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Home Libya

Former Renewable Energy Authority and National Commercial bank officials detained for €81 million contract fraud

bySami Zaptia
May 17, 2024
Reading Time: 1 min read
A A
Attorney General orders arrests at Jumhouria bank branch for embezzlement

(Logo: Libya's Attorney General)

The Attorney General’ Office announced Thursday (16 May) that the Public Prosecutor has ordered the detention of a former Chairman of the Renewable Energy Authority of Libya (REAoL), his predecessor, REAoL’s Financial Controller, a former Director of the main branch of the National Commercial Bank and the Documentary Credits Officer in the branch.

The accused were detained in connection with the incident of collecting illegal material benefits carried out inside the main branch of the National Commercial Bank.

The defendants executed a documentary credit worth €81 million, despite the absence of the implementation tool for the contracted wind turbine components. LD 8 million were spent in exchange for work that was not completed by the implementation tool.

The project was to construct wind turbines designed to produce electrical energy in the city of Derna.

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Tags: AG Attorney General PPO Public Prosecutors Officebribery fraud corruption embezzlement negligencecontract projectNCB National Commercial BankREAOL Renewable Energy Authority of Libya

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Detention of a former chairman of Libya Telecom & Technology Company for LD 20 million misappropriation

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