Documents | Bashagha Grants Contracts Worth Quarter of a Billion LYD to His Son’s Al-Faiah Holding Company – Al Marsad

The Government of National Accord (GNA)’s Ministry of Interior, headed by Fathi Bashagha, seems to be racing against time and shamelessly executing several rewarding car import deals via Al-Faiah Holding Company linked to Bashagha’s son.

( LIBYA, 26 January 2021) – The GNA Ministry of Interior established a company, Al-Faiah Holding Company, which is linked to Muhammad Fathi Bashagha who is the son of the Interior Minister himself, Fathi Bashagha. They applied for accreditation as an authorized agent in Libya for the South Korean company Hyundai and are now receiving one order after another from the Ministry.

DOCUMENTS | Bashagha Acquires Hyundai Agency in the Name of the Interior Ministry

The order consisted of 600 Hyundai cars of different models and prices, as well as 60 other vehicles including trucks, buses, bulldozers and excavators.

Bashagha had also instructed the Ministry to contract with his son’s own company, Al-Faiah Holding Company, to supply clothing worth 33 million LYD, which had been disbursed to the company from the Ministry’s account at a time when he was telling Libyans at public forums and the media on fighting corruption and the need to stop unnecessary spending.

Correspondent from Bashaagha confirms his instruction to contract Al-Faiah Holding Company for a clothing deal worth more than 33 million LYD.

SUSPICION OF CORRUPTION

AlMarsad obtained a copy of the legal complaint filed with the Attorney General by employees of the GNA’s Interior Ministry last month on abuses, including the establishment of a company worth 10 million (Al-Faiah Holding Company, the exclusive Hyundai agency) and two contracts worth 35 million dollars to import poor-quality clothes from Turkey despite the presence of police factories inside Libya that have been manufacturing  police uniforms for decades using high quality materials.

Bashagha is closely linked to the Justice and Construction Party, the political arm of the Muslim Brotherhood, which controls the Audit Bureau through the head of the Audit Bureau, Khaled Shakshak. Through this association Bashagha has been able to obtain from the Audit Bureau, on several occasions, exemption by banks at ports under the pretext of necessity and emergency. The exemption also included an external transaction made with MAG Trading Company and its bank account in Lebanon.

One of the recent deals involved importing 30 armored vehicles worth more than 20.6 million euros. The amount was transferred to an account in Lebanon, and according to today’s official euro exchange rate the total cost of the order was 112 million LYD, or 136 million LYD according to the price at the black market. According to our sources, this deal was mostly intended for Bashagha, in addition to other huge orders for Toyota, Dodge, Mercedes, and BMW vehicles and motorcycles costing over US$1.5 billion.

The Hyundai deal and the value of the cars ordered by Al-Faiah Holding Company, according to an approximate calculationsmade by AlMarsad based, on the value of each car from the factory or in the markets of Dubai Free Zone cars, is more than 74 million LYD—at the official exchange rate and 88.6 million LYD at Monday’s parallel market price, as shown in this table:

CAR Number Price (USD) Total (USD)
Hyundai Elantra 100 23k 2.3 million
Hyundai i10 100 11k 1.1 million
HYUNDAI AZERA 100 27k 2.7 million
Hyundai Santa Fe 100 35k 3.5 million
Hyundai Starks 100 23k 2.3 million
Hyundai Porter 100 15k 1.5 million
Hyundai Ambulance 10 28k 280k
Hyundai fire truck 5 55k 275k
Hyundai Dump Trucks 5 70k 350k
HYUNDAI closed box trucks 5 27k 135k
HYUNDAI flatbed trucks 5 40k 200k
HYUNDAI refrigerated trucks 5 25k 125k
Hyundai Mixer Truck 5 40k 200k
Hyundai Excavator Bucket 5 70k 350k
Hyundai R 500 LC 5 44k 220k
Hyundai wheeled excavator 5 60k 300k
Hyundai skid steer loader 5 100k 500k

Total order amounts to US$16 million and 335 thousand, or LYD 73 million and 180 thousand.

© ALMARSAD ENGLISH (2021)

 

FURTHER LINKS

Muslim Brotherhood’s Justice and Construction Party Supports Bashagha to Lead LPDF’s New “Interim” Government

 

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