Administrative Control Authority reviews blacklist of 500 companies

The Administrative Control Authority has discussed the status of about 500 companies it placed on a blacklist over suspected irregularities involving letters of credit.

Authority chief Abdullah Qadrebou met representatives of the House of Representatives and the High Council of State to discuss the companies, as well as the state’s final accounts and developments in the oil sector.

The authority said its monitoring and oversight work had identified concerns about procedures involving the companies’ letters of credit.

The meeting also examined the performance of the National Oil Corporation, oil production and revenues, and their impact on the country’s financial position.

Officials reviewed measures taken against the companies and whether they were based on sound legal and regulatory grounds.

The authority said the meeting was intended to improve coordination with both legislative bodies and strengthen oversight of public finances and economic affairs.