FIMBank plc - Information to maintain a fair market

On 6 July 2011 FIMBank plc made an announcement with reference to an article entitled “Malta-based bank battles €20.4 million claim” published in “The Times of Malta” also on 6 July 2011. FIMBank stated that the report refers to a commercial litigation (a €20.4 million garnishee order was served on FIMBank plc on the request of a Maltese company over a project in Libya) under proceedings before the Courts of Malta. The Bank claims that since the case is sub judice as well as in view of its obligation of confidentiality, it cannot make public statements about the details or merits of the litigation, nor about the correctness or otherwise of this information in the news report.

However, FIMBank explained that:
a) It has a strong case backed by robust arguments to reject the claim being made against it and,
b) It has taken immediate and definitive steps to have the garnishee order and its effects revoked, following which the Courts ordered the suspension of the effects of the Garnishee.

FIMBank stated that it will make further announcements on this case when it is appropriate to do so.