Tag Archives | Corruption

Italy Breaks Up Libyan Fuel Smuggling Ring

By John Lee. Italian authorities have reportedly broken up a mafia-related Libyan fuel-smuggling ring, in which at least 30 million euros of diesel was sold around Europe. According to the report from Reuters, the fuel had been stolen from National Oil Corporation (NOC) at refinery in Zawiya, transferred to a larger ship off the coast […]

PM Serraj calls for Elections in March

By John Lee. In a major speech setting out his vision for Libya, the head of Libya’s Presidency Council, Fayez Al-Sarraj [Faiez Serraj] has called for parliamentary and presidential elections in March 2018. In what has been described as a road map to unify the country, the leader of the Government of National Accord (GNA) […]

UK Investigator Seeks Libya Files From SocGen

By John Lee. The UK’s Serious Fraud Office (SFO) has reportedly sought documents from Societe Generale (SocGen) regarding its relationship with the Libyan Investment Authority (LIA). Last week, the French banking giant agreed to pay 963 million euros ($1.1 billion) as part of the agreement between the two companies to resolve all matters between them concerning […]

Rada arrests Mellitah Execs in Fraud Probe

Libya Herald reports that four senior executives from Mellitah Oil and Gas have been detained in Tripoli over an alleged fraud involving the new $425-million GAZA Floating, Storage, Offloading Marine Terminal (FSO) (pictured) at Bouri Offshore Field. They were detained by the Rada Deterrence Force, which alleges that they abused their authority and wasted public […]

LIA Corruption: Och-Ziff to Pay $400m Penalty

Hedge fund Och-Ziff Capital Management Group has agreed to pay a criminal penalty of more than $213 million to the United States Dept of Justce, in connection with a widespread scheme involving the bribery of officials in the Democratic Republic of Congo (DRC) and Libya. It will pay an additional $199 million to the Securities […]

Libya warns Foreigners on Car Number Plates

By John Lee. At a time when Libya faces threats from kidnapping, terrorism, corruption and violent crime, its security services have chosen to focus their attention on the problem of foreigners driving cars with registration plates of the wrong colour. Libya Herald says Tripoli’s Security Directorate has warned foreigners living in Tripoli not to drive […]

Businessman told to Disclose more Records

A Libyan businessman has been ordered by the British High Court to disclose additional phone and banking records in relation to the case in which the Libyan Investment Authority (LIA) is pursuing French bank Societe Generale (SocGen) for some $2.1 billion relating to a series of disputed trades. According to Reuters, the LIA claims that SocGen […]

New Allegations of Corruption in the Libyan Oil Industry

By John Lee. An investigation by Fairfax Media — publisher of The Age and The Sydney Morning Herald newspapers — and The Huffington Post, claims that Monaco-based Unaoil has been involved in widespread bribery and corruption in the oil industry, including in Iraq, Iran and Libya. Following examination of tens of thousands of emails, the report says that Unaoil […]