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CBL denies paying severance to former FIBLL staff

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The Central Bank of Liberia (CBL) clarifies that due to the insolvent and illiquid condition of the former First International Bank Liberia Limited or FIBLL, it implemented a Banking Resolution called Purchased and Assumption (P&A) Agreement which involved the acquisition of assets and liabilities including most of the deposits of FBILL by GN Bank Liberia Limited as well as the retention of staff consistent with said agreement.

In a press statement signed by Executive Governor Nathaniel R. Patray, the CBL categorically denies allegation by some media institutions that it received money to make severance payment to former staff of the First International Bank Liberia Limited (FIBLL). See page 11 for full text of the CBL Press Statement.

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