A recently filed Stipulation and Order of Settlement was entered in the U.S. District Court for the Southern District of New York, dismissing the Government's case with prejudice against Cybamar by agreement. In that case, the Government had filed a money laundering and forfeiture suit against various parties, including Cybamar, seeking millions of dollars and alleging a Hezbollah-related money-laundering scheme. After an exhaustive investigation, the Government determined that it did not, in fact, have any claim against Cybamar, that Cybamar had done nothing wrong, that Cybamar does not support terrorism, nor does Cybamar engage in drug trafficking. The Stipulation requires that Cybamar surrender all of its rights to seek claims and sanctions against the Government. Cybamar was represented by James T. Bacon of Allred, Bacon, Halfhill & Young, PC, from Fairfax, Virginia.
In the Stipulation and Settlement Agreement, the Government concedes that there is no prohibition or impediment preventing or discouraging any of Cybamar's business partners, contractors, banks, and/or credit or lending institutions from doing business with Cybamar. Cybamar's CEO, Bassem Salhab, stated, "I am pleased to see that the U.S. Government recognizes my innocence and the innocence of my companies, and I hope to be able to quickly restore our good name and good will."
The Government's suit has had an extremely negative impact on Cybamar's impeccable reputation and goodwill, and Cybamar has been abandoned by all of its worldwide business partners for fear that they might be dragged into the suit. Cybamar now faces the formidable task of attempting to rebuild its destroyed business. "With the assistance of our business partners, many of whom I hope will come back to us, we intend to bring back to prominence Cybamar's once thriving business, which has been devastated by this lawsuit," promised Bassem Salhab.
View Stipulation and Order of Settlement: http://mmdnewswire.com/cybamarswiss.pdf
Media Contact: James T. Bacon jbacon@abhylaw.com 703-352-1300 ###
