Libyan authorities arrested several high-ranking customs officials in connection with a foiled attempt to smuggle about $2 billion worth of gold.
The detainees, including the director-general of the customs authority and the head of customs at Misrata airport, allegedly conspired with others to traffic about 26 tons of gold bullion, according to a statement on the Facebook page of the Attorney General’s Office. That would be valued at about $2 billion at current prices.
The shipment represents almost a quarter of Libya’s gold reserves of about 116.6 tons, the fourth-highest in Africa.
Libya has been mired in chaos since longtime dictator Moammar Al Qaddafi was deposed in 2011, leading to political splits, instability and violence, making it a hub for illicit trafficking over the past decade.
Libyan law states only the central bank can export gold, said the office, which opened an investigation into the case in January.
Source: bloomberg.com
