Libya Business News
Friday, February 3, 2023
  • Security
  • Oil & Gas
  • Industry
  • Politics
  • Construction
  • Finance
  • Tenders
  • Transportation
  • Videos
No Result
View All Result
Libya Business News
  • Security
  • Oil & Gas
  • Industry
  • Politics
  • Construction
  • Finance
  • Tenders
  • Transportation
  • Videos
Libya Business News
No Result
View All Result
Home Banking & Finance

Audit Bureau Exposes Forex Scams

11th August 2015
in Banking & Finance, Security
Audit Bureau Exposes Forex Scams
Share on FacebookShare on Twitter

The Libyan Audit Bureau has said that at least eleven companies are known to have fraudulently smuggled foreign currency abroad through fake import transactions.

According to Libya Herald, the companies had opened Letters of Credit (LC) to import goods, based on the official exchange rate of $1 to 1.30 Libyan dinars, instead of the current black market rate of LD 2.50, but had shipped empty containers into Libya.

Questions are being asked about the ports, customs and inspection authorities for failing to notice that the containers were empty.

The Bureau has also prohibited 25 Libyan companies, 42 Libyan individuals, and 12 foreign companies, from transferring foreign currency, opening Letters of Credit (LCs) or being the recipients of Libyan LCs.

(Source: Libya Herald)

(Fraud image via Shutterstock)

Tags: Audit BureauFraud

Latest News

Enterprise Greece Delegation in Libya to Develop Bilateral Business Ties

Enterprise Greece Delegation in Libya to Develop Bilateral Business Ties

4th October 2021
Dbaiba Meets with Eni's CEO Descalzi to Discuss Areas of Cooperation in Libya

Dbaiba Meets with Eni's CEO Descalzi to Discuss Areas of Cooperation in Libya

22nd March 2021
Latest Oil Tenders

Latest Oil Tenders

16th March 2021

Recent News

Enterprise Greece Delegation in Libya to Develop Bilateral Business Ties

Enterprise Greece Delegation in Libya to Develop Bilateral Business Ties

4th October 2021
Dbaiba Meets with Eni's CEO Descalzi to Discuss Areas of Cooperation in Libya

Dbaiba Meets with Eni's CEO Descalzi to Discuss Areas of Cooperation in Libya

22nd March 2021

Categories

  • Security
  • Oil & Gas
  • Industry
  • Politics
  • Construction
  • Finance
  • Tenders
  • Transportation
  • Videos

Menu

  • Home
  • About Us
  • Contact

Join our mailing list!

Sign-up to receive email updates on the latest news and developments.





© 2021 Libya Business News - Your Libyan business news partner

No Result
View All Result
  • Security
  • Oil & Gas
  • Banking & Finance
  • Politics
  • Industry & Trade
  • Construction & Engineering
  • Investment
  • Tenders
  • Transportation
  • Videos
  • Contact Us

© 2021 Libya Business News - Your Libyan business news partner

We use cookies on our website to give you the most relevant experience by remembering your preferences and repeat visits. By clicking “I Agree”, you consent to the use of ALL the cookies.