Central Bank of Cyprus and the Reorganization Committee v FBME Bank Ltd, Supreme Court of Cyprus, Civil Appeal No. 168/2017
(June 21, 2018) It was filed against the final judgment of May 10, 2017 by CBC and RC against FBME. Appellants claimed that the first-instance Court erred in its finding that the first statutory condition for the requested winding up was not fulfilled. They further argued that the first-instance Court's findings on public interest, interpretation of the law and other determinations were flawed. The Appellate Court issued its final judgment on June 21, 2018. It agreed with the first-instance Court that the application concerned FBME, a Tanzanian bank, and not the Branch; thus, the statutory conditions of the Cyprus banking legislation had not been met and CBC had no authority over FBME, a foreign banking institution. Conclusively, the Appellate Court decided that the examination of the other appellate reasons was gratuitous. Furthermore, it stated that FBME had indeed been set into liquidation in Tanzania and therefore, the object of the present judgment had lapsed. [Document]
Note: Document(s) and English introduction(s) kindly provided by Natalia Charalampidou.