Tag Archives | Audit Bureau

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 […]

Audit Bureau Exposes Forex Scams

The Libyan Audit Bureau has said that at least eleven companies are known to have fraudulently smuggled foreign currency abroad through fake import transactions. According to Libya Herald, the companies had opened Letters of Credit (LC) to import goods, based on the official exchange rate of $1 to 1.30 Libyan dinars, instead of the current […]

Progress Report on Reintegration of Former Revolutionaries

As the unity government talks continue towards a resolution, the Libyan Programme for Reintegration and Development (LPRD), formerly known as WAC (Warriors Affairs Commission), has released its ‘Progress Report’ demonstrating challenges and achievement in the reintegration of exFcombatants, including insights into financial management and offering a view of its future plans. In a timescale of […]

Officials Dismissed, to be Investigated

According to a report from Libya Herald, the cabinet of Prime Minister Abdullah Al-Thinni has dismissed the president of the Social Development Fund, Salem Buzeid Karkub, and the fund’s Director-General, Salah Mohammed Abdulla, both of whom have been referred to the Audit Bureau for investigation. Khaled Khalifa Taher is to succeed Mr Karkub as president […]

Qaddafi-era Contracts Grossly Overpriced

In its report for 2014, the Libyan Audit Bureau (LAB) has highlighted three major airport contracts as examples of overpriced projects undertaken during the Qaddafi era. An assessment by consultants Mott & Arup carried out for the Ministry of Finance discovered: Benghazi airport: contract overvalued by 128 percent; Tripoli airport (pictured): contract overvalued by 57 […]