Archive | Investment

Libya to join China’s Belt and Road Initiative

By John Lee. The Chinese Foreign Ministry has announced that Libya is to join China’s Belt and Road Initiative (BRI). Foreign Minister Wang Yi held talks in Beijing with Foreign Minister of the Government of National Accord (GNA), Mohamed Taha Siala (Sayala), who was in China for the 8th Ministerial Meeting of the China-Arab States […]

FMCP wins Libyan Fraud Case

By John Lee. London-based asset manager FM Capital Partners (FMCP), has reportedly won a court case against its former CEO over allegations of fraud and corruption relating to a Libyan sovereign wealth fund. Earlier this year, London’s Commercial Court heard evidence alleging that Frederic Marino and former Julius Baer banker Yoshiki Ohmura conspired to improperly […]

Libya and Oil: Common Sense Prevails

By Sir Vincent Fean, The Ambassador Partnership LLP. Any opinions expressed are those of the author, and do not necessarily reflect the views of Libya Business News. Sir Vincent Fean’s 39 years of diplomatic experience include serving as Consul-General in Jerusalem, Ambassador to Libya (2006-10), and High Commissioner to Malta.  An Arabist, he has engaged […]

Meeting addresses Property Disputes in Libya

The United Nations Support Mission in Libya (UNSMIL) and the Libyan branch of the United Nations Development Programme (UNDP) are currently hosting a meeting in Tunis to address the legacy of land and property violations in Libya from Ottoman times to the post-revolutionary period. The two-day meeting will involve experts, activists, and officials to identify […]

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 […]