Title: Customs Officials and Bank Executives Detained for LD 1.2 Billion Letter of Credit Fraud in Libya
Customs Officials and Executives Detained
The Libyan Attorney General’s Office announced the detention of:
- Customs officials at Ras Jadair border crossing
- Executives from the Al-Yaqeen bank
They were taken into custody on charges of documentation fraud worth over LD 1.2 billion.
False Imports and Parallel Market Gains
Seventeen customs officers were detained, including:
- Head of Ras Jadair customs center
- Directors of Audit and Procedures Department
They are accused of forging customs documents to indicate false imports by seven commercial companies. In reality, no such imports took place:
- Deception enabled companies to gain roughly LD 91 million in foreign exchange
- Exchange was traded on the parallel market to collect revenues
Defective Credits at Al-Yaqeen Bank
Investigations revealed:
- Bank’s leadership facilitated economic wrongdoing for 49 companies
- Total value exceeded USD 20 million
- Defect in credit issuance: LD 1.2 billion issued outside standard system
Imprisonment Orders Issued
- Head of Ras Jadair customs center, directors detained
- Chairman, deputy, and 7 key personnel of Al-Yaqeen Bank arrested
They are responsible for managing compliance, banking operations, external operations, credit issuance, and review at the bank.