The Attorney General’s Office announced Wednesday that the investigating authority has ordered the pretrial detention of two former General Managers and the official in charge of the Documentary Credits Department at Sahara Bank.
They are charged with collecting illegal material benefits that occurred within the Sahara Bank.
The investigator ascertained the intention of the aforementioned bank officials to enable thirteen companies to benefit from foreign exchange equivalent to LD 70 million by deliberately executing documentary credits in 2015 and beyond, for the benefit of companies not registered in the commercial registry.
These letters of credit for imports (‘‘fake LCs’’) did not supply the goods they pretended to, allowing the beneficiaries to sell the hard currency at inflated prices on the black market.
The investigator concluded by ordering the defendants to be detained pending the case.
CBL: LD 3 bn in FX smuggling, money laundering – accuses local banks of corruption (libyaherald.com)
Audit Bureau exposes foreign currency scams (libyaherald.com)
CBL introduces new stringent internal and external restrictions on opening of LCs (libyaherald.com)
Audit Bureau freezes 100 bank accounts suspected of abuse of public funds (libyaherald.com)
Audit Bureau names and suspends four bank managers for corruption (libyaherald.com)
CBL meets businesses regarding its new regulations for opening LCs (libyaherald.com)
Public Prosecutor’s Office issues arrest warrants for financial corruption (libyaherald.com)
