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Libya’s Audit Bureau upset about NOC’s blockage of oil revenues

The Head of the Libyan Audit Bureau Khalid Shakshak said blocking oil revenues by the National Oil Corporation (NOC) in the last months was unusual and against state laws, adding that they had spoken to the NOC more than once to notify it about the illegal and risky behavior that could affect public funds.

Shakshak told reporters that this behavior will negatively affect national economy, value of the currency and the ability to provide services to people, especially medical care.

“The Central Bank of Libya (CBL), in this situation, won’t be able to transfer foreign currency because of the blockage by the NOC and the only way is to use deposits overseas which can devalue the dinar.” Shakshak said, adding that the Audit Bureau started to compile a file of this irresponsible work by the NOC to be sent to the Public Prosecution in two parts, not to mention the legal measures to be taken if there was no solution on the horizon.

NOC blocked oil revenues in its account at the Libyan Foreign Bank and abstained from sending them to CBL as usual.

Meanwhile, the Speaker of the House of Representatives (HoR) called in a letter to the NOC Chairman Mustafa Sanallah for blocking oil revenues away from the CBL so the unity government cannot use the money, allowing the government to spend for subsidies and salaries only.

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