Bermuda Court winds up Saab Financial (Bermuda) Limited

On 21 April 2017, the Supreme Court of Bermuda ordered the compulsory winding up and liquidation of Saab Financial (Bermuda) Ltd, a Bermuda exempt company associated with the owners of the Tanzanian lender FBME Bank Ltd, the brothers Ayoub Farid Saab and Fadi Michel Saab.

The Bermuda court issued the winding up order after Asedor Finance Ltd, a creditor of the company, filed a winding up petition on 15 March 2017.

The petition was not opposed by the company itself.

The Bermuda court appointed Mathew Clingerman and Kenneth Krys of KRyS Global as “joint provisional liquidators”, and ordered that “the period for convening the first meetings of creditors and contributories as set out in the rules be and is hereby extended for six months from the date of this order”.

The Saab brothers are engaged in a legal battle against the Republic of Cyprus demanding €500m in compensation for losses suffered after the Central Bank of Cyprus placed the Cyprus branch of FBME under administration and then resolution in 2014.

 

The story has been covered by Cyprus Business Mail here.

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