Libya’s Audit Bureau refers Governor of Central Bank Siddiq Al-Kabir to Attorney General’s office for financial, economic crimes

218News obtained a copy of the Audit Bureau’s report for the year 2018 regarding the results of the investigation committee formed according to the President’s decision No.174, at a time when the Bureau is continuing its investigation to find out how the report was leaked.

218News learned that this report was delivered to the group of representatives in Tripoli, to be the basis for the questioning session of the governor of the Central Bank of Libya, Siddiq al-Kabir.

The report recommended that Al-Kabeer be referred to the Attorney General’s office for conducting actions that cause the government to fail, harm the economy and funds, exploit the job for private gain or for others, obstruct the Audit Bureau, conduct mediation and favoritism actions, and participate in the crimes of smuggling money abroad with the companies Qimma Al-Mawsama and Sunbulah Al-Hira.

The first part

The first part of the report dealt with analyzing the conditions preceding the issuance of the Presidential Council’s decision No.363 of 2018 to spend 1.5 billion dollars to supply goods using documents for the collection fee, and the committee concluded that there is strong evidence that the events were deliberately prepared suspiciously in preparation for issuing the decision pertaining to the following crimes and violations:

Harming the economy by using the central bank in implementing credits with the aim of obstruction and developing alternatives to them.

– The deliberate concealment of information related to the implementation of the import budget and the absence of the role of the Ministry of Economy.

Conflict of interest with the participation of the beneficiaries of the merchants by preparing a documentary decision with a drawing of collection and the repetition of the meetings of the governor with them, and it was found that the merchants were proactive in submitting orders with very large amounts.

Spreading false and incorrect data on the coverage and transfers carried out by the Central Bank of Libya.

– Existence of precedents from the Central Bank every year to implement collection fee documents, which caused the waste of public money and provided opportunities to smuggle them and encourage monopoly.

The central Tripoli practiced disinformation, as it publicly pretended that it had not stopped the credits by issuing two publicly released statements.

– The Central Bank practiced a policy of secrecy to conceal the fact that most of the appropriations of the Import Budget Committee were not implemented, as it continued to conceal and conceal data about documentary credits and collection fee documents from the Ministry of Economy, the Presidential and the Audit Bureau, in violation of Article No. 5 of Presidential Resolution No. 377 of 2017 regarding the approval of a budget for foreign exchange.

The central is in a moody mood and out of control. It accepted 4,697 transactions worth $ 4.931 billion in person without being referred to it by the Import Budget Committee, and it covered 3,243 transactions worth $ 3.507 billion by jumping over the budget and without entering them into the budget system.

Only 2,487 transactions worth 1.8 billion dollars were executed out of 6221 transactions worth 4.8 billion dollars, or 37 percent, of the transactions submitted by the committee. By comparing the number with what was stated in the Central Bank statement published on January 4, 2017, in which it was stated that it carried out coverage for commercial banks at a value of $ 5 billion and that there are 2159 transactions worth $ 1.6 billion related to the Budget Committee under implementation, indicating that the appropriations covered during the whole of 2017 do not exceed 328 transactions worth $ 200 million.

– He did not disclose the fate of 3031 transactions worth 2.57 billion dollars that were referred from the Budget Committee and did not appear in the statements transferred on April 1, 2018.

– The existence of conflict situations and a suspicious relationship between the governor and some merchants benefiting from the decision of documents for the collection fee, who participated in the drafting of its texts and the identification of its items in a way that suits their interests.

The second part

The second part of the report included verifying the suspicions of fabricating the crisis, and it was clear to him the following:

Indicators that the bad economic situation in 2017 is unreal and the central government adopted a policy of tightening in 2017, and during previous years the Central Bank expanded foreign exchange spending when in 2014 it spent more than 43 billion with a deficit of 28 billion dollars.

– The Central Bank fell into the trap of contradictions through its data it issues regarding the state’s foreign exchange spending and central bank transfers.

– The state’s supervisory institutions are absent from the budget execution data in the banks, and the central bank has used his influence and made efforts to try to conceal any data from external transfers, documentary credits and collection fee documents.

– The Central Bank deliberately obstructed the work of the Audit Bureau, and the governor withheld the system of documentary credits from the Audit Bureau, and the truth showed that the Bureau was banned for the purpose of concealing the involvement of the concerned person in the credit violations, as it has been proven that the director of the Banking and Cash Supervision Department at the Central Bank was involved in exploiting his position with actions that fall under mediation and violation of legislation and regulations Financial.

The Libyan Suburbs Company received 58 containers of bricks and non-potable water.

– The Central Bank did not fulfill its duties, which caused the devaluation of the dinar, the spread of the phenomenon of speculation in cash and the intrusion of black market traders, and the governor refused to implement economic reforms.

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