Libyan Foreign Bank is gambling with Libyans’ money, CBL says

The Central Bank of Libya (CBL) has accused the Libyan Foreign Bank (LFB) of gambling with Libyans’ money, a letter issued by the CBL and obtained by Libyan News shows.
The CBL said the LFB is investing abroad with bonds that are not legal and have weak liability, leading to the loss of about 403 million dollars.
The CBL also accused the Chairman of the LFB, Mohamed Ben Yousef and the Board of Directors of the LFB of playing with Libyans’ money and of lacking the proficiency needed in the financial market and in administrating the investments of the LFB overseas.
“We are bewildered by the by the lack of care towards the need to hold a meeting to discuss the serious situation that the LFB administration has placed Libya and its assets in.” The CBL’s letter reads.
Meanwhile, United Nations panel of experts on Libya reported that 10 companies based in Tajoura – a Tripoli suburb – have received a billion dollars in illegal letters of credits from Jumhouria Bank and LFB.
The UN report said that the Libyan Foreign Bank and Jumhouria Bank gave the money to Alwatar and Hadaeq Tarabulus companies which are owned by one person, Abu Bakr Abu Sahmain, who used his power in Tripoli to recruit armed groups to help him extort Jumhouria Bank officials into providing the letters of credit, which violate the Central Bank of Libya regulations.
Libyan Foreign Bank was established in 1972 in Tripoli, Libya as Libyan Arab Foreign Bank; it was renamed Libyan Foreign Bank in 2005. It was Libya’s first offshore banking institution licensed to operate internationally.
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