Tag Archives | Corruption

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 […]

Libya Falls in Transparency Ranking

By John Lee. Transparency International has said that Libya’s ranking has fallen one place its global Corruption Perceptions Index (CPI). From a total of 180 countries, Libya came in at number 171; last year’s position was 170 out of 176 countries. This result puts it ahead of countries such as Afghanistan, Sudan, and Somalia (which […]

Corruption, Crime and Complacency in Libya

“Corruption is the scourge of countries trying to lift themselves out of poverty,” says the British Ambassador to Libya, Peter Millett, in his latest blog. “It holds back investment that can create jobs. And it holds back the development of institutions in which the voice of the people can thrive. Libya was rated 170th out […]

Murder of Maltese Journalist possibly Linked to Libyan Smuggling

By John Lee. A senior Italian prosecutor has said that there are possible links between the murder of investigative journalist Daphne Caruana Galizia (pictured) in Malta last week, and an Italian investigation into an illicit fuel-smuggling network spanning Libya, Malta and Italy. Carmelo Zuccaro, who is leading the fuel-smuggling inquiry, told the Guardian he “could […]

Italy Breaks Up Libyan Fuel Smuggling Ring

By John Lee. Italian authorities have reportedly broken up a mafia-related Libyan fuel-smuggling ring, in which at least 30 million euros of diesel was sold around Europe. According to the report from Reuters, the fuel had been stolen from National Oil Corporation (NOC) at refinery in Zawiya, transferred to a larger ship off the coast […]

PM Serraj calls for Elections in March

By John Lee. In a major speech setting out his vision for Libya, the head of Libya’s Presidency Council, Fayez Al-Sarraj [Faiez Serraj] has called for parliamentary and presidential elections in March 2018. In what has been described as a road map to unify the country, the leader of the Government of National Accord (GNA) […]

UK Investigator Seeks Libya Files From SocGen

By John Lee. The UK’s Serious Fraud Office (SFO) has reportedly sought documents from Societe Generale (SocGen) regarding its relationship with the Libyan Investment Authority (LIA). Last week, the French banking giant agreed to pay 963 million euros ($1.1 billion) as part of the agreement between the two companies to resolve all matters between them concerning […]

Rada arrests Mellitah Execs in Fraud Probe

Libya Herald reports that four senior executives from Mellitah Oil and Gas have been detained in Tripoli over an alleged fraud involving the new $425-million GAZA Floating, Storage, Offloading Marine Terminal (FSO) (pictured) at Bouri Offshore Field. They were detained by the Rada Deterrence Force, which alleges that they abused their authority and wasted public […]