CEO of Libya’s Bank of Commerce and Development resigns after travel ban

CEO of Libya’s Bank of Commerce and Development resigns after travel ban

May 21, 2022 - 23:07
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Written By: AbdulkaderAssad

The CEO of the Libyan Bank of Commerce and Development Jamal Abdelmalik resigned on Thursday, days after he was slapped with a travel ban, identical sources have confirmed, adding that members of Internal Security Apparatus of eastern region prevented Abdelmalik from traveling along with his companions on May 15 at Benina airport in Benghazi.

The sources said the private jet on which Abdelmalik was preparing to fly was seized, adding that the deputy general director of the bank asked all branch officers to deal inly with the general director, while members of the general assembly called for an emergency meeting of the bank to sack the CEO, which later happened.

The sources said the situation was prompted by the demand of influential parties within the ranks of Khalifa Haftar’s forces for a huge loan that was rejected by the CEO because the previous east-based government of Abdullah Al-Thinni didn’t pay back a bank loan worth six billion dinars. 

The Bank of Commerce and Development, whose management is based in Benghazi, has been suffering over the last years from arbitrary measures placed by Haftar’s forces, including big loans for Al-Thinni government, whixh failed to pay them back putting the bank at risk of bankruptcy and disallowed it from receiving foreign currency as well as working with the clearing system.