Tag Archives | Corruption

France Launches Probe into Total Contract

French judges have reportedly opened a corruption probe into French oil group Total‘s activities in Libya during the Gaddafi regime. According to Expatica France, a September 2009 payment of $9.8 million that Total made to the Liechtenstein-based North Global Oil and Gas Company (NGOC) was a first downpayment on what was planned as a much bigger […]

Libya Falls Sharply in Corruption Perceptions Index

Transparency International has said that Libya has fallen 12 places in its global Corruption Perceptions Index (CPI). From at total of 177 countries, Libya came in at number 172, putting it in 6th-last position. This result puts it ahead of countries such as Sudan, South Sudan, and Somalia (which came last), and just behind Iraq, […]

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 […]