Economics and Business

The Customs Authority foils attempt to smuggle hard currency

Libyan Cloud News Agency – Tripoli

The Customs Authority at Tripoli Seaport, in cooperation with the General Administration for Combating Smuggling and Drugs, thwarted an attempt to smuggle hard currency through a letter of credit.

The Chief of the Tripoli Seaport Customs Office, Abdel Hakim Abza, told the Libyan Cloud News Agency, that the letter of credit was granted to Acacus Libya Company to import 9600 sheep from Spain. 

He said that the value of the letter of credit in foreign currency is 2,301,325,000 euros, at an exchange rate of 1.5425 dinars, which is equivalent to a total of 3.585.291.751 Libyan dinars.

“Upon examination of the customs declaration and the needed documents, we discovered that there was fraud and that the shipment was only imported on paper only,”Abza explained.

He added that the investigations revealed that the company was newly established and this shipment was its first transaction, concluding that the company was referred to the Attorney General to take a legal action against it.

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