Rada arrests Mellitah Execs in Fraud Probe

Libya Herald reports that four senior executives from Mellitah Oil and Gas have been detained in Tripoli over an alleged fraud involving the new $425-million GAZA Floating, Storage, Offloading Marine Terminal (FSO) (pictured) at Bouri Offshore Field.

They were detained by the Rada Deterrence Force, which alleges that they abused their authority and wasted public money in the acquisition of the 120,000-tonne 329 metre-long storage tanker Gaza.

It alleges that the contract price was inflated, that penalty clauses of five percent for late delivery were not excercised even though the vessel was delivered eleven months late, and that the project overran by $100 million.

The vessel was commissioned in 2012 from South Korea's STX.

(Source: Libya Herald)

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