Archive | Investment

LIA forms Committee to respond to Audit Bureau

Dr. Ali Mahmoud, Chairman and Executive Director of Tripoli’s Libyan Investment Authority (LIA), held a meeting on recently with department directors and senior management consultants to consider their response to the report of the Audit Bureau for 2017, regarding the observations about the LIA and its subsidiaries. A committee has been formed to coordinate with […]

Medco signs Libya Oil Exploration Contract

The Libyan Investment Authority (LIA) has signed a contract with the Indonesian company Medco Energi extending the previous agreement relating to oil exploration in district 47. The signing was attended by the LIA Chairman and Chief Executive Dr. Ali Mahmoud, and Medco Energi’s General Manager in Libya Mr. Faisal Shita. Mr Shita said: “The initial […]

Legg Mason sets aside $67m to Settle Libya Probe

By John Lee. US-based investment management firm Legg Mason has set aside $67 million as part of an expected resolution of an investigation into its money-management activities for Libya’s Gaddafi regime. In an official filing on Wednesday, the company said: “We expect that we will shortly complete negotiations with both the U.S. Department of Justice […]

SNC-Lavalin settles Class Actions over Libya Bribery

Canada’s SNC-Lavalin has announced that it has, subject to required court approvals, reached a settlement agreement in relation to class actions in Quebec and Ontario filed in 2012 on behalf of security holders. The Actions were brought pursuant to the secondary market civil liability provisions in various Canadian securities statutes. The Company has contributed $88M […]

NOC Meets Leading UK Companies

A high-level forum with leading British companies was held last week in Aberdeen, Scotland, in association with the Libyan-British Business Council (LBBC) and Oil and Gas UK. This conference was a continuation of the National Oil Corporation (NOC)’s ongoing efforts to encourage international investors and companies to return to Libya, to assist in the enhancement […]

Executive Director of USLBA Resigns

By John Lee. The US-Libya Business Association (USLBA) has announced that its Executive Director, Jason Pack, has tendered his resignation. The statement continues: “In choosing to step down, he cited differences of opinion about which courses ahead for the Association would best serve the interests of the US-Libya bilateral relationship as well as USLBA member […]

Italian-Libyan Business Development Association is launched

By John Lee. An Italian-Libyan Business Development Association (ILBDA) has been set up to promote trade between Italy and Libya. Amongst those present at the launch at the Waddan Hotel in Tripoli were the Italian Ambassador to Libya, Giuseppe Perrone; Libyan Government of National Accord Vice President Ahmed Maeteeq; and Khalid Chaouli, an Italian MP […]