The Finance Minister of the Government of National Accord (GNA), Faraj Boumtari, enforced the legal administration in Libya to restore the legality of the commercial register to manage the bank, after its legal term expired.
An interim administration for the bank was established in 2018, during the suspension of the Governor of the Central Bank of Libya (CBL) Al-Siddiq Al-Kabeer and of the Board of Directors of the Foreign Bank, headed by Muhammad bin Yusuf and its General Manager.
In its response to Boumtari, the legal administration confirmed that the formation of a new board of directors, and the assignment of a new general manager, falls within the competence of the Board of Directors of the CBL. This represents the general assembly of the bank, and not the governor alone, in reference to Al-Kabeer.
Regarding the legality of the suspended Board’s return, the legal department added that the period of suspension of the Foreign Bank’s Board, and the General Manager is for a period of one year. After this period, a management committee and a General Manager will be assigned temporarily.
The legal administration confirmed that the temporary committee would not be allowed to continue their duties after this period, and that their legal representation will end.
The decision of the legal administration is binding on implementation by the executive authority. This appears to be a recent test of the judiciary’s ability to stop tampering within the CBL.