2014

Summary

Ayoub Farid Michel Saab and Fadi Michel Saab v Attorney-General, Central Bank of Cyprus, Ntinos Christophides, District Court of Nicosia, Civil Case No. 541/2014

It has been filed on August 14, 2014 by Ayoub Farid Michel Saab and Fadi Michel Saab ('the Saabs') against the Attorney-General of Cyprus ('AG'), the Central Bank of Cyprus ('CBC') and Ntinos Christophides, the Special Administrator ('SA') of the branch of FBME Bank Ltd in Cyprus ('the Branch'). One decision that has been issued, is publicly available: the interim order of December 17, 2014. It is unclear, whether these proceedings are still pending or a final judgment has been issued.

(December 17, 2014) The Saabs sought: (a) an interim order suspending the CBC's order on resolution measures for the Branch, those being selling its banking business ('the Order'); (b) an interim order suspending the appointment of SA; and (c) a mareva injunction prohibiting the taking of any further measures regarding the Branch. It was based on the Brussels 1 Regulation of the EU, the ECHR, the Cyprus-Lebanon BIT (2001) ('BIT'), the Constitution of Cyprus, the Law on International Commercial Arbitration, the banking legislation, the courts' legislation, precedent and equity. The Saabs purported that it would support the international investment arbitration against Cyprus, which was to be submitted to ICC in Paris according to Article 12 of the BIT. They had made the necessary notification to the Minister of Finance of Cyprus on July 28, 2014. The Court rejected the application of the Law on International Commercial Arbitration, as the BIT was applicable in the present case. It further noted that the present petition was premature, as an international arbitration was yet to be initiated, as the Saabs admitted. It thus rejected the application. Still, it proceeded with addressing the other objections raised by AG, CBC and SA. It found that there was no investment under BIT, as FBME Bank Ltd was registered in Tanzania and not Cyprus. It further noted that the structure of FBME Bank Ltd had not been elucidated before the Court and it was therefore unable to establish the connection of the Saabs with it. Thus, the Saabs were not investors under the BIT, the Court adjudicated. It then reiterated that neither the cooling - off period of 6 months under the BIT, nor the one of 3 months under the ECT (applicable under the BIT's MFN standard) had lapsed. Furthermore, it stated that the Order was wrapped in a cloak of legitimacy and constitutionality, whereas at the present stage, the Court was unable to examine the validity and legitimacy of the Order. Especially with regard to the grounds necessary for an interim order, the Court found that neither a serious issue was brought before it, nor were its chances of success high, due to the inapplicability of the Law on International Commercial Arbitration and the premature nature of the present application lacking initiation of an international arbitration. With reference to the imminent danger, the Court adopted the view that any damages shall be calculable in money and therefore respondents shall be able to compensate the Saabs.

The application was therefore rejected. [Document]

Note: Document(s) and English introduction(s) kindly provided by Natalia Charalampidou.

To download this document you need to be a subscriber

Sign in

Forgot password?

Sign in

Subscribe

Fill in the registration form and answer a few simple questions to receive a quote.

Subscribe now

Documents missing? Documents to share? Let us know!

If you know of documents which are currently missing from our Legal & Regulatory database do let us know. You can send them directly to us for inclusion in the database, anonymously or otherwise.
Learn more here

Call for contributions

TDM Call for Papers: Sanctions and International Arbitration: Impact on Substantive and Procedural Issues

Ali Burney, Rinat Gareev, Kiran Nasir Gore, Dini Sejko, Prof. Joel Slawotsky, May Tai

  • Ali Burney
  • Rinat Gareev
  • Kiran Gore
  • Dr Dini Sejko
  • Prof. Joel Slawotsky
  • May Tai

TDM Call for Papers: National Courts as a Forum for the Resolution of Disputes under Article 26 Energy Charter Treaty

John P. Gaffney, Dr. iur Richard Happ,
Lucia Raimanova, Anna-Maria Tamminen, Dr. Catharine Titi

  • John P. Gaffney
  • Dr. iur Ricard Happ
  • Lucia Raimanova
  • Anna-Maria Tamminen
  • Dr. Catharine Titi

TDM Call for Papers: International Investment Arbitration - Environmental Protection and Climate Change Issues

Professor Dr A F M Maniruzzaman, Wendy J. Miles QC, Carla Lewis, Dr Stephen Minas

  • Professor Dr A F M Maniruzzaman
  • Wendy J. Miles QC
  • Carla Lewis
  • Dr Stephen Minas

TDM Call for Papers: The African Continental Free Trade Agreement (AfCFTA)

J. Chaisse, J. Górski, E. Laryea, M.M. Mbengue, and K. Olaoye

  • Prof. Julien Chaisse
  • Dr. Jedrzej Gorski
  • Prof. Emmanuel Laryea
  • Prof. Makane Moïse Mbengue
  • Kehinde Olaoye
  • More
  • Contribute

Advance publication

Have ICSID Tribunals Fallen in Error in Interpreting Most Favored Nation Clauses

17 May 2023

N.E. Piracha

  • N.E. Piracha

The Law Commission’s Second Consultation Paper on the English Arbitration Act 1996: Are the Reforms “Fit for Purpose”?

12 May 2023

L. Reimschussel

  • L. Reimschussel

The Legitimacy of the MPIA's Decisions in the WTO Dispute Settlement System

3 May 2023

T. Ferreira Almeida

  • T. Ferreira Almeida
  • More
  • Contribute

Stay connected

Sign up for our email alerts.

  • Issues
  • Advance publication
  • News
  • Linkedin
  • Twitter
  • RSS

Join the debate

Want to join OGEMID, the leading on-line discussion platform for international dispute resolution?

Simply fill in the registration form to start your trial membership.

Download the app

  1. App store
  2. Google play

The Transnational Dispute Management Journal (TDM, ISSN 1875-4120) and OGEMID listserv focus on recent developments in the area of (investment) arbitration and dispute management, regulation, treaties, judicial and arbitral cases, voluntary guidelines, tax and contracting. Read our Terms & Conditions here, and our Privacy Policy here.

About TDM

  • Terms & Conditions
  • Contribute
  • Subscriptions
  • Contact
  • Help

Other publications

  • Oil, Gas & Energy Law Intelligence (OGEL)

© 2004 - 2023. Published by MARIS.

  • Home
  • Contribute
  • Subscriptions
  • Contact
  • Help