TRIPOLI, Jan. 15 (Xinhua) -- Eleven Libyan companies were found illicitly using letters of credit to transfer 54 million U.S. dollars to foreign beneficiaries without importing any goods, a Libyan Customs official said on Thursday.
The companies completed all letter-of-credit procedures and transferred funds through intermediary banks to foreign beneficiaries, yet failed to supply any goods or commodities to Libya, said Fahmi Al-Maqouri, spokesman for the Libyan Customs Authority, in a statement via the official Facebook page.
Al-Maqouri described the case as a serious violation that harms public funds and undermines the national economy.
He added that all legal measures have been taken, including opening an official investigation file, completing preliminary inquiries, and referring the case to the Public Prosecutor's Office in accordance with legal jurisdiction. ■