No Result
View All Result
Saturday, July 12, 2025
23 °c
Tripoli
24 ° Sat
24 ° Sun
  • Advertising
  • Contact
LibyaHerald
  • Home
  • Libya
  • Business
  • Opinion
  • Magazine
  • Advertising
  • Login
  • Register
SUBSCRIBE
  • Home
  • Libya
  • Business
  • Opinion
  • Magazine
  • Advertising
  • Login
  • Register
No Result
View All Result
LibyaHerald
No Result
View All Result
Home Libya

40 containers in US$ 8 million LC fraud discovered at Benghazi port

bySami Zaptia
November 27, 2017
Reading Time: 1 min read
A A
40 containers in US$ 8 million LC fraud discovered at Benghazi port

40 containers were discovered at Benghazi port with underpriced goods as part of an LC fraud (LANA).

By Sami Zaptia.

40 containers were discovered at Benghazi port with underpriced goods as part of an LC fraud (LANA).
40 containers were discovered at Benghazi port with underpriced goods as part of an LC fraud (LANA).

London, 27 November 2017:

Authorities at Benghazi port announced that they had discovered 40 containers last week loaded with underpriced imported goods as part of a US$ 8 million Letter of Credit fraud scam. The authorities did not name the company but said it had been referred for further investigation and legal action.

The discovery continues a trend since the 2011 revolution that toppled the Qaddafi regime and dismembered the Libyan state apparatus. The authorities said that the containers were supposed to be full of sugar but instead contained bricks, bottled water, and a sample quantity of lentils and canned tomato paste.

With the weakness of state security, monitoring and enforcement agencies and with the black market price of hard currency shooting through the roof – at about seven times its official rate, the LC financial fraud scam has become common.

RELATED POSTS

All imports into Libya must be paid for through official bank transactions

CBL opened all US$ 6.5 bn LC requests for import of Ramadan food products – no justification for shortages or price rises!

Insiders told Libya Herald that many companies are being set up overnight, in conspiracy with corrupt bank employees, for one-off hit-and-run transactions. The Serraj-led GNA has set up a committee that is supposed to vet companies applying for LCs, however, fraudsters are still beating the system.

The failure to import adequate quantities of essential goods such as sugar have led to prices rocketing at a time when Libyan consumer’s purchasing power is diminishing. Libya is also running budget and balance of trade deficits and is making up the revenue shortfall by fast exhausting its hard currency reserves.

 

https://www.libyaherald.com/2016/05/10/more-khoms-port-containers-seized-in-lc-financial-corruption/

https://www.libyaherald.com/2016/04/23/foreign-currency-fraud-could-lead-to-collapse-of-libyan-economy/

 

 

 

 

 

 

Tags: Benghazi Portcorruption fraudfeaturedLCs letters of credit

Related Posts

Attorney General orders arrests at Jumhouria bank branch for embezzlement
Libya

Attorney General provides update on investigation of incidents resulting from Tripoli 2025 armed clashes and demonstrations

July 11, 2025
GNU to take oath at Benghazi HoR session and budget to be approved at Tripoli session: GNU
Libya

Aldabaiba seeking long term partnership not interim solutions on combatting irregular migration

July 10, 2025
Acting Interior Minister Trabelsi taking steps to counter forged ID numbers and passports
Libya

There are 4 million irregular migrants in Libya: Interior Minister Trabelsi

July 10, 2025
GNU to take oath at Benghazi HoR session and budget to be approved at Tripoli session: GNU
Libya

Aldabaiba: Militias have become criminal gangs and a state within the state

July 9, 2025
Libya Herald exclusive: Responding to the prime minister’s call yesterday to the private sector and banks to do more, leading businessman Husni Bey responds
Business

Op-Ed: Reputational Damage Is Worse Than Losing Money

July 2, 2025
Libyan Russian Economic Forum starts in St. Petersburg
Libya

Libyan Russian Economic Forum starts in St. Petersburg

June 27, 2025
Next Post
AU offers help to stop abuse of migrants in Libya

AU offers help to stop abuse of migrants in Libya

NOC lauds brave firemen who beat dangerous oilfield blaze

NOC lauds brave firemen who beat dangerous oilfield blaze

ADVERTISEMENT

Top Stories

  • Benghazi port receives 398 containers of mixed goods, 25,000 tons of wheat, 28,500 tons of barley and 6,000 tons of cement

    All imports into Libya must be paid for through official bank transactions

    0 shares
    Share 0 Tweet 0
  • BP to reopen office in Libya, Shell discusses prospects for cooperation in oil field development‎

    0 shares
    Share 0 Tweet 0
  • Libya Development and Reconstruction Fund signs contract with Turkey’s Ankamenia for maintenance of Benghazi University’s medical colleges

    0 shares
    Share 0 Tweet 0
  • Libyan olive oils win gold at Anatolian, Berlin and Japan 2025 international olive oil competitions

    0 shares
    Share 0 Tweet 0
  • Op-Ed: Reputational Damage Is Worse Than Losing Money

    0 shares
    Share 0 Tweet 0
ADVERTISEMENT
LibyaHerald

The Libya Herald first appeared on 17 February 2012 – the first anniversary of the Libyan Revolution. Since then, it has become a favourite go-to source on news about Libya, for many in Libya and around the world, regularly attracting millions of hits.

Recent News

CBL workshop on ‎”The Role of the Banking Sector in Revitalising Stalled Housing Projects and Urban Development”‎ to be held in Tripoli on 13 July

Attorney General provides update on investigation of incidents resulting from Tripoli 2025 armed clashes and demonstrations

Sitemap

  • Why subscribe?
  • Terms & Conditions
  • FAQs
  • Copyright & Intellectual Property Rights
  • Subscribe now

Newsletters

    Be the first to know latest important news & events directly to your inbox.

    Sending ...

    By signing up, I agree to our TOS and Privacy Policy.

    © 2022 LibyaHerald - Powered by Sparx Solutions.

    Welcome Back!

    Login to your account below

    Forgotten Password? Sign Up

    Create New Account!

    Fill the forms below to register

    *By registering into our website, you agree to the Terms & Conditions and Privacy Policy.
    All fields are required. Log In

    Retrieve your password

    Please enter your username or email address to reset your password.

    Log In
    No Result
    View All Result
    • Login
    • Sign Up
    • Libya
    • Business
    • Advertising
    • About us
    • BusinessEye Magazine
    • Letters
    • Features
    • Why subscribe?
    • FAQs
    • Contact

    © 2022 LibyaHerald - Powered by Sparx Solutions.

    This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.