Mafuru stood idle when FBME clients secured UK garnishment orders

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Mafuru stood idle when FBME clients secured UK...
 © BusinessMail 2017
By Stelios Orphanides

The reluctance of Lawrence Mafuru, the statutory manager appointed by Tanzanian authorities at FBME Bank, to cooperate with the administrator of the bank’s Cyprus branch puts the bank’s assets at risk and results in “significant” and unnecessary legal fees, says a document obtained by the Cyprus Business Mail.

When on August 19, 2015 a group of depositors at the Cyprus branch of FBME resorted to an English court seeking the immediate repayment of almost $201.2m (€188.6m) in funds deposited at the bank’s branch in Cyprus, Mafuru remained idle, the report prepared by...


Mafuru stood idle when FBME clients secured UK garnishment orders


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