On 4 July, FIMBank plc issued an announcement in respect of the judicial case initiated by Azrow International Trading Limited initiated in July 2011 against the Bank claiming the payment of a €20 million irrevocable Stand-by Letter of credit issued by National Commercial Bank, Libya and confirmed by FIMBank. The announcement revealed that Azrow has irrecoverably and unconditionally withdrawn its judicial case against FIMBank and has also bound itself not take any further legal action against FIMBank in this respect.
This follows an agreement reached between FIMBank and Azrow on 27 June 2012 which does not include any payment or compensation in favour of Azrow. FIMBank further clarified that the agreement only included the withdrawals:
- of the judicial case on the part of Azrow;
- and the appeal to the preliminary judgment issued by the Courts of Malta on the part of FIMBank.
Both retractions were duly filed in the Courts prior to the issue of the appeal judgement.