Libyan Bank Official Arrested for Embezzlement

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Libyan Attorney General has ordered the detention of the Head of the Treasury Department of Al-Jumhuriya Bank; Al-Sabri branch, on charges of embezzling funds from customer accounts.

A statement issued by the Libyan Attorney General’s office said: “In response to the requirements of the public interest, the Public Prosecution is moving the criminal case against the person responsible for the treasury work of the Jumhouria Bank branch – Al-Sabri.”

The statement added that the Libyan prosecution’s Anti-Corruption division in Benghazi received a report from the bank manager. He had accused the Treasury Head of embezzling funds from customer accounts, and “the Prosecution investigated the accused, and found him guilty,” according to the statement.

“The accused embezzled a sum of 160,000 dinars, and distorted data from the treasury department to conceal the crime,” the statement explained.

“The treasury manager has been remanded in custody for six days, pending the case,” the statement concluded.

On 12 January, the Libyan Public Prosecution remanded six employees of the Jumhouria Bank-Zuwara branch, on charges of embezzling €600,000 euros from the bank.

The Public Prosecution Office said in a statement that “the prosecution conducted an investigation with the bank manager, the former manager, the head of the treasury department, and three employees of the bank.”

“The Public Prosecution Office of Al-Ajeilat has started investigating procedures with the accused in the case of embezzlement of a sum of €600,000 euros, which was deposited in the bank’s treasury. The prosecution proved the embezzlement of the amount, and substituting them with counterfeit banknotes,” the statement added.

“The current manager of the bank was charged with failing to report to the authorities. The former manager and four other employees were also charged with embezzlement,” it concluded.

The banking sector in war-torn Libya is institutionally divided, with two rival central banks in the east and west.

Libyan parties, as well as the international community, believe in the necessity of unifying the Central Bank of Libya (CBL). Promising steps have been taken regarding the unification, and its Governor, Siddiq Al-Kabir stated that it is expected to be unified in the coming months.