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About 3,500 FBME depositors paid

OVER 80 per cent of customers of FBME Bank whose licence was revoked by the Central Bank in 2017 have been paid off, the Deputy Minister for Finance and Economic Planning, Dr AshatuKajaji has said.

She said in Parliament yesterday that 2,404.2m/- has been refunded to 3,426 depositors of the ill-fated bank as of Monday this week through insurance for deposits under the Deposit Insurance Board (DIB).

The amount is about 55.9 per cent of all amount expected to be refunded as payment from deposit insurance for 6,628 domestic customers and Tanzania International Banking Depositors, she said.

The Deputy Minister said 2,401.2m/- had been refunded to domestic customers of the bank being 83.3 per cent of the target of paying off 2,882.6m/-

She said so far 83 per cent of depositors of the bank have come up to collect their refunds and remained 17 per cent have not yet come.

Customers with more than 1.5m/- deposits would be refunded the remaining amount according to the laws and regulations of liquidation, she said adding the payment would depend amount of money obtained from the sale of assets of the bank and debt collection from debtors.

The Attorney General, Prof Adelardus Kilangi said the recent UK court victory by FBME Bank shareholders would not affect on-going liquidation process in Tanzania.

FMBE shareholders won a lawsuit at a UK court in June this year against former investigators who were found to have breached their contract with FBME Bank by reporting "premature and speculative" money laundering allegations to US and Cypriot authorities.

The Central Bank revoked the business licence of FBME Bank in 2017 and placed it under liquidation after it was accused by the U.S. government of large-scale money laundering.

THE Deputy Minister for Finance and Planning ...

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Author: HENRY LYIMO in Dodoma

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