Libya’s central bank is suing Zimbabwe’s finance minister and national oil company for more than $100 million, the latest development in a spiraling debt crisis that’s bedeviled the southern African nation for a quarter of a century.
The claim was filed in November in a UK High Court dealing with commercial issues by Libyan Foreign Bank, a unit of the Central Bank of Libya known as LFB, over loans taken out against a 2001 credit facility that Zimbabwe has allegedly failed to honor, court documents show. Justice Richard Jacobs has given the Zimbabwean defendants until the end of this month to file a defense.