Libyan Foreign Bank issues statement on alleged nationalization of its stake in Burkinabè Commercial Bank

The state-owned Libyan Foreign Bank issued a press release dated Sunday, May 26, clarifying its position regarding the alleged nationalization of its stake in the Burkinabè Commercial Bank.

The statement read:

“The Libyan Foreign Bank wishes to confirm that the information circulating according to which the authorities of Burkina Faso have taken the decision to nationalize the share of the Libyan Foreign Bank in the Burkinabè Commercial Bank due to the inability to provide the necessary support of the from Libya are inaccurate and have no legal basis.

The Libyan Foreign Bank also confirms that it held extensive consultations with the Burkinabé side regarding the Burkinabè Commercial Bank and that through these consultations, conditions were presented by the Burkinabe side which can only be described as conditions of compliance, and they were rejected by the Libyan Foreign Bank. Foreign Bank, demanding that they be modified to ensure balance between the two parties, including It realizes the interests of both parties in an equitable manner, because the Libyan Foreign Bank is responsible for the institution and the depositors' funds.

The Libyan Foreign Bank would like to recall that it respects the creation agreement concluded between the two parties and the provisions of the statute and the Ohadi Law (OHADA), as well as the decisions and publications of the West African Banking Commission (UMOA ). , and the actions taken by the Burkinabè side constitute a flagrant violation of the provisions of the agreement concluded between the two parties. Still following the instructions of the West African Banking Commission, the Libyan Foreign Bank, mindful of its rights, took all the necessary measures, including:

– Appointment of an international law firm to monitor the case. Contact the West African Banking Commission to clarify the situation.

– Work closely with the Libyan government, represented by the Ministry of Foreign Affairs and International Cooperation and in coordination with the Central Bank of Libya, to try to resolve the problem amicably and preserve the rights of the Foreign Bank Libyan.

In this context, the Libyan Foreign Bank welcomes any call from the Burkinabè side to once again open the door to dialogue and to reach an agreement which achieves a balance between the obligations and rights of the two parties and ensures the continuity of a fruitful cooperation between the two parties.

In conclusion, the Libyan Foreign Bank expresses its hope of reaching a satisfactory solution for all parties and confirms that it will continue to make every effort to guarantee its rights and preserve its interests and those of depositors and shareholders.