Malta-based Alberta Group, specialising in security and fire alarms, has been forced to close its two branches in Libya - Alberta Group and ISTC Libya - as a result of the unrest in the country.
Malta Today reports that all 25 of their Maltese employees were repatriated to Malta this summer while all 10 of their Libyan and Filipino employees in the country remain on the payroll.
Company director Liz Barbaro Sant (pictured) told the Commercial Courier.
“Our projected revenue from Libya for the plan year was €10 million ... We have debts in excess of €500,000.
"All our open projects are halted, which will affect progress payments for all work in progress. All our business development plans and investments over the last year or so have now proven to be superfluous.
“If the Libyan situation deteriorates, it will bring an untenable situation for us. Losses would be too high for the Malta operation to support.”
(Source: Malta Today)