SUISSE SECRETS: LIBYANS WHO LOOTED GADDAFI’S GRAFT-RIDDEN DEVELOPMENT FUND BANKED AT CREDIT SUISSE

On 24 February, OCCRP published a report saying that network of Gaddafi-era officials have been accused of embezzling millions of dollars of Libyan state development money and channelling it abroad.  Many simultaneously held Credit Suisse accounts with tens of millions of dollars’ worth of deposits.  A Libyan official and 3 businessmen connected to Libya’s state-funded development system were clients of Credit Suisse, and all were implicated in corruption investigations after the 2011 revolt.  The Swiss bank’s clients also included a Tunisian-Libyan bank involved in Libya’s letters of credit system, which was used to divert public money.  It is said that some of the accounts appear to have remained open for years after the uprising, despite numerous red flags.

https://www.occrp.org/en/suisse-secrets/libyans-who-looted-gaddafis-graft-ridden-development-fund-banked-at-credit-suisse

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Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

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