Title: BIAC case: the legal file closed without further action for Michel Losembe
The BIAC case, which has been in the headlines in recent years in the DRC, has just resulted in a court decision on April 12, 2023. Michel Losembe, former Managing Director of the bank, saw his legal file dismissed by the Court of Cassation of the DRC. An outcome that puts an end to an investigation that lasted several years and that shook the Congolese financial world.
BIAC, the third largest bank in the DRC, has had a turbulent period since 2016. The bank had accused Michel Losembe and other leaders of financial embezzlement and violation of Congolese law relating to the activity and control of banking establishments. credit. Michel Losembe, who led BIAC from 2013 to 2016, had always denied these accusations.
After several years of investigation, the case has just found its outcome with the court decision in favor of Michel Losembe. This is seen as a real rehabilitation for the former managing director of the bank, who can now turn the page on this period of his career marked by suspicion.
However, this court decision raises other questions about the situation of BIAC itself. Indeed, the bank is currently in the process of being liquidated and is facing a crisis of confidence which has seen many of its depositors withdraw their funds. The Central Bank challenged the decision of the shareholders to liquidate the bank, which it considered to have been taken without the intervention of the provisional administration and the regulatory and banking supervisory authorities.
Although the court decision in favor of Michel Losembe allows him to look to the future, BIAC, for its part, must face several challenges so that its liquidation takes place in complete transparency and fairness, in particular for the depositors and the employees concerned.
In conclusion, the end of the investigation into the BIAC affair marks an important step for Michel Losembe, but the situation of the bank itself is far from being resolved. The evolution of this case remains to be followed in the coming months.