Libyan Investment Fund Officials Detained in $130 Million Fraud Case
Translated from English, summarized and contextualized by DistantNews.
At a glance
News
Official statement
Under investigation
- Libya's Attorney General's Office has ordered the detention of the Financial Director and two board members of an investment company.
- They are accused of authorizing the disbursement of 130 million dinars for projects that were never implemented.
- Other shareholders involved in the incident have also been detained.
Libya's Attorney General's Office has ordered the detention of key financial figures within the Industrial Investment Development Company, a subsidiary of the Libyan Internal Investment Fund.
The individuals detained include the Financial Director and two members of the company's board. They face charges related to the alleged misappropriation of 130 million Libyan dinars.
According to the Attorney General's Office, the accused are alleged to have authorized the release of these funds to the North Africa Company. The stated purpose was to support various projects. However, investigations indicate that these projects were never initiated, and the funds have since disappeared.
The Public Prosecution has also extended detention orders to encompass the remaining shareholders implicated in this financial incident, signaling a broad investigation into the alleged fraud.
DistantNews Editorial
Originally published by Libya Herald in English. Translated, summarized, and contextualized by our editorial team with added local perspective. Read our editorial standards.
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