馃嚤馃嚲LibyaNorth Africa
Executives of Libya's Industrial Investment Development Company detained in 130 million dinar fraud case
via Libya Herald3 min read
The Libyan Public Prosecution has ordered the detention of the Financial Director and two Board Members of the Industrial Investment Development Company, a subsidiary of the Libyan Internal Investment Fund LIIF. They are accused of authorizing the disbursement of 130 million dinars in financing to the North Africa Company for projects that were never implemented, leading to the disappearance of the funds. The Attorney General's Office reported that the Public Prosecution also ordered the detention of all other shareholders involved in the incident.
Free daily or weekly digest of the most important stories from across 18 African countries. No spam, unsubscribe any time.
This summary was AI-generated from a story originally published by Libya Herald.
Libya's Industrial Zones Authority IZA Chairman, Mohamed Al-Tawati, met with a Turkish delegation led by Omar 脟谋nar, a Board member of the U艧ak Organized Industrial Zone OSB. The meeting, held last Wednesday, focused on enhancing international cooperation and attracting quality investments. Discussions explored opportunities for collaboration in the industrial zones sector and leveraging Turkish expertise in developing, establishing, and managing industrial zones. The IZA stated its commitment to expanding cooperation with international companies and attracting investments to support industrial zone development, industry localization, job creation, and economic growth in Libya. This visit is part of a broader work program aimed at strengthening cooperation through a series of upcoming meetings.
The Medical Industrial City in Benghazi is currently in the planning phase for an intravenous solution factory designed to meet international specifications and quality standards, including GMP. This project aims to be an advanced model for medical solution manufacturing in Libya. Key aspects of the planning involve designing GMP-compliant production lines, developing engineering maps for sterilization and safety, and preparing infrastructure for future expansion to ensure efficient operations. The Medical Industrial City states that this initiative reflects a commitment to building a factory capable of fulfilling local market needs and enhancing the country's pharmaceutical security. The establishment of this medical manufacturing cluster is considered a significant step for Libya's health and industrial sectors, with expectations that it will become the largest project of its kind in North Africa, combining medical and industrial services with international standards. The project is anticipated to transform Benghazi into a regional hub for medical industry innovation and investment, boosting the economy, supporting self-sufficiency in healthcare, and creating job opportunities, while also encouraging local research and innovation.
Libya's Privatisation and Investment Board PIB Chairman, Abdelaziz Al-Shawish, met with representatives from Lucky Cement Ltd, a Pakistani conglomerate, to discuss establishing a cement plant in Khoms. The proposed plant would have a production capacity of 2.5 million tons per year, aiming to meet local market demand, support development and reconstruction, and promote industrial growth in Libya. The PIB highlighted its efforts to attract quality investments and strengthen the industrial sector. Discussions covered Libya's investment climate, incentives, guarantees, and facilities offered by the PIB, as well as technical and logistical aspects of the project. The PIB Chairman affirmed commitment to supporting industrial investments, attracting international companies, and fostering technology transfer, job creation, and economic diversification in line with Libya's sustainable economic development vision. The meeting included the Chairman's Advisor and the Director of PIB's One-Stop Shop.