Archive | Banking & Finance

UKEF Financed 2 Libyan Projects last year

By John Lee. UK Export Finance (UKEF) has published its annual report and accounts for 2017 to 2018, in which it lists two export projects supported in Libya: Leisurewear International Limited received export working capital of £454,722 to supply children’s clothing to the Al Jedoor Company; Fortress Diagnostics Ltd received export working capital of £303,942 to […]

US, UN Sanction Human Traffickers in Libya

The U.S. Department of the Treasury’s Office of Foreign Assets Control (OFAC), concurrently with the United Nations, has sanctioned six individuals for threatening the peace, security, or stability of Libya through their involvement in the smuggling of migrants. Migrant smuggling has become a lucrative business in Libya and fuels instability by providing funding for rogue […]

SocGen to Pay $1.3bn to End Libya and Libor Probes

Societe Generale (SocGen) has reached agreements with the U.S. Department of Justice (“DOJ”) and the U.S. Commodity Futures Trading Commission (“CFTC”) to resolve their investigations relating to Societe Generale’s IBOR submissions, and with the DOJ and the French Parquet National Financier (“PNF”) to resolve their investigations relating to certain transactions involving Libyan counterparties. The PNF […]

Central Bank Governor meets Tunisian Counterpart

By John Lee. The Governor of the Central Bank of Libya (CBL), Saddek Omar Elkaber, met with Marwan Alabasi, Governor of the Central Bank of Tunisia last week in Tunis to discuss ways of improving cooperation and between the two institutions, specifically in the fields of anti-money-laundering (AML) and terrorism financing. This was the first […]

New Micro-Finance Scheme set up in Libya

By John Lee. The United Kingdom has signed a Memorandum of Understanding (MoU) with Expertise France to provide $1.5 million to set up a micro-finance scheme in Libya. The feasibility study was funded by the European Union (EU), implemented by Expertise France, and the establishment funded by the UK – a joint European effort to […]

From Militias to Mafias – Tripoli’s Militia Cartels

A new research paper from the Berlin-based Stiftung Wissenschaft und Politik (SWP) says that a handful of local militias have gradually brought much of Tripoli under their control growing into criminal networks straddling business, politics, and the administration. Author Wolfram Lacher (pictured) adds that the pillaging of state funds now benefits a narrower group than at […]

Fund Mgr Fighting to Keep $16m in Libyan Bonuses

By John Lee. Bloomberg reports that a London banker is in a legal fight with the firm he founded, accused of taking more than $16 million in “secret commissions” relating to the management of the Libyan Africa Investment Portfolio (LAIP). FM Capital Partners (FMCP) alleges that Frederic Marino and former Julius Baer banker Yoshiki Ohmura […]