Our source exclusively obtained details of the Economy Minister’s decision to suspend the commercial activities of 27 companies and cancel their registrations in the Commercial Registry and Importers’ Registry, as well as the licenses issued to them.
The Economy Ministry’s decision includes the suspension of letters of credit exceeding a total value of $146.7 million (equivalent to LYD 939 million) for 27 commercial companies.
The first list of suspended companies includes: Usul Al-Tawahin, Black Cliff, New Baraka, Gulf Garment, Asala Al-Madina, Solid Iron, Red Biography, Wider Source, Yellow Metal, New Metal, Taste Summit, Foundation Touches, Elegance Diamonds, New Construction, Foundation Software, and Pen of Knowledge, with letters of credit totaling $79 million.
The second list of suspended companies includes: Original Metal, Best Agriculture, Development Hands, Outstanding Achievement, Pyramid Ladder, Pure Qithara, Software Solutions, Shining Technology, Progress Summit, and Al-Ahd Al-Wafi, with letters of credit totaling $52.1 million.
The third suspended list includes Niqaa Al-Raheeq Food Industries Company, with letters of credit valued at $15.5 million.
The Economy Ministry has also suspended banking transactions and prohibited commercial banks and the Central Bank of Libya from accepting or covering foreign-currency letter-of-credit documents for the 27 violating companies until the investigations are concluded.
According to the report, the reasons for the suspensions included legal violations, a lack of financial solvency proportionate to the size of the letters of credit, unclear sources of some goods, and the repeated representation of multiple commercial companies by the same individual.
The Economy Ministry is also requesting that the Commercial Registry Authority, customs authorities, and banks prohibit legal amendments or the issuance of new import permits for the suspended companies.
