Libya arrests high-ranking customs officers for smuggling $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.