Press Release: Libyan Foreign Bank Clarifies Position on Alleged Nationalization of Stake in Burkinabe Commercial Bank
The Libyan Foreign Bank Clarifies Position on Alleged Nationalization of Stake in Burkinabe Commercial Bank
In a recent press release dated Sunday 26 May, the state-owned Libyan Foreign Bank addressed the rumors surrounding the alleged nationalization of its stake in the Burkinabe Commercial Bank by the Burkina Faso authorities.
The statement issued by the Libyan Foreign Bank emphasized that the news circulating about the nationalization was inaccurate and had no legal basis. The bank confirmed that extensive consultations had taken place with the Burkinabe side regarding the Burkinabe Commercial Bank. However, conditions presented by the Burkinabe side were deemed unacceptable by the Libyan Foreign Bank, as they did not ensure a fair balance between the two parties.
The Libyan Foreign Bank highlighted its commitment to complying with the establishment agreement between the two parties, as well as the provisions of the Ohadi Law and the decisions of the West African Banking Commission. The actions taken by the Burkinabe side were described as a clear violation of the agreement.
To address the situation, the Libyan Foreign Bank has taken measures such as assigning an international law firm to handle the case and communicating with the West African Banking Commission. The bank is also working closely with the Libyan government and the Central Bank of Libya to resolve the issue amicably and protect its rights.
The Libyan Foreign Bank expressed its willingness to engage in dialogue with the Burkinabe side to reach a mutually beneficial agreement. The bank hopes for a solution that satisfies all parties and ensures the continuity of cooperation between the two sides.
In conclusion, the Libyan Foreign Bank reiterated its commitment to protecting its rights, as well as the interests of depositors and shareholders. The bank will continue to make efforts to guarantee its rights and preserve its interests in the ongoing situation.
