The Houthi militia is accelerating the liquidation of assets belonging to the Yemeni Bank for Construction and Development (YBCD) in Sana'a, utilizing an administration it imposed on the bank's branch after seizing state institutions. These actions raise legal and financial concerns regarding the targeting of one of Yemen's most established financial institutions and threaten the rights of shareholders and depositors. These developments follow years after the bank's general administration relocated to the interim capital of Aden, subsequent to the militia's takeover of Sana'a. The group established a parallel administration lacking any legal standing, while maintaining the Sana'a branch as a de facto general administration. It has since progressively begun disposing of the bank's properties and assets. Information obtained indicates that the disposition of the bank's assets has intensified recently. This has included the sale of rare and historical currency collections, as well as weapons intended for the protection of the main headquarters and branches. Furthermore, over 35 safes, furniture from the bank's housing project, including residential furnishings, have been sold. Arrangements are also underway to sell two "Diana" vehicles, alongside plans to auction off land and real estate owned by the bank. These operations are reportedly overseen by a committee formed by the militia-appointed administration. This committee is headed by Hussein Fadl Harharah, who claims the position of Chairman of the Board, and includes Mohammed Qais, who assumes the role of General Manager. This administration is not recognized by the legitimate bank management in Aden, which asserts its sole legal authority to manage the institution and its assets. Banking specialists view these actions as exceeding mere control of bank branches, escalating to a systematic liquidation of fixed and movable assets. This poses a significant threat to the rights of shareholders and customers, and undermines confidence in the banking sector within Houthi-controlled areas. Legal experts emphasize that any disposition of the bank's assets by an illegitimate administration is legally void. This could lead to future legal proceedings against those involved in the sale or purchase of these assets, as they are considered property of an independent banking institution, not assets belonging to the entity controlling the capital. Economic observers warn that the continuation of these practices sends negative signals to investors and the private sector, reflecting an economic environment lacking legal protection for private property. This occurs at a time when the Yemeni economy is grappling with an unprecedented financial and banking division. The Yemeni Bank for Construction and Development is one of the oldest and largest national banks, possessing an extensive network of branches, assets, and real estate across various governorates. Since the relocation of its general administration to Aden, the Sana'a branch has remained under Houthi militia control. The militia imposed a parallel administration that continued to exercise its authority over the bank's assets within its controlled territories, before recently accelerating their sale. Legal and banking professionals are urging the Yemeni government and relevant judicial authorities to take immediate action to protect the remaining bank assets. They also call for engagement with the UN Security Council Panel of Experts and concerned international parties to document these practices, considering them an assault on a national banking institution and the rights of its shareholders. Accountability for all individuals involved in the disposition of its assets is also demanded. |
