Tag Archives | Audit Bureau

Govt Spent $30bn on Fuel Subsidies

The Libyan Audit Bureau has stated that Libya has spent $30 billion in the last five years on fuel subsidies. The subsidies make Libyan fuel one of the cheapest in the world and helps fuel the illegal export of fuel abroad. The Bureau suggested that the subsidies, which have reduced since 2014 due to austerity […]

Will Libya Devalue its Dinar?

By Jason Pack for Al-Monitor. Any opinions expressed are those of the author, and do not necessarily reflect the views of Libya Business News. Nearly six years after the fall of Col. Moammar Gadhafi in 2011, the tally of political, social and security-related challenges facing Libya is considerable. International efforts to reconcile the deep political […]

Winer: No Oil Transactions Outside Legitimate Channels

Jonathan Winer, the US Department of State’s special envoy for Libya, has said called on the Government of National Accord (GNA), the Central Bank of Libya (CBL), the Audit Bureau, and the National Oil Corporation (NOC) to join together to stabilize and rebuild Libya’s economy. In written testimony prepared for a House panel hearing, he […]

Presidency Council discusses Heads of Public Institutions

By John Lee. Following the first meeting of Government of National Accord (GNA) cabinet on Wednesday, the Presidency Council met on Saturday, to discuss the appointment of deputy ministers and heads of public institutions such as the National Oil Corporation (NOC) and the Central Bank of Libya (CBL). Libya Herald reports that while there has […]

Audit Bureau Freezes 100 Bank Accounts

By John Lee. The Libya Herald reports that the Tripoli-based Audit Bureau has frozen the bank accounts of 38 companies and 62 individuals suspected of ‘’currency smuggling’’ and using ‘’fake official documents’’. In October, the Audit Bureau announced a freeze on 160 individual and company accounts, including some linked to the Husni Bey Group, but the […]

Audit Bureau Freezes Bank Accounts

The Tripoli-based Libyan Audit Bureau has frozen the bank accounts of 160 companies and individuals. According to a report from Libya Herald, they are accused of smuggling foreign currency, falsifying official documents and evading customs duties, and in addition to having their existing accounts frozen, they are prohibited from opening new bank accounts without the […]