Exclusive: Documents Reveal Sahara Bank’s $1.6 Million Contract with Lebanese Company for Checkbook Supply

Exclusive sources have disclosed to our source that Sahara Bank has signed a contract with a Lebanese company to supply checkbooks worth $1.6 million through a bank transfer.

The contract was formalized on Wednesday, January 22, 2025, in Tripoli between Sahara Bank, a Libyan joint-stock company headquartered on Jakarta Street, Tripoli—represented by its General Manager Hussein Al-Shaqrouni—and INKRIPT SECURITIES SAL, based in Bchamoun, Lebanon, represented by its legal representative Riad Aytani.

Under the agreement, the bank sought to procure banking check papers. The technical and financial proposal submitted by the company’s legal representative on December 4, 2024, met the required specifications and conditions and was approved by the bank’s management. The award was made based on an official assignment letter from Sahara Bank’s administration.

The agreement stipulates that all preliminary documents, the technical and financial proposals, and the bank’s assignment letter are integral parts of the contract. The Lebanese company is to supply banking check papers (individual, corporate, and certified checks) in compliance with the Central Bank of Libya’s specifications and Sahara Bank’s technical requirements. The checkbooks will be delivered to the bank’s warehouses as per the agreed-upon terms. The company has confirmed its full understanding of all contractual documents and appendices, agreeing to execute the contract accordingly.

The total contract value of $1.6 million covers supply and delivery to the bank’s warehouses. The price is fixed and includes all costs, expenses, taxes, and fees incurred by the company in fulfilling the contract. The company is not entitled to demand price increases for any reason, including market fluctuations, currency volatility, rising living costs, changes in minimum wages, or new tax regulations in Libya or abroad.

The contract also includes provisions for force majeure. If unforeseen, uncontrollable circumstances arise that render execution impossible for a prolonged period, the second party may request to postpone or terminate the contract amicably. If such conditions are verified, the first party may agree to a postponement or termination, provided that all funds received by the second party are fully refunded without any deductions related to execution expenses. The second party is also required to pay applicable taxes under Libyan tax laws and regulations.

Furthermore, the contract is governed by Libyan laws and regulations. Any disputes will fall under the jurisdiction of Libyan courts, and ongoing legal proceedings will not affect the execution of the contract or the rights and obligations of either party until a final, enforceable court ruling is issued.