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LFB commends UN Panel of Experts’ Report

The Address | Benghazi – Libya

TRIPOLI – Panel of Experts of the Security Council had issued its report on the developments of the security and economic situation in Libya. The Panel investigated the previously reported allegations about the Libyan Foreign Bank (LFB), which were listed in the leaked Interim Report at the end of February 2018, indicating misuse of documentary credits.

LFB pointed out that the Panel of Experts on Libya had expressed, in its Interim Report leaked in last February, concern about violating banking operations happened in Jumhouria Bank and LFB. Immediately afterwards, the Panel of Experts received documents from the parties concerned challenging the accuracy of the information transmitted to it. LFB also launched an intensive campaign led by the Bank’s General Manager, Mohamed Ben Youssef, to refute the charges, where it issued an official statement expressing surprise because of the the fallacies and misunderstandings in the report, denying them altogether.

LFB sent several letters to all Libyan legislative, supervisory and executive institutions, to the President of the Security Council, to the Panel of Experts on Libya and to the UN Support Mission in Libya (UNSMIL), through the Libyan Foreign Ministry, to invite the Panel of Experts to visit the Foreign Bank to discuss and refute the points in their leaked report. Through the official channels in the country, LFB held a meeting with the Panel of experts in the presence of the Presidential Council of the Tripoli-based Government of National Accord (GNA), directors of departments of the Central Bank of Libya (CBL) and the Ministry of Foreign Affairs, to refute the allegations and answer questions raised by the experts.

LFB explained that, as a result of a great effort exerted by the Bank’s team, the Panel of Experts retracted its latest report on its allegations after receiving a series of documents, appeals and evidence that totally contradicted the Interim Report, stressing that it is thus clear that the LFB is far from the suspicions of corruption in documentary credits, which shows the inaccuracy of the news reported by media at the time about the provision of credits by LFB to companies operating in support of armed groups.

The Libyan Foreign Bank said in its statement that the final report of the Panel of Experts on Libya is an international innocence certificate that is cherished by every employee of the Bank.

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