Libya 5 years after NATO intervention: From one of richest nations in Africa to most troubled
On this day five years ago, a NATO-led coalition began its military intervention in Libya. French fighter jets were deployed over the African country on March 19th, 2011. The operation triggered a series of events that changed the face of Libya.
Libya: Past and Present
https://africandailyvoice.com/en/2018/10/10/gaddafi-who-stole-libya-money/
Gaddafi : Who Stole Libya’s Money ?
Thanks to oil revenues, Libya had accumulated enormous wealth. As a great visionary, Gaddafi wanted to secure these assets to ensure the future of the Libyan people.
He had therefore placed these assets in investment companies to buy stakes in the largest multinationals.
The new Libyan authorities – yet recognized by NATO – are struggling to recover their fortune from abroad.
Where did the Libyan people’s money go ? Why does France, the United States, Great Britain, and even some African countries refuse to return them to Libya ?
Explanations…
https://www.politico.eu/article/muammar-gaddafi-frozen-funds-belgium-unknown-beneficiaries/
Millions flow from Gaddafi’s ‘frozen funds’ to unknown beneficiaries
As factions face off in war-torn Libya, money slips through sanctions.
ix years after Muammar Gaddafi’s death, his regime’s frozen funds in Brussels are generating tens of millions of euros in interest for mystery beneficiaries, despite international sanctions.
A POLITICO investigation into €16 billion of the Libyan dictator’s assets held in Belgium discovered big, regular outflows of stock dividends, bond income and interest payments. Legal documents, bank statements, emails and dozens of interviews point to a loophole in the sanctions regime.
While Gaddafi’s wealth is meant to be held in trust for the Libyan people until the war-shattered country stabilizes, interest payments flowed from frozen accounts in Brussels to bank accounts in Luxembourg and Bahrain over recent years, documents reviewed by POLITICO show. Belgium’s finance ministry says such payments are legal.
The interest goes to accounts belonging to the Libyan Investment Authority (LIA), the country’s sovereign fund, which was founded in 2006 to invest Gaddafi’s oil wealth. LIA now lies at the heart of a turf war between rival claimants in Libya, and it’s not clear who runs the agency or gets any of the funds sent to its accounts.
The Libyan Investment Authority’s funds are locked in at least four bank accounts managed by Euroclear, a financial institution headquartered in Brussels.
Following a NATO-led intervention that toppled Gaddafi, who died in October 2011, civil war has reduced Libya to a hydra-headed set of competing administrations governed by rival strongmen, in an environment still destabilized by Islamist militants.
Those divisions are mirrored in the battle to control LIA. Two groups purport to be the official government: a U.N.-backed one in Tripoli, and another in the eastern port of Tobruk, which is backed by the army. Both factions have appointed bosses of the sovereign fund. To complicate matters further, there are two competing chairmen in Tripoli, who are locked in disputes over who is the legitimate chief.
POLITICO contacted the investment authority’s lawyers, consultants, a former head of LIA and current claimants to be its chairman.
None was able to specify which, if any, of the rival claimants to LIA was able to access the millions in interest payments from Belgium.
https://panamapapers.sueddeutsche.de/articles/573aeac75632a39742ed39a0/
Where is Muammar Gaddafi’s money? Rebels pulled the Libyan dictator from a sewage pipe near his hometown of Sirte on October 20, 2011. He was bleeding from his head, and rebels and bystanders joined in beating him and clubbing his groin with a bayonet. Shortly thereafter, this bird of paradise among African autocrats was dead.
But shortly before he died, Gaddafi sold a fifth of Libya’s gold reserves, and most of the proceeds from this sale are still missing. The so-called Panama Papers could now shed light on the search for this incredible fortune.
Through a network of cryptic corporate investments, secret front companies and hidden bank accounts, Gaddafi had managed to set aside a fortune since the fall of the Libyan king in 1969. Oil had made Libya and, in turn, Gaddafi, rich. The former military captain is said to have been in possession of between $100 million and $200 million. Dozens of international lawsuits and investigations are still underway, with the return of funds as their central aim.
Documents made available to Süddeutsche Zeitung (SZ) by an anonymous source calling itself “John Doe” have now implicated two of Gaddafi’s most trusted advisors: one of his greatest protégés, and his chief investor. The former earned millions through obscure appointments through the state, while to this day the latter is probably hiding billions of dollars at the behest of and for the Gaddafi clan. Both of these men had been on Interpol’s wanted list for several years.
Gaddafi's Banker
A central figure in the search for Gaddafi’s money is a man called Bashir Saleh Bashir, who was once the Libyan leader’s chief of staff and right-hand man. In Libya, he is still known as “Gaddafi’s banker.” Bashir is alleged to have invested and hidden the private wealth of the Gaddafi clan. In addition, he used to manage a multi-billion-dollar branch of Libyan state funds: namely, the oil-funded money reserve to which Gaddafi had free access. The so-called “Libya Africa Investment Portfolio” invested oil business proceeds in other African states, but where exactly the money flowed to can no longer be determined. Many Libyans say that Gaddafi — who, depending on his mood, liked to call himself “The Leader of Arab Leaders,” the “Imam of all Muslims” or simply the “King of Kings of Africa” — probably pocketed the money himself.After Gaddafi responded with military force to demonstrators in February 2011, the United Nations began sanctioning people, properties and companies with ties to his regime. As part of these measures, assets belonging to Gaddafi’s banker, Bashir, were also frozen by the European Union and Switzerland. The state-run Libya Africa Investment Portfolio was, shortly thereafter, included on the sanctions list of the United Nations Security Council, due to its status as a “potential source of funding” for the Libyan regime. Gaddafi and his protégés were to be kept from doing business or moving money. But as the Panama Papers reveal, Bashir seems to have taken a few precautions for just such an eventuality. The Libya Africa Investment Portfolio owned shares of a front company called Vision Oil Services Limited, which Libya-experts Süddeutsche Zeitung contacted had no prior knowledge of.
Vision Oil Services Limited was obviously Gaddafi’s banker’s little
secret. Panama law firm Mossack Fonseca founded the company in 2007, but
it remained inactive for years because no administrative fees were
paid. Only on March 10, 2011, when the end of the Gaddafi regime became
apparent, were all outstanding invoices suddenly paid in full and was a
obtained to reactivate the company. This
took place ten days after Gaddafi’s banker Bashir had been sanctioned.
The offshore company was camouflaged perfectly. Neither the Libya Africa Investment Portfolio nor Bashir were mentioned in any of the official documents. A Saudi Arabian man operating as the firm’s sham director and general manager had the power of attorney to open accounts at the Geneva bank Pictet, the Viennese branch of Landsbanki Luxembourg and Standard Chartered Bank in Singapore. This Saudi Arabian man was said to have previously done business with Jordanian oil smugglers and spent time in a Libyan prison for money-related offenses that maybe have been directly related to Gaddafi.
The Saudi Arabian man resigned as director of Vision Oil Services Limited at the beginning of April 2011, appointing a Briton living in Germany as his successor. In response to Süddeutsche Zeitung’s queries, this British national denied having any knowledge of the company’s dealings. He said that he was merely the employee of the Saudi Arabian man and had worked as a fake director once his employer found himself in a dangerous situation. So, while Gaddafi’s troops and rebels were embroiled in increasingly intense fighting, the Saudi Arabian sham director appointed a British sham director, making the already opaque company structure even more complicated, and thereby adding another layer of protection.
https://gizadeathstar.com/2018/03/that-missing-libyan-qaddafi-money/
THAT MISSING LIBYAN-QADDAFI MONEY…
There's some sort of story going on with that missing money of murdered Libyan dictator, Moammar Qaddafi. The trouble is, no one knows exactly what it is, but it has emerged, or rather, re-emerged, as a major story with the arrest and questioning of former French President Nicolas Sarkozy in connection with his financial dealings with the fallen Libyan dictator. As I stated last week, this is the largest arrest of anyone connected to "the cabal". But again, exactly where Mr. Qaddafi's money is, or where those frozen Libyan assets in Belgium disappeared to, or what connection any of it may have with M. Sarkozy, no one really knows.
Mr. P.R., a regular reader here, sent me a review of articles related to the matter that I thought was so good I decided to pass it all along to you, and you can make of it what you will. Firstly, according to this article from the
Suddeutsche Zeitung, there are connections to the Panama Papers and the law-firm Mossack-Fonseca:
Lost Treasure
The basic idea to take away from this article is that Qaddafi hid much of his foreign assets in a series of holding companies, most of them leading back to Mossack-Fonseca, the Panamanian law firm at the center of the Panama Papers controversy.
Then Mr. P.R. found
this BBC article from 2007, indicating the Sarkozy-Qaddafi connection, with ties to the G.W. Bush administration:
Sarkozy signs deals with Gaddafi
This article notes that Qaddafi and Sarkozy inked certain deals, and that Libya accepted responsibility for the PanAm Lockerbie disaster and agreed to pay compensation to the victims. That, I suspect, is a part of this story, but one which perhaps we'll never learn. (However, for the record, it should be noted that there were a number of people on that flight that suggest that Libya's may not have been the only hand at work in the disaster. That's another story for another time perhaps.)
Then Mr. P.R. found
this very suggestive story about Goldman Sachs apparently losing about 98% of a $1.3 billion investment from Qaddafi:
Goldman Sachs lost 98% of Gaddafi's $1.3bn investment
In fact, this one is so good, one has to cite a bit of it, especially given that the same firm now has a presence in Mad Madam Merkel's cabinet:
A bitter rift has opened up between the world's most powerful bank and one of its most fearsome dictators after
Goldman Sachs invested $1.3bn (£790m) of Colonel Gaddafi's money – and lost virtually all of it.
According to an investigation by the Wall Street Journal, Goldman offered to make Gaddafi one of its biggest investors as compensation for losing 98% of the money the Wall Street firm invested on behalf of the Libyan Investment Authority (LIA). This left the $53bn Gaddifi-controlled sovereign wealth fund, which elsewhere has stakes in companies such as Financial Times-owner Pearson and BP, with just $25.1m of the money it entrusted to Goldman.
The fund, which has soared in value in recent years on the back of Libya's growing oil wealth, was frozen by the EU and United Nations in February because of its close links with the Gaddafi family.
Under the terms of the proposed compensation deal, which was never consummated, LIA would have received $5bn worth of preferred Goldman shares, in return for a $3.7bn investment, allowing the fund to recoup its $1.3bn of losses.
So, Goldman loses a lot of Qaddafi's money in the 2008 meltdown, then offers to make it up to him by allowing him to become a "preferred investor" at around the same time that the European Union freezes Qaddafi assets, which, according to stories earlier this year, have several billions of euros missing from those supposedly frozen accounts, while M. Sarkozy is under investigation.
The Sarkozy investigation has also engulfed one of the former French President's primary aides in 2015:
https://www.telegraph.co.uk/news/wo...rkozy-aide-held-in-Gaddafi-funding-probe.htmlhttps://www.telegraph.co.uk/news/wo...rkozy-aide-held-in-Gaddafi-funding-probe.html
What appears to be at the center of all of this is Qaddafi's gold and plans to create a gold backed currency(read the following closely):
https://wikileaks.org/clinton-emails/emailid/6528
That gold appears to have been stolen:
Who Stole 143 Tons of Gold From the Libyan People?
Where are ex-Libyan dictator Gadhafi’s missing billions? New UN report offers clues
We're very grateful to Mr. P.R. for putting together this review of the missing Libyan money and gold. The bottom line? The money, for which Mr. Qaddafi apparently had big plans, is still missing. A currency that by-passed the Western central banks, and which would have sponsored some sweeping infrastructure development, and made Mr. Qaddafi an almost heroic figure not only to his own people but to the wider northern African Muslim world, is gone, as are his plans. And virtually everyone who is anyone in power politics at the time appears, at some level, to be involved in the affair. Geopolitically, the West had much to lose if Qaddafi had succeeded.
All this puts an interesting, if dangerous, light on the recent moves in Saudi Arabia being made by crown prince Mohammed bin Salman, for a case could be argued that he has adopted at least
some of Qaddafi's playbook. So far, he appears to be "getting away with it," even to the extent of meeting with the leader of the Egyptian Coptic church (see:
Saudi Crown Prince Visits Christian Cathedral in Egypt, Meets with Coptic Pope). Such breathtaking moves bring something to my mind, and while it is relatively short for my normal high octane speculations, it nonetheless is a major factor that should be considered in all this context:
The Saudis know something...
...after all, if one reads all these articles carefully, at least one Saudi was involved as a "director" for all of Qaddafi's front companies.
Nice to see the loco collective doesn't know when to shut the fuk up.
Did the company in Quebec pay taxes on the $130M they lifted?? (or another tax-free year)