Exclusive: Documents and Sources Reveal Manipulation of Figures in the Telecommunications Sector – Libyana Spends 3 Billion Dinars in Two Years

Our special source revealed in a statement that the balance of Libyana Mobile Phone Company in the bank before the arrival of its current president, Mohamed Ben Ayad, the telecommunications holding company, was 3.88 billion dinars, as shown in the records of Libyana, which Sada exclusively published with documents.

According to the source, on April 23, 2024, two years after Mohamed Ben Ayad took over the holding company and its subsidiaries, Libyana’s available balance was only 461 million dinars.

The unavailable balance refers to the amount that Mohamed Ben Ayad previously deposited in the Arab Consensus Bank, which declared bankruptcy, amounting to 603 million dinars, and 340 million dinars representing commitments that Libyana paid on behalf of the holding company.

This means, according to the source, that 3 billion dinars were spent from Libyana in just two years.

Our sources also revealed, with documents, that Mohamed Ben Ayad, as president of the holding company, and with only an email, without any supporting documents or a decision from the board of directors, authorized the spending of 25 million dinars through Libyana Mobile Phone Company, headed by Huneid Alkamoushi, to cover hurricane expenses without any documentation (just an email).

What’s even worse is that this amount was deducted from the profits of the holding company at Libyana – meaning that the amount was paid by Libyana to the crisis committee formed by a decision of Mohamed Ben Ayad, headed by Nader Alzaidi, who serves as the chairman of the board of directors of Albinya, a subsidiary of the telecommunications holding company.

Certainly, in the same manner, the amount will appear in Libyana’s books as a part of the profit payments to the holding company and will not appear in the holding company’s books and records. The committee spent this amount according to Ben Ayad’s order without restrictions or conditions, under the watchful eye of all regulatory bodies. The spending was carried out by circumventing the laws and approved spending regulations in accordance with Commercial Law No. 23 of 2010 and the company’s financial regulations, according to sources and documents.