Three Maltese companies have been banned from doing business in Libya after their names emerged in a list of companies accused of "smuggling money" out of the country by Libya's Audit Bureau. Equitrade Limited of Marsa, Rafak Ltd based in Sliema and AMB Overseas Ltd in San Gwann have been put on a list of 23 Libyan and foreign companies banned from doing business in the north African state. According to the Audit Bureau, which acts as a kind of regulator on behalf of the Libyan authorities, the companies have had their accounts frozen, as they were being used by Libyan companies to smuggle millions of euros of Libyan money out of the country. The Audit Bureau claimed the money was being smuggled out through the Libyan companies acting as importers. They opened letters of credit in favour of the foreign companies, including the Maltese ones, which acted as exporters. The Bureau claimed "once the money in hard currency was approved by the Central Bank of Libya and transferred out of Libya, no goods were ever delivered to the country. Often empty containers are sent or containers loaded with worthless goods costing a fraction of the letters of credit." Apart from the three Maltese...
from timesofmalta.com http://ift.tt/2kbRJZf
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