STB initiates action to lift ABCI Investment’s precautionary foreclosure on TFBank assets in Paris
07/09/2019 16:26, TUNIS/Tunisia

(TAP) - STB BANK has announced that it has "challenged the improper and unfounded procedure of precautionary foreclosure" by ABCI Investment on the assets of the Tunisian Foreign Bank (TFBank) in Paris and "initiated without any delay an action to lift it", the Financial Market Council (CMF) said in a statement Friday.

Reacting to the sudden twist in the arbitration between the ABCI Investment Group and the BFT (Franco-Tunisian Bank), STB BANK recalled that the arbitration process relating to this case will continue until at least 2021.

This trial stage only concerned the jurisdictional aspect of the World Bank’s International Center for Settlement of Investment Disputes (ICSID).

"This conflict is therefore, purely and simply, a conflict between the BFT and the ABCI Group and STB BANK is by no means a stakeholder in this conflict, "said the state-owned bank.

It affirmed that "the BFT is completely outside the consolidation scope of the financial statements of STB BANK, pursuant to the provisions of Law 2016-48, promulgated on

July 11, 2016 ".

"The precautionary foreclosure made last August 28 by ABCI Investment through a notary in Paris on TFBank (Tunisian Foreign Bank) has no legal basis in so far as ABCI does not have a judicial ruling against the STB BANK ".

State Litigation Officer Chedly Rahmani told TAP that the verdict of ICSID in the Tunisian State case against ABCI Investment regarding BFT is not final.

It is just a "precautionary preventive foreclosure on the assets of a Tunisian public bank, majority shareholder in the BFT.

The seizure will be subject to appeal from the lawyers of this same public bank," he pointed out.

The Tunisian state, which owns the BFT through the Tunisian Bank Corporation (STB) and BH Bank, is likely to pay the complaining party about $ 1 billion, or more than 2.5 billion dinars.

The ICSID has estimated that the Tunisian state is responsible in this case, which has been dragging on for almost 30 years.

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