BusinessLibya

LFB wins lawsuit against Tunisian company over alleged debt

Tunis Court of Appeals delivered its final verdict in favor of the Libyan Foreign Bank (LFB) over a Tunisian petroleum products company on Wednesday.

The court dropped claims of the Tunisian company that the LFB had failed to pay off $200 million in debt.

The legal dispute started when the Tunisian company filed a lawsuit against the LFB in the Tunisian Court of First Instance, alleging unpaid debt of about $200 million.

A statement by the LFB then indicated that the Tunisian court issued an emergency ruling freezing the bank’s funds in Tunisia.

The LFB appealed against the ruling at the Tunis Court of Appeals, which dropped the claims of the Tunisian company and also imposed a fine against the plaintiff for the false claim.

The LFB is a wholly-owned subsidiary of the Central Bank of Libya (CBL). In 2018, the LFB’s issued capital reached $8.7 billion and its paid-up capital recorded $3 billion.

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