Libya’s state National Oil Corporation (NOC) denied yesterday the news circulating on social media that its entry into a debt settlement with the Swiss fuel supplying company, LITASCO, was made without the review and approval by the Audit Bureau and the Case Management department.
The debt was for the supply of fuel by the Swiss company to the NOC and the debt conflict came about after the NOC withheld/delayed the payment of monies owed to LITASCO. LITASCO threatened to take legal action to recover its debt.
The NOC had delayed payment for the alleged supply of sub-standard fuel by the Swiss company.
The NOC noted that this settlement avoided it having to accrue heavy financial losses, which would have been judicially binding, and the possibility of exposing some of its assets abroad to the risk of seizure.
The NOC said it reserves its right to file a lawsuit against the Swiss company in the event that the investigations conducted by the Audit Bureau prove that it supplied fuel shipments contrary to the agreed specifications.
NOC warns against fake news
The NOC warned the media, bloggers and social networking pages of the consequences of publishing or transmitting any news related to it, without verifying its authenticity and accuracy of credibility. It said they should avoid falling into the suspicion of committing the crime of defamation, distortion and spreading sedition, which is punishable by Libyan law, which it will resort to in such cases.
