The Attorney General’s Office announced today the detention, pending the case, of the former chairman, a former General Manager, and the Head of the Main Branch of the (private sector) Alejmaa Alarabi Bank.
The former bank officials are accused of the abuse of the job duties assigned to them and the abandonment of their duties in their reluctance to take measures to ensure that the bank retains funds whose value is not less than the total of its obligations due to be paid. They are also accused of a tendency to show data related to foreign exchange that is contrary to the truth.
Specifically, they are charged of:
- Deliberately granting LD 330 million as credit facilities despite the absence of the in-kind guarantees that guarantee their fulfilment.
- Their disposal of US$ 63 million.
- Their disposal of Euro 4 million in foreign currency deposited in the accounts of public entities.
- Deliberately selling US$ 500,000 deposited in the account of the Brega Oil Marketing Company in the parallel market.
- Disposing of US$ 62 million.
- Disposing of Euro 3 million deposited in the accounts of the General National Maritime Transport Company.
- Carrying out banking operations worth LD 799 million in violation of the rules and instructions governing bank clearing procedures.
- As a result, the bank was unable to pay two billion Libyan dinars, of which six hundred million Libyan dinars were payable to Libyana Mobile Phone Company.