Tag Archives | Corruption

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 […]

Libya Pays Risk Premium on Food Imports

Credit fears are causing Libya to have to pay extra for food imports, according to a report from Reuters. Companies contacted by the news agency could not cite concrete cases of default by Libyan importers, but rather unease that payment could be delayed, not least by cumbersome bureaucracy. Libya is a big importer of food, […]

Swiss Probe $139m SNC-Lavalin Laundering Case

According to Swiss public broadcaster RTS, prosecutors in Switzerland have formally indicted former SNC-Lavalin executive Riadh Ben Aissa on allegations he laundered vast sums of money tied to at least $139 million in mysterious payments by the company. Swiss investigators are said to be interested in a network of companies and accounts, and transfers that […]

SNC-Lavalin shareholders expected to grill execs about Libya connection at AGM

Shareholders of SNC-Lavalin Group Inc., Canada’s biggest engineering firm, are expected to use Thursday’s annual meeting in Toronto to grill executives about the Libyan corruption scandals that have knocked 28 per cent off the company’s market valuation this year. The scandals are centred on alleged secret funnelling of millions of dollars to the family of […]