The state owned Libyan Foreign Bank issued a press release dated Sunday 26 May clarifying its position regarding the alleged nationalization of its stake in the Burkinabe Commercial Bank.
The statement read:
‘‘The Libyan Foreign Bank would like to confirm that the news circulating about the Burkina Faso authorities taking a decision to nationalize the Libyan Foreign Bank’s share in the Burkinabe Commercial Bank due to the failure to provide the necessary support from the Libyan side, is inaccurate and has no legal basis.
The Libyan Foreign Bank also confirms that it held extensive consultations with the Burkinabe side regarding the Burkinabe Commercial Bank, and through these consultations, conditions were presented by the Burkinabe side that can only be described as conditions of compliance, and they were rejected by the Libyan Foreign Bank, demanding that they be amended to ensure balance between the two parties, including It achieves the interests of both sides fairly, as the Libyan Foreign Bank is entrusted with the institution and the depositors’ funds.
The Libyan Foreign Bank would like to recall that it complies with the establishment agreement concluded between the two sides and the provisions of the statute and the Ohadi Law (OHADA), as well as the decisions and publications of the West African Banking Commission (WAMU), and the actions taken by the Burkinabe side constitute a clear violation of the provisions of the agreement concluded between the two parties. Also according to the instructions of the West African Banking Commission, the Libyan Foreign Bank, out of concern for its rights, has taken all necessary measures, which includes:
– Assigning an international law firm to follow up on the file. Communicate with the West African Banking Commission to clarify the situation.
– Working 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 preserving the rights of the Libyan Foreign Bank.
In this context, the Libyan Foreign Bank welcomes any calls from the Burkinabe side to open the door to dialogue again and reach an agreement that achieves a balance between the obligations and rights of both parties and ensures the continuity of fruitful cooperation between the two sides.
In conclusion, the Libyan Foreign Bank expresses its hope in reaching a solution that satisfies all parties and confirms that it will continue to make all efforts to guarantee its rights and preserve its interests and the interests of depositors and shareholders.’’
