DRC: What the Central bank has to say about BIAC crisis

Jun 15, 2016

A complaint was lodged upon the last February audit report.

There has been a new twist in the case of the International Bank for Africa in Congo (BIAC): the Governor of the Central Bank of Congo (CBC) filed a complaint at the end of May and since then, precautionary measures have been taken to freeze banking accounts and assets of cited personalities, as well as their related companies.
The Central Bank, however, recognizes that (1) the former management has made efforts, though insufficient, to clean up the BIAC situation since it was put under surveillance in 2012; and that (2) the state is partly responsible, especially because of late payments of some of its administrations.
The governor of the CBC also acknowledged that if the government had not ordered to withdraw a refinancing line of 40 billion CFA francs to the BIAC, the third largest bank of the country would not have experienced such a liquidity crisis.
Michel Losembe, former head of the BIAC who denied any wrongdoing, said he’s confident in the justice of his country. He agreed that it was necessary to enlighten the public on the responsibilities to preserve the savers’ interest.ADNFCR-2976-ID-801820225-ADNFCR