Tribunal Judiciaire Paris: Confirms Cameroun Saisie Avoirs France Affaire Garoubé

• A French court on October 5, 2026, rejected Cameroon's attempts to annul an asset seizure, confirming an attachment order for 17.8 million euros.
• The `saisie-attribution` targets Cameroonian state funds held at the BEAC in France, stemming from the long-running `affaire Garoubé`.
• This decision by the Paris Judicial Court effectively lifts Cameroon's sovereign immunity from execution, setting a significant legal precedent.
• The underlying debt originated from Cameroon's unilateral termination of an agro-pastoral project and an arbitral condemnation by the CCI in 2021.
• The ruling increases the risk of further forced execution and cascading seizures of Cameroonian assets abroad by other creditors.

By confirming the seizure of state funds, French tribunals have effectively lifted the `immunité d'exécution Cameroun levée` that previously shielded the country's sovereign accounts.

On October 5, 2026, the Execution Judge of the Paris Judicial Court issued a significant ruling, rejecting the Republic of Cameroon's applications to annul a `saisie-attribution` (attachment order) targeting its assets in France. This decision confirms the seizure of 17.8 million euros, equivalent to 11.7 billion FCFA, in a long-running financial dispute known as the `affaire Garoubé`.

The ruling by the `Tribunal judiciaire Paris saisie Cameroun` specifically upheld the attachment of funds held by the Cameroonian state at the Bank of Central African States (BEAC). This action was initiated by CFS 37 Funding LP, a fund actively pursuing the recovery of an arbitral debt. The confirmation of this `saisie-attribution BEAC Cameroun France` exposes the Cameroonian state to further `exécution forcée avoirs souverains` and potential cascading seizures of its assets in various international jurisdictions.

The root of this protracted legal battle, often referred to as the `affaire Garoubé`, traces back approximately two decades to an agro-pastoral project in Garoubé, located in Cameroon's Northern region. A pension fund based in the Cayman Islands had invested substantially in this venture. However, the Cameroonian state unilaterally decided to terminate the contract, leading to the initial dispute.

This termination ultimately resulted in a `dette arbitrale CCI Cameroun`. The International Chamber of Commerce (CCI) issued an arbitral condemnation against Cameroon in 2021. Since then, `CFS 37 Funding LP Cameroun` has been actively engaged in recovery actions to enforce this judgment, culminating in the recent French court decision.

The French court's decision is considered historic and unprecedented, carrying substantial legal ramifications. By confirming the seizure of state funds, French tribunals have effectively lifted the `immunité d'exécution Cameroun levée` that previously shielded the country's sovereign accounts. This marks a critical shift in the legal landscape concerning the `Cameroun saisie avoirs France affaire Garoubé`.

This ruling establishes what is being described as dangerous jurisprudence, potentially paving the way for other creditors to pursue similar `exécution forcée avoirs souverains` against Cameroonian assets held abroad. Notably, Cameroon maintains significant foreign currency reserves in France, managed through the BEAC and via the French Treasury at the Banque de France, making these assets particularly vulnerable to such enforcement actions.

The confirmation of this `saisie-attribution` significantly heightens the risk of `saisies en cascade` for Cameroon's assets in foreign territories. The state now faces an increased threat of forced execution actions as other creditors may be emboldened to pursue similar legal avenues to recover outstanding debts.

This development is particularly alarming given that Cameroon is currently contending with numerous other substantial international condemnations. The precedent set by the `immunité d'exécution Cameroun levée` in France could exacerbate the financial pressures on the nation, making its sovereign assets abroad more susceptible to seizure by various claimants.

This decision sets a precedent by lifting sovereign immunity for Cameroon's assets in France, signaling increased risk of forced execution and cascading seizures for the state. Lawyers advising creditors with claims against Cameroon or other sovereign entities should assess the viability of pursuing similar enforcement actions, while compliance officers in financial institutions should monitor for increased exposure to asset freezes or seizures involving Cameroonian state funds.

Source: Original reporting via Actu Cameroun