Cameroonian millionaire and founder of the Commercial Bank Guinea Ecuatorial (CBGE), Yves-Michel Fotso, has lost a bid to retain control of a B777-200(LR) seized from Equatoguinean carrier CEIBA Intercontinental (C2, Malabo) in late July. The aircraft - 3C-MAB (msn 60116) - was undergoing a VIP refitment at Basel/Mulhouse/Freiburg, CH with Amac Aerospace Switzerland when it was impounded.

CBGE's dispute with Equatorial Guinea goes back to 2002 when the country's government refused to licence the bank to trade in violation of an existing agreement. CBGE subsequently took the matter to an Ivorian court as well as a regional arbitration committee which, in May 2007, awarded the bank nearly EUR70 million (USD77 million) as compensation for damages incurred as a result of lost investments. While the two sides did eventually reach a revised EUR30 million settlement figure, Malabo's dalliance in paying CBGE the debt led to the Cameroonians reinstating their original claim and the aircraft's seizure in July.

However, according to documents seen by the AFP, a court in Mulhouse, France last month ruled that CBGE had not adequately proven the Equatorial Guinean government's ownership of the airline and therefore CEIBA could not be held responsible for its debts. As result, the original order was lifted with the aircraft now free to return to Central Africa.