The Chairman of the Libyan Foreign Bank (LFB), Mohamed Ali Addarrat, affirmed that “protecting its assets and recovering its receivables abroad has been among the bank’s top priorities in recent years.”
He claimed that “significant efforts have been made, resulting in the recovery of funds in several locations, while maintaining full confidentiality of the procedures to ensure their integrity and protect the funds under investigation.”
In an exclusive interview published by the Arabic language Arabi21.com last Sunday (15 February), on the sidelines of a visit to Istanbul last week, Addarrat stated that “the issue of recovering funds is characterized by legal complexity and international entanglements. It includes looted funds subject to specific legal processes, funds frozen under international resolutions, as well as debts and investments dating back to previous periods.”
In a related context, Addarrat emphasized that “any progress in the asset recovery process must be accompanied by a clear vision for reconstruction, as it is not merely about construction projects, but rather a comprehensive rebuilding of the economy.” He pointed out that “Libya has long suffered from a lack of genuine investment in infrastructure, which has led to the deterioration of vital sectors that directly impact the lives of citizens.”
