The Chairman of the Board of Directors of the Libyan Foreign Bank (LFB), Mohamed Al-Darrat, said that the bank’s management managed, in early September, to obtain two judgments issued in favour of the LFB by the French Court of Appeal. Crucial to the case was the French Court of Appeal recognizing the independence of the financial and legal personality of the Libyan Foreign Bank from the responsibility and personality of the Libyan state. The case reflects an ongoing trend by foreign entities seeking to recover debts in or to the Libya state/Libyan entities from assets frozen or deposited abroad. The foreign entities argue that all Libyan monies abroad belong to the state. The Libyan side argues that many Libyan entities are independent from the state.

Source: Libya Today September 06, 2022 16:32 UTC