DIB pays over 9bn/- to FBME creditors
THE Deposit Insurance Board (DIB) has paid 9.09bn/- to 928 eligible Tanzanian creditors of FBME Bank.
The Bank of Tanzania (BoT) placed FBME under DIB’s liquidation in 2017 after the US Financial Crimes Enforcement Network (FinCEN) accused the bank of facilitating money laundering for several years.
The Director of the Deposit Insurance Board (DIB), Mr Isack Kihwili, said yesterday that following a series of meetings held April and September last year, a special committee formed to oversee the matter reviewed and approved the first phase of liquidation payments, set at 30 per cent of eligible claims.
As of December, last year, DIB reported that a total of 928 out of 1,414, or 65.6 per cent of eligible Tanzanian creditors had received payments, amounting to only 30 per cent of their compensation claims.
“So far, only Tanzanian customers have been paid. Foreign customers and those from the Cyprus branch are still awaiting payment,” the director said.
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Breaking down the figures, the DIB chief said that total claims from Tanzanian creditors stand at 343.45bn/-, of which 308.22bn/- belong to Tanzanians living abroad, while the remaining 35.23bn/- is owed to citizens residing within the country.
He said that the Creditors’ Committee in Tanzania was formed by members from all FBME Bank branches in the country and currently serves as a communication bridge between DIB and Tanzanian creditors.
According to him, DIB began paying deposit insurance compensation of up to 1.5m/- per customer in line with legal provisions starting in July 2017.
As of December, last year, he added, the Board had already paid a total of 3.51bn/- out of 4.29bn/- in deposit insurance compensation.
“The remaining amount awaits claim submissions from the respective customers. “DIB reassures FBME Bank customers and the public that the liquidation process is being conducted professionally, in compliance with legal requirements and in accordance with the December 2022 settlement agreement,” he said.
Nothing received by 18 March! Zero! Intl Depositors were somehow moved to Cyprus branch to claim their deposits there. There is no information, only announcement about future creditors meeting to set up creditors comittee to vote on first interim payment!!! No timeline !!! No info about how much to expect and what is lost – distribution ratio!!! But asked to provide tons of documents and no response if claim accepted. This is to prevent creditors to sell their claim!!! This will take years to get any money from Cyprus!!! Why is the Liquidation Framework Agreement with Cyprus from 2022 NOT available to depositors! Resolution in Cyprus found not in line with Cypriot law. Why there is NO compensation to depositors ?????????? Are the costs for Cyprus Resolution being paid back to the bank to benefit depositors??? Why these costs and expenses are NOT available to depositors??? It was ALL taken out from depositors funds with the bank !!!!!!!!!!!!!!! ALL should be paid back, depositors paid in FULL and COMPENSATED for damages!!!
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