3,000 state-sector employees corruptly request opening of LCs to engage in prohibited private sector business: National Anti-Corruption Commission

By Sami Zaptia.

London, 17 August 2020:

Libya’s National Anti-Corruption Commission (NACC) reported yesterday that its National ID Number Committee had through its investigations discovered 3,000 state-sector employees has requested the opening of Letters of Credit (LCs) for their private sector companies in 2017.

These state-sector employees had held chairs of boards in their companies – which Libyan law prohibits.

The NACC said that these state-sector employees were in all sectors and at all levels. They also held a private banking code.

The Central Bank of Libya had introduced the use of the unique National ID Number and the unique private banking codes with the aim of preventing duplication of names and corruption in obtaining LCs at the preferential official exchange rate of LD 1.4 per dollar as opposed to LD 6.6 per dollar at today’s black-market rate.

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