Former ATIB bank Chairman Naaman Elbouri recalls his unjust kidnapping and detention – calls on CBL Governor to implement law against those unjustly accused
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''.
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Telegraph
13 hours ago
- Telegraph
The investment trust row threatening your tax relief
The investment trust industry is something this nation should be proud of, offering investors exposure to a range of different assets in an easily tradable format. As listed companies with publicly traded shares, investors are never locked out of their capital, a feature not shared by the open-ended funds industry. Of course, they must pay a premium to the underlying investments if that trust is particularly desired, or sell at a discount if it's out of favour. This ability to buy and sell shares without reducing the capital available to the investment managers allows trusts to invest in less liquid assets, such as property and private equity. This limited share capital has other benefits, too. Trusts are able to utilise gearing, borrowing money to invest alongside investor capital and enhance returns (or losses). But perhaps one of the most important features of investment trusts is the independent board, a group of non-executive directors elected by shareholders to represent their interests. The appointed fund manager answers directly to the board, and in turn, the shareholders. However, shareholders are not a homogenous group. Nor are boards. This ability to dissent naturally breeds contention and herein lies the cause of another defining characteristic of the investment trust industry – the row. Over the past few months, this column has been keeping an eye on a developing situation at a comparatively small investment trust that will have important ramifications for shareholders. With an upcoming vote due on August 13 that will set the future path of this company, Questor believes shareholders should be made aware of the situation, but how investors vote is their prerogative. Shareholders should note the deadline to cast votes is likely to be earlier if they hold their shares via investment platforms. The Maven Renovar VCT, until recently the Amati Aim VCT, is in a tussle for control between the recently appointed investment manager and the previous one, with each side passionately committed to their cause. The upcoming vote will ask investors to make their choice on either firing the entire board and appointing the previous investment manager, or continuing down the current path and rejecting this reversion. Paul Jourdan, of Amati, is the previous manager leading the charge to be reinstated, and spent almost two decades running the vehicle. Over five years, as the board notes, he has underperformed, with a negative total return of -21pc, compared with the wider sector's -5pc loss. However, as his supporters point out, over 10 years, the manager is the second best performing in the VCT Aim Quoted sector. In a separate smaller company vehicle also managed by Jourdan, the manager has returned more than 900pc since 1999. The board argues that his recent underperformance is proof he's not able to do the job any more, while supporters note Aim has been in dire straits over the past few years. Since the board fired Jourdan, they have appointed their own investment manager – Maven Capital Partners – and implemented a new investment policy, which they describe as 'Aim Plus'. It is these two issues that have drawn particular attention from disgruntled shareholders. While technically there is no requirement for the board to seek approval for these changes, it would not have been amiss to call an extraordinary general meeting to ensure they were acting in the best interests of shareholders when altering two decades' of trust policy. Given this is an Aim VCT vehicle, many shareholders will be using the trust as part of their tax planning. There are extra considerations compared with other kinds of investment trusts, as some will be investing to benefit from the various tax reliefs offered by investing in Aim and VCTs. Many investors will have to sacrifice these reliefs if they sell out of the vehicle early, meaning exiting the trust if they disagree with the changes isn't entirely straightforward. 'Aim Plus' will extend the remit of the trust to invest in unquoted companies, a policy that has already clearly divided shareholders. In fact, investors have already made clear their displeasure. At the June annual general meeting, shareholders voted against the new investment policy and the re-appointment of every director, effectively firing the board. But a trust cannot be without a board, so the team have been retained until they are either reappointed in this upcoming vote, or a new board is found. While above the historic average, less than 15pc of share capital was voted at the AGM. For the interests of all shareholders, this scenario must not drag out any longer. Whether investors wish to continue with the Maven board and the Aim Plus strategy, or to revert to the Amati management and the original investment strategy is for them to decide. But on August 13 when the vote arrives, this column hopes a decisive decision from a large turnout draws this argument to a close.
Libya Herald
a day ago
- Libya Herald
Trump Africa Advisor Boulos arrives in Tripoli – Aldabaiba offers several business incentives
Tripoli based Libyan Prime Minister, Abd Alhamid Aldabaiba, received President Donald Trump's Senior Adviser on African affairs Massad Boulos in Tripoli today. The Tripoli government reports that they discussed several common issues, including: Opportunities for US companies in energy, minerals, infrastructure, health & communications The meeting discussed opportunities for joint cooperation in the fields of energy, minerals, infrastructure, health, and communications, where the Prime Minister stressed the keenness of the Tripoli government to build economic partnerships with the United States, which open the way for major American companies to participate in development and investment projects. US$ 70 billion projects in energy, minerals, electricity, infrastructure and communications sectors The government team gave a detailed presentation of aspects of the Libyan economic strategic partnership, estimated at about $ 70 billion. Organised and direct entry for US investment in the Libyan market These include ready-made projects in the energy, minerals, electricity, infrastructure and communications sectors, allowing organised and direct entry for US investment in the Libyan market. New exploration and production oil plots on offer They also touched on developments in the oil sector, especially with regard to opportunities in new oil exploration and production plots, whether offshore or land, and efforts to enhance transparency and achieve sustainable returns within the framework of the stability of the energy sector. Strong condemnation of crimes, starvation and continuous aggression against Palestinians in Gaza The meeting touched on the developments of the Palestinian cause, where Aldabaiba expressed Libya's strong condemnation of the crimes, starvation and continuous aggression against the Palestinian people in Gaza, stressing the need to immediately stop the aggression, lift the siege, and spare civilians the scourge of war. Trump Administration supports for stabilisation of Libya For his part, Advisor Massad Boulos expressed the US administration's support for stabilisation efforts in Libya, stressing Washington's interest in continuing coordination and expanding areas of cooperation with the Tripoli government. Tags: US USA United States America
Libya Herald
a day ago
- Libya Herald
NOC loses judgment in a case in which it is not a party, but to appeal in final court of appeal
Libya's state National Oil Corporation (NOC) issued a Press Briefing today on the back of news that some of its assets abroad have been seized through a court ruling in a case in which it is not a party, but simply because this court deemed it not an independent entity but an extension of the Libyan state. The NOC said it is appealing the judgment in the final court of appeal. Here is the full statement: ''The National Oil Corporation (NOC) has followed up on the news circulated by some media pages on social media, a large part of which is correct, related to the cases of the precautionary seizure signed by some foreign companies on the funds and shares of the corporation in France, which obliged us to clarify the following: The NOC won three lawsuits, before the Paris Court of Appeal on March 13, 2025, all of which resulted in the cancellation of the precautionary reservations signed by three Swiss companies (Sysmed Travel, Jallouli Communications Group Easymedia, and Hopital de la Tour) with a total value of 35 million euros on the corporation's shares in the Mabrouk Company in France and some of its bank accounts, which were based on arbitration rulings issued in its favour by the International Chamber of Commerce in Paris against the Libyan state. On 10 November 2022, the Cypriot company Olin issued precautionary seizure orders on the funds of the National Oil Corporation with third parties in France, based on a final arbitration ruling issued in its favour against the Libyan state by the International Chamber of Commerce in Paris on 25/08/2018, which obliges the Libyan state to pay an amount of (24,373,175.70 euros), and the corporation demanded the cancellation of the seizure orders through a lawsuit it filed against Olin Company before the French judiciary, in which the Paris Court of Appeal ended on June 19, 2025 Issuing its judgment rejecting the NOC's request to cancel the seizure on the basis that the latter is considered an extension of the Libyan state, and that its funds do not enjoy any immunity from execution, even if it is not a party to the dispute between the Libyan state and Olin Company. Finally, the NOC has initiated the procedures of appealing the aforementioned judgment before the French Court of Cassation, in order to exhaust all levels of litigation to cancel the seizure of its assets, which is based on a judgment issued in a lawsuit in which the corporation was not a party.
