A new research paper from the Berlin-based Stiftung Wissenschaft und Politik (SWP) says that a handful of local militias have gradually brought much of Tripoli under their control growing into criminal networks straddling business, politics, and the administration. Author Wolfram Lacher (pictured) adds that the pillaging of state funds now benefits a narrower group than at […]
Tag Archives | Fraud
Tags: featured, Fraud, Germany, letters of credit (LC), militias, protection rackets, Stiftung Wissenschaft und Politik (SWP), Tripoli, Wolfram Lacher
UK Investigator Seeks Libya Files From SocGen
By John Lee. The UK’s Serious Fraud Office (SFO) has reportedly sought documents from Societe Generale (SocGen) regarding its relationship with the Libyan Investment Authority (LIA). Last week, the French banking giant agreed to pay 963 million euros ($1.1 billion) as part of the agreement between the two companies to resolve all matters between them concerning […]
Tags: Corruption, featured, Fraud, Libyan Investment Authority (LIA), Serious Fraud Office (SFO), SocGen, Societe Generale, United Kingdom, United States
Rada arrests Mellitah Execs in Fraud Probe
Libya Herald reports that four senior executives from Mellitah Oil and Gas have been detained in Tripoli over an alleged fraud involving the new $425-million GAZA Floating, Storage, Offloading Marine Terminal (FSO) (pictured) at Bouri Offshore Field. They were detained by the Rada Deterrence Force, which alleges that they abused their authority and wasted public […]
Tags: Bouri, Corruption, featured, Fraud, Gaza, GAZA Floating Storage Offloading Marine Terminal (FSO), Mellitah, RADA Special Deterrence Force
Audit Bureau bans Companies, Freezes Bank Accounts
By John Lee. The Tripoli-based Libyan Audit Bureau has reportedly banned 10 Libyan and 13 foreign companies from dealing with Libya, and has frozen the accounts of companies to the value of Euro 37 million and $12 million. The move relates to money smuggling, facilitated by opening Letters of Credit (LCs) in favour of foreign […]
Tags: Al-Dahra General Trading, Al-Fajr Company International Trading, Almasar Aljadeed General Trading, Atlantic and Pacific for International Trading, Audit Bureau, China, Delta Company, Dubai, Equitrade Ltd, featured, FLNCO General Trading, Fraud, GSB Alliances SA, Hong Kong, letters of credit (LC), Malta, Monami Overseas Ltd, Ohio Building Materials, Rakan Limited, Rona Chena Heavy Industrial Equibment Co Ltd, Sharjah, smuggling, Switzerland, Tunisia, United Arab Emirates (UAE), Victoria Sea General Trading
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 […]
Tags: Audit Bureau, Fraud
Tobruk “KFC” a Fraud
Libya Herald reports that KFC is threatening to sue the owners of a fast food outlet in Tobruk which is falsely claiming to be an official franchise. A spokesman for the US-based Yum Brands, which owns the KFC brand, told the news agency: “We are shocked with the news that a KFC outlet has opened […]
Lawyer Pleads Guilty to Libyan Fraud
A US lawyer has pleaded guilty to one count of wire fraud in relation to a project in Libya. Timothy Oliver used the ruse of a land development project in Libya to embezzle $500,000 from a Mexican construction company, ARS Tectonica. Minneapolis Star Tribune reports that Oliver devised an elaborate hoax to convince the company that […]