Former ATIB bank Chairman Naaman Elbouri recalls his unjust kidnapping and detention – calls on CBL Governor to implement law against those unjustly accused

Libya Herald

16-07-2025

On 15 July 2024, Naaman Elbouri, in his capacity as the Chairman of the Board of Directors of the privately owned Assaray Trade and Investment Bank (ATIB), was arrested in Tripoli, where he was held in Abu Sleem prison for three days, blindfolded.
This incident came after the first kidnapping he had experienced in 2017, which ended peacefully thanks to the efforts and intervention, he revealed, of Hashim Bashar and Saif Khaled, who were instrumental in his rescue and liberation at that time.
Attempts to prevent him from expressing his professional opinion
On the one-year anniversary of his arrest, Elbouri says in between the two incidents, he experienced years of pressure, accusations, and unjust decisions against him, which constituted attempts to silence him and prevent him from expressing his professional opinion on monetary policies.
Failed monetary policies severely harmed the Libyan economy
Monetary policies that he says clearly history has shown harmed the Libyan people and contributed to the collapse of the dinar from LD 1.4 to the dollar to a reality of multiple exchange rates: cash LD 9.00/dollar, cheques LD 15/dollar, and the burning of cheques at a rate of 40%, which contributed to the growth of the speculation market and the black market.
Subjected to systematic smear campaigns
Elbouri says he was subjected to systematic smear campaigns, despite being an active contributor to the economic path managed by the United Nations Support Mission in Libya (UNSMIL) with the aim of unifying the Central Bank of Libya and unifying the exchange rate. They were desperate and futile attempts to tarnish his reputation and continue the monetary chaos, he explained.
His innocence proved and his proposed reform policies now adopted
However, his innocence of all charges was judicially documented, and later all the solutions he had demanded were adopted, along with corrective measures such as 'unifying and adjusting the exchange rate,' 'unifying the clearing system,' and 'unifying the board of directors of the Central Bank of Libya,' despite the ongoing disputes resulting from the absence of a unified budget until now.
Elbouri pointed out that the malicious reports that attacked the monetary reforms he was advocating for were adopted in 2021, seven years after the free fall. He added that, thankfully, those behind the malicious reports and violations, whether instigators or perpetrators, no longer have any presence or significant influence today, whether at the security or monetary level.
'Oppression does not last, and every oppressor has an end'
He said that the downfall of these oppressors and abusers of power carries a profound message: 'Oppression does not last, and every oppressor has an end,' and that those who misuse their authority to persecute others will receive their due punishment, even if it takes time.
Arbitrary 2023 decision of CBL to sack ATIB's Board needs to be implemented
El-Bouri also addressed an arbitrary decision issued against him in 2023 by the former Governor of the Central Bank of Libya, Saddek El-Kabir, which led to the dismissal of ATIB bank's board of directors that he chaired, without any legal basis or foundation supporting the action. Despite proving his and his team's innocence, all investigations showed no significant violations. Subsequent judicial rulings also supported the validity of what was attributed to the board of directors and annulled the issued decision. However, the implementation of these rulings is still pending, necessitating the intervention of the relevant authorities to rectify the injustice faced by those affected.
Elbouri's 2024 abduction
Regarding his abduction in 2024, Elbouri confirmed that his release would not have been possible without the decisive intervention of the Attorney General, Siddig Al-Sour, and his team, in addition to the efforts of the Swiss Embassy and the Swiss Ministry of Foreign Affairs, who played a commendable and pivotal role in ending his detention and standing by his family and relatives.
All the inciters of unjust kidnapping and detention now vanished from the scene
At the end of his statement, Elbouri said: 'On this anniversary, I recall that those who incited my unjust kidnapping and detention in 2017 and 2024 are no longer present today; those who led smear campaigns, those who exerted pressure at the ATIB Bank and the Central Bank, and even the elements who carried out the kidnapping operation, all of them have vanished from the scene.
The clear message is that oppression does not last
And this is not a coincidence, but a clear message: oppression does not last, and no matter how much the oppressor tyrannizes, they will serve as a lesson for others.
Renews appeal for CBL to implement justice
I renew my appeal to current CBL Governor Naji Issa and the Board of Directors of the Central Bank of Libya: Grant us justice by implementing the rulings. All we are asking for is respect for the law.
It is time to do justice to ATIB's board of directors and restore the dignity of those who have been wronged without justification. Justice does not fade with time, and those who overlook the truth today will be held accountable tomorrow''.