No Result
View All Result
Monday, October 2, 2023
24 °c
Tripoli
24 ° Tue
24 ° Wed
24 ° Thu
24 ° Fri
  • 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 Business

Tripoli Chamber rejects Finance Minister’s defence of ECTN system

bySami Zaptia
February 26, 2021
Reading Time: 2 mins read
A A
12
SHARES
50
VIEWS
Share on FacebookShare on Twitter

By Sami Zaptia.

Tripoli Chamber of Commerce has rejected the Finance Minister’s justification for introducing the ECTN system (Photo: ECTN.com).

London, 26 February 2021:

The Tripoli Chamber of Commerce, Industry and Agriculture rejected the explanations and justifications by Acing Finance Minister, Faraj Bumtari, for introducing the Electronic Cargo Tracking Note (ECTN) system.

The Minister [restrict paid=”true”] had been defending his decision on a live Libyan TV programme on Wednesday night. It came in reaction to a demonstration held opposite Tripoli Port by chambers, customs clearers, shipping agents and small businesses.

The main defence by the Minister of the system was that it prevented corruption and the waste of Libya’s fast depleting hard currency by fraudulent import transactions whereby undervalued goods were imported to transfer hard currency abroad.

RELATED POSTS

Tripoli Chamber to lead delegation to Morocco – 28 May to 1 June

Tripoli Chamber to lead multi-sector delegation to Germany in May

 

The Audit Bureau has made some revelations about the 40-container hard currency LC fraud case of 2017 (Photo: Audit Bureau).

His response to the questionable process by which the contract was awarded to a Turkish company and the excessive prices it is charging Libyan importers, was deemed weak by the Chamber. [/restrict]

 

40 containers were discovered at Benghazi port with underpriced goods as part of an LC fraud in 2017 (LANA).

 

Some of the LC fraud containers seized by Khoms police in 2016 were empty (Source: Khoms police Counter Crime Unit).

 

It will be recalled that the demonstrators complained that the real stakeholders were not consulted on the introduction of the ECTN system.

They stressed that it will hurt the poorer people in society most, increasing prices by anything from 15-25 percent and that its introduction has led to the blockage of goods in ports accruing fines to be paid in hard currency.

The demonstrators had announced five demands:

  • Stop the ECTN system immediately.
  • Release all goods currently blocked in Libyan ports.
  • The Ministry of Finance (the parent of the Customs Authority) must bear the port charges incurred due to ECTN delay.
  • A local system should be introduced to replace ECTN.
  • The government has 5 days to agree to these demands or there will be a strike by stakeholders.

 

Its unclear now whether the Chamber will indeed go ahead with its threatened strike.

 

Audit Bureau to review Libya’s ECTN contract with Turkey’s SCK – committee formed to make proposals | (libyaherald.com)

Demonstration in front of Tripoli port against ECTN – demonstrators give government a week to meet their 5 demands or they will go on strike | (libyaherald.com)

Call by Chambers of Commerce and Shipping to postpone or cancel use of ECTN | (libyaherald.com)

Electronic Cargo Tracking (ECTN) of shipments to be activated in Libya | (libyaherald.com)

Electronic Tracking system for imported goods goes into operation | (libyaherald.com)

Audit Bureau refers those behind 40 empty container hard currency fraud case | (libyaherald.com)

40 containers in US$ 8 million LC fraud discovered at Benghazi port | (libyaherald.com)

More Khoms Port containers seized in LC financial corruption | (libyaherald.com)

 

 

 

 
Tags: Acting Minister of Finance Faraj BumtariECTN Electronic Cargo Tracking Note ECTNfeaturedTCCI Tripoli Chamber of Commerce and Industry
Share5Tweet3Share1

Related Posts

Libyan Airports Authority head visits London International Security Exhibition
Business

Libyan Airports Authority head visits London International Security Exhibition

October 1, 2023
On the day of first direct Tripoli to Rome flight, MoU signed between Libyan Civil Aviation and its Italian counterpart
Business

On the day of first direct Tripoli to Rome flight, MoU signed between Libyan Civil Aviation and its Italian counterpart

October 1, 2023
Italian jewellery show: Tripoli Old City 1 to 14 October
Business

Italian jewellery show: Tripoli Old City 1 to 14 October

October 1, 2023
As U.S. calls for unified east-west Libyan effort, eastern Libyan government postpones Derna reconstruction conference to November
Business

As U.S. calls for unified east-west Libyan effort, eastern Libyan government postpones Derna reconstruction conference to November

October 1, 2023
Qatar Civil Aviation to conduct Libyan airports inspection in October, signs MoU with Libyan counterpart
Business

Qatar Civil Aviation to conduct Libyan airports inspection in October, signs MoU with Libyan counterpart

September 29, 2023
Facilities Security Authority meets Russian and Italian ambassadors – discusses training and provision of security to returning companies
Business

Facilities Security Authority meets Russian and Italian ambassadors – discusses training and provision of security to returning companies

September 28, 2023
Next Post
Misrata Free Zone expanding cold storage site to hold 270 containers 

Misrata Free Zone expanding cold storage site to hold 270 containers 

ESDF polyethylene pipes factory line reopened

ESDF polyethylene pipes factory line reopened

 

Advertise on LibyaHerald

Reach thousands of our site visitors daily

240 x 400px

Advertise Here
ADVERTISEMENT

Top Stories

  • Direct flights from Tripoli to Rome to resume on Saturday

    Direct flights from Tripoli to Rome to resume on Saturday

    87 shares
    Share 37 Tweet 21
  • Internal Security arrests NOC Chairman’s Office Manager for corruption in supply of medicines for Derna and its environs

    64 shares
    Share 26 Tweet 16
  • Qatar Civil Aviation to conduct Libyan airports inspection in October, signs MoU with Libyan counterpart

    50 shares
    Share 20 Tweet 13
  • Italian Cabinet gives green light for a state of emergency to intervene in Libya, allocates € 5 million

    49 shares
    Share 20 Tweet 12
  • Tripoli Minister of Health meets Russian ambassador, discusses localisation of healthcare

    65 shares
    Share 43 Tweet 9
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

Libyan Airports Authority head visits London International Security Exhibition

On the day of first direct Tripoli to Rome flight, MoU signed between Libyan Civil Aviation and its Italian counterpart

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.

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

    © 2022 LibyaHerald - Powered by Sparx Solutions.

    Welcome Back!

    Sign In with Facebook
    Sign In with Linked In
    OR

    Login to your account below

    Forgotten Password? Sign Up

    Create New Account!

    Sign Up with Facebook
    Sign Up with Linked In
    OR

    Fill the forms bellow 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
    This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
    Are you sure want to unlock this post?
    Unlock left : 0
    Are you sure want to cancel subscription?