Tag Archives | Corruption

$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 […]

Libyan prime minister to reshuffle corruption-tainted cabinet

Tripoli Libya’s interim prime minister plans to reshuffle his cabinet which has come under fire over corruption scandals and failure to consolidate the national army, a government spokesman said. Prime Minister Abdul Rahim Al Keeb “has reviewed the performance of certain ministries” and “will announce a cabinet reshuffle soon,” Nasser Al Manaa told journalists late […]

Libyan govt investigates fraud in payment of bonuses to ex-combatants

The Libyan government has set up a special commission to investigate cases of financial fraud within the army’s accounting department following bonuses paid to the revolutionary soldiers, called ‘the thowars’, who participated in the war against the regime of Mouammar Kadhafi. The decision followed persistent rumours circulating across Libya that there were widespread fraud and […]

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