ANNOUNCEMENT 17 Feb 2011In February 2011, the government of the Ivory CoastCĂ´te d'Ivoire announced altered domestic business conditions for foreign investors.
NUMBER OF INTERVENTIONS
Business Week. (18 February 2011). Ivory Coast's Gbagbo Seizes 4 International Banks. Available at http://www.businessweek.com/ap/financialnews/D9LF3DU80.htm
Reuters. (17 February 2011). Ivory Coast's Gbagbo vows to nationalize banks. Available at http://www.reuters.com/article/2011/02/17/us-ivorycoast-idUSTRE71G67A20110217
Washington Post. (18 February 2011). Ivory Coast's Gbagbo seizes 4 international banks. Available at http://www.washingtonpost.com/wp-dyn/content/article/2011/02/18/AR2011021801535.html
According to numerous and consistent reports, the government of Laurent Gbagbo nationalized four banks as of 17 February 2011. The government justified its action on the grounds of unlawful closure of the nationalized institutes. According to Ivorian law, banks must announce holidays three months in advance. A period which the four banks are accused to have missed.
The four institutes are the Ivorian subsidiaries Citigroup, BNP Paribas, Societé Generale and Standard Chartered.