Media personality Ahmed Sanussi said the bad management of Najib Al-Jamal and Hadi Al_Kaabar at the Libyan Foreign Bank caused losses of about $270 million with regard to the case of “Hanna family” in Egypt.
“A correspondence was received from the Superintendency of Banks in Turkey, on 30 December 2019, stating that the letters of credit issued in favor of the Libyan Banks were cancelled.” Sanussi said.
“In May, the Foreign Bank instructed the Arab Turkish Bank to file a complaint in this regard, which means that Al-Jamal and Al_Kaabar did not take any further steps over six months, and this will cause excessive losses of about $700 million.” Sanussi added.
Within one year, the Libyan Foreign Bank’s bad management caused Libya about LD 1.5 bn in losses.