Tag Archives | Corruption

30 Applications to Head Central Bank

Libya Herald reports that 16 candidates have been nominated for the governorship of the Central Bank of Libya, with a further 14 nominated for the deputy governorship. Among those proposed as governor are Ali Tarhouni, the economy minister in the first post revolution administration led by Mahmoud Jebril under the National Transitional Council. A shortlist […]

Libya’s Pursuit of Lost Billions ‘in Limbo’

The head of the Libyan Investment Authority (LIA) has told the Financial Times that his efforts to recoup billions of dollars lost through sales of derivatives by Goldman Sachs and other financial institutions are now “in limbo” after the country’s prime minister moved to sack him last week. Mohsen Derregia, head of the sovereign wealth […]

LIA Cooperates With SEC on Goldman Probe

The Libyan Investment Authority (LIA), the country’s sovereign-wealth fund, is reportedly helping the US’s Securities and Exchange Commission’s bribery probe into Goldman Sachs. According to The Wall Street Journal, the fund is cooperating with the SEC on an investigation into whether Goldman violated American anti-corruption laws, after the fund lost 98 percent, or $1 billion, […]

Magarief Appeals to Libyan People

President Mohammed Magariaf [Magarief] (pictured) has said that the “first proof” of Libya not being safe is the foreign companies not wanting to come to the country. He added that it’s the responsibility of all the people, not just the government, to keep the country safe and secure. Bloomberg suggests that the choice of Benghazi […]

Deputy Minister Resigns Citing Corruption

Libya’s Deputy Minister of Culture has announced her resignation on Thursday, due to alleged corruption in the Ministry of Culture and Civil Society. In her letter of resignation addressed to the Prime Minister Ali Zidan, Ms. Awatif al-Tushani said “administrative and financial irregularities” within the ministry made her realize would not be able to continue […]

Libya takes Measures to Combat Corruption

Prime Minister Dr Ali Zidan [Zeidan] (pictured) has said that corruption is a disease that requires persistent treatment to eradicate it from society, but the government will undertake all necessary measures to do that. He told the government-owned TV channel, Libya Al-Wataniya, that a plan has already been implemented with the Audit Bureau to review […]

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$9bn Illicit Capital Outflow from Libya

Libya ranks in 54th place worldwide for the amount of money flowing out via crime, corruption and tax evasion over the past ten years, according to Global Financial Integrity (GFI), a Washington-based research and advocacy organization. Illicit outflows of cash averaged $902 million per year from 2001 to 2010. In 2010 alone, an estimated $2.1 […]

Libya Improves Transparency Ranking (Slightly)

Transparency International has said that Libya improved its position slightly in the global Corruption Perceptions Index (CPI). In the latest annual list, Libya moved up from position 168 to 160, out of 176 countries. This result puts it ahead of countries such as Zimbabwe, Iraq, and Somalia (which came last), and just behind Laos, the […]