Two businessmen were yesterday charged with money laundering after allegedly being found in possession of gold worth between €40,000 and €50,000.

Tarek Menjel, 45, and Farag Alshoshi, 40, from Libya, were stopped at the airport on Wednesday carrying 2.63 kilogrammes of solid gold and 16 gold rings, Police Inspector Ian Abdilla, prosecuting, said.

In submissions on bail, Mr Alshoshi's lawyers, Stephen Tonna Lowell and Giannella Caruana Curran, told the court their client had strong enough ties with Malta because he had been visiting as a businessman since 1994. They also said that no gold had been found in Mr Alshoshi's possession.

Mr Menjel's legal aid lawyer, Renzo Porsella Flores, echoed the other lawyers' arguments.

Neither was granted bail. Both will remain in custody until the start of the compilation of evidence next week.