The end of the investigation into the BIAC affair, in which Michel Losembe was involved, marks a new chapter for the former Managing Director. Indeed, his legal file was closed without action on April 12, 2023, thus rehabilitating the man who had always denied the embezzlement of which he was accused.
This court decision comes in a turbulent context for BIAC, the country’s third largest bank and one of the most influential in the DRC, which is currently being liquidated. The suspension of a refinancing line of 40 billion Congolese francs, had considerably affected the financial health of the bank and contributed to a crisis of confidence which triggered a rush of depositors.
Filers and BIAC employees, seeking justice since 2016, continue to await a fair resolution to their situation. The Congolese government has, however, pledged to reimburse depositors up to at least $121.5 million and to find a fair solution to this situation linked to the bank’s bankruptcy.
This case highlights the challenges faced by financial institutions in DR Congo and the need for good governance in the banking sector. Progress is needed to allow the Congolese to regain confidence in their banking system.
However, this case does not only have economic repercussions, it also has political consequences. It highlights the challenges of the fight against corruption and the need to strengthen the mechanisms for combating this scourge. The government must also take steps to resolve the liquidation of BIAC, while respecting the interests of depositors and employees.
In short, the end of the investigation into the BIAC affair is an important decision for Michel Losembe, who can finally envisage a future without the shadow of suspicion hanging over his head. However, this case is a reminder of the need to strengthen the governance and transparency of financial institutions and anti-corruption mechanisms in the DRC.