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Libya arrests a Moroccan investment company official as part of financial investigations

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The Libyan Public Prosecution issued a decision to place three economic officials under pretrial detention, including an office officialLibyan Foreign Investments CompanyInMorocco, along with other employees in the company’s services and technical affairs departments, according to an official report issued by the Libyan Attorney General’s Office.

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The report stated that the investigations conducted revealed violations committed by the arrested officials, as they committed violations related to the use of public funds, including disbursing sums of money in exchange for local employment contracts without appointing any actual employees for these jobs. It was also proven that they were involved in obtaining personal benefits through illegal means, by circumventing the applicable laws to rent real estate owned by the company without legal justification.

It should be noted thatLibyan Foreign Investments CompanyEstablished in 1981 as a Libyan state-owned entity, it was later merged withLibyan Investment Corporation, the government investment arm. However, the events that Libya witnessed in 2011 led to a deterioration in its ability to manage its assets and investments, making it a target for political conflicts between parties competing for influence in the country.

Source:My press

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