Report: Billion-dollar Embezzled via the Libyan Foreign Bank

Libyan Foreign Bank and Jumhouria Bank partners in embezzling a billion dollars

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.

The report was based on details provided by some bank officials, revealing that there had been also threats of murder and abductions in those dubious transactions.

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.

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