On Saturday, Libya’s Attorney General, Al-Siddiq Al-Sour, announced the recovery of more than 70.5 million Libyan dinars in a corruption case involving the National Commercial Bank.
Investigations by the Attorney General’s office uncovered evidence of illicit gains originating from banking transactions processed within the National Commercial Bank.
The investigation specifically highlighted the questionable conduct of former officials linked to the Credit Facilities Management Committees. These officials were found to have granted credit facilities to 84 entities in violation of the regulations and safeguards associated with monetary disbursements and the sufficiency of collateral ensuring repayments, as per the Attorney General’s statement.
The investigation led to a series of preventative actions designed to guarantee compliance, inhibit the mismanagement of funds, and recoup benefits obtained contrary to existing legislation. These actions have resulted in the recovery of a substantial amount, totaling 70,573,720 Libyan dinars.
This latest case emphasises the Libyan government’s steadfast commitment to combating corruption and bolstering transparency in its financial and banking sectors.
Al-Sour is leading a campaign against corruption in the Libyan state institutions. Dozens of officials and diplomats were arrested in connection with embezzlement, corruption, and abuse of power. Libyan banking officials were also arrested over embezzlement charges.
Libya has been grappling with political instability and a lack of effective governance since the fall of the Gaddafi regime. This situation has created an environment where corruption can thrive. Various entities, including banking institutions, have been implicated in numerous corruption scandals, which have further eroded trust in the country’s institutions.
The case at the National Commercial Bank involving illicit gains from banking operations highlights these ongoing challenges. The reported violation of rules and controls by former officials of the Credit Facilities Management Committees underscores the need for increased transparency and accountability.
Libya’s Attorney General has been active in combating corruption. His office has pursued numerous cases, as demonstrated by recent efforts that resulted in the recovery of over 70.5 million dinars in the National Commercial Bank case.
Other notable cases include actions against suppliers distributing food products without proper lab testing, those involved in supplying onions affected by black mold, and individuals accused of selling rotten meats in Benghazi. These cases illustrate the ongoing efforts of the Attorney General’s office to tackle corruption in various sectors, from finance to food supply.
Despite these challenges, the Libyan government continues its efforts to combat corruption, striving to restore faith in the country’s institutions and ensure a better future for its people. This ongoing battle against corruption is seen as a crucial part of Libya’s path toward stability and prosperity.