Tripoli, Libya (Date) — The Attorney General’s Office reported today that two former directors of Sahara Bank, including documentary credit officials and bank operations managers, were convicted by the Tripoli Criminal Court for fraud. The court sentenced the defendants to seven years in prison.
The individuals were accused of facilitating fraudulent documentary credits in 2015 for companies not registered in the commercial register. This allowed the companies’ representatives to unlawfully gain sums of money from trading foreign currency on the black market, without actually supplying any goods.
In addition to their prison sentences, the convicts were each fined LD 10,000 and ordered to return LD 53 million to the state.