Libyan security services have seized fifteen containers as investigations into widespread letter of credit (L/C) abuses continue.

Khoms Police Counter-Crime Unit seized the latest clutch of containers, some of them after they were processed by customs at Khoms Port, and found they contained undervalued goods.

Discrepancies

Documents showed that L/Cs related to eight containers seized by customs were opened ostensibly to purchase high value aluminium.

However, some of the containers were discovered to be totally empty while others contained no more than low value plastic building pipes.

Substitute products

The police also seized seven containers containing undervalued goods that Khoms customs officials had failed to seize.

The containers had been loaded with tea and water. Previously seized containers have contained cheap household goods and fireworks.

Security services have been investigating widespread L/C fraud since last year when the Tripoli-based Libyan Audit Bureau, the ministry of economy and the central bank raised awareness of the issue as civil war torn Libya struggled to maintain its foreign currency reserves (DC World News, 11 September 2015 and 18 September 2015).

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