The Libyan Post, Telecommunications and Information Technology Company (LPTIC) has disclosed financial losses amounting to approximately 430 million Libyan dinars, attributing the deficit to administrative violations, weak financial oversight, and poorly structured exclusive contracts signed under the previous management.
In an official letter addressed to the Libyan Audit Bureau, LPTIC outlined a series of irregular practices that contributed to the losses. The document, handed over during the transition of leadership, highlighted uncontrolled spending under the so-called “social responsibility” budget, despite explicit directives from the Audit Bureau since 2021 ordering a halt to such expenditures.
These costs were instead charged to government initiatives and digital transformation programs, significantly inflating expenses and eroding liquidity at subsidiary companies.
LPTIC said new governance measures have been introduced to prevent similar violations. Any future social responsibility spending will now require prior written approval from the chairman of the board and will be restricted to clearly defined humanitarian priorities, including healthcare, cancer patients, and urgent humanitarian cases.
The company also revealed that exclusive contracts signed with Libya Cell and Rawafed Libya between 2023 and 2025 resulted in significant financial losses. These agreements granted excessive revenue shares and exclusive agency rights without competitive bidding, draining resources and undermining the economic stability of subsidiaries.
The current administration canceled the contracts, reopened agency rights to open competition, and reported annual savings of approximately 438 million dinars.
LPTIC further disclosed that Rawafed Libya had been reselling internet bandwidth to oil fields and ports at prices exceeding official rates by more than seven times. These services have since been returned to their original providers.
Additional violations included unilateral decision-making without board approval, the creation of unnecessary internal committees, unviable projects, and questionable foreign investments outside the telecommunications sector. All such cases have been referred to the relevant authorities for investigation.
