Libyan in $800,000 scandal, faces probe
By Tony Nkhoma
A LIBYAN living in Zambia, Shukri Eljaiedi, is alleged to have embezzled US$800,000 through deception, land seizure and abuse of power.
According to the Libyan Audit Bureau, a state owned company, Eljaiedi fraudulently inserted excessive penalty clauses into contractual agreements amounting to US$800,000 to pressure Laico Zambia into compliance and discourage contract termination.
Laico Zambia managing director Khaled Abbar describes the breaches by Eljaiedi were deep saying the company has lost over US$800,000 in illegal property transfers and fraud.
Abbar urged the Anti-Corruption Commission (ACC), Drug Enforcement Commission (DEC) and the Zambia Police Service to investigate the matter.
The Libyan Audit Bureau, Libya’s highest independent oversight institution responsible for safeguarding public funds and ensuring transparency, has since recommended legal proceedings against Eljaiedi for various criminal offences.
Eljaiedi allegedly falsified the commercial registry of his company, Falcon Views Company, to misrepresent its shareholding and breach of trust and fraud by engaging in activities aimed at personal enrichment at the expense of Laico Zambia, the Libyan state-owned enterprise.
“Mr Eljaiedi falsely presented to the Libyan parent company that the land would be leased for 20 years to a Zambian investor under a legitimate commercial arrangement. However, upon reviewing the official corporate registry, investigators discovered that the so-called investor’s company, Falcon Ltd, was in fact owned and controlled by Mr Eljaiedi himself,” a statement issued by the bureau seen by the Mast said.
The Libyan Audit Bureau is now calling upon authorities in Zambia and Libya to take keen interest and have coordinated action to recover stolen assets and money, and arrest Eljaiedi for fraud, money laundering and embezzlement.
Eljaiedi has been named in multiple official reports for allegedly orchestrating fraudulent schemes by abusing his position and deliberately obstructing the proper management of Libya’s overseas investments, particularly those in Zambia.
One of the case involves a deliberate act of deception regarding a valuable Libyan-owned land asset in Zambia.
According to the Libyan Audit Bureau, the act constituted a calculated fraud.
Eljaiedi allegedly manipulated the trust of Libyan authorities to illegally transfer usage rights of public property for his personal gain under the guise of foreign investment.
“In addition to the land-related fraud, several alleged violations tied to Mr Eljaiedi have been documented, including both criminal and administrative misconduct:
Eljaiedi is further alleged to have falsified documents to secure internal management approvals, misrepresenting stakeholder involvement and corporate structure of Falcon Views Company,” the bureau said.
The bureau said he has also been accused of crafting contract terms to serve personal financial interests, while exposing Laico Zambia to significant legal and financial risk which amounts to violation of corporate governance protocols and breaches of contractual and fiduciary obligations under Zambian and Libyan law.
The act further exposes civil and potentially criminal liability, both domestically and internationally.
The Libyan Audit Bureau said Libya and Zambia had a long-standing history of diplomatic and economic cooperation, a relationship that should be safeguarded through mutual transparency and the upholding of the rule of law.
“Given that Mr Eljaiedi continues to reside and operate freely in Zambia, the Libyan public is calling upon Zambian media, institutions and civil society to closely examine this case and take it seriously. This is not just a Libyan matter. It is a global issue of public accountability, cross-border asset protection, and financial justice,” the Libyan Audit Bureau said.
