In a significant step towards solidifying the Libyan Foreign Bank’s (LFB) strategy of global asset protection, the bank received two judgements in its favor issued by the French Court of Appeal, which approved the invalidation of the seizures that had previously been made by Tunisian based corporation “Siba Plast” on the bank’s assets in France, in the amount of 280 million euros.
These two rulings are the culmination of continuous efforts to improve the LFB’s operations through a series of strategic transformation projects launched in 2021, which includes projects that are intended to protect the bank’s assets and investments.
The French Court of Appeal decisions reinforced the independence of the financial and legal standing of LFB, referencing the bank’s by-laws and legal standing in Libya in addition to international treaties protecting independent sovereign financial institutions.
The LFB Board and Management would like to take this opportunity to express their appreciation to all those who contributed to these significant court rulings, the result of efforts led by the LFB’s legal team, employees, and partners. We affirm our commitment to exerting maximum efforts to improve the bank’s performance and solidifying its assets and investments by protecting them through enhanced corporate governance and implementation of global best practices.