The investigative body at the Attorney General’s Office has ordered the detention of the head of the Ras Ajdir Customs Center, along with the heads of the Audit and Procedures Department at the center, and four customs officers on charges of forging customs documents related to documentary credits executed within Yaqeen Bank.
According to the Attorney General’s Office, the forged documents indicate the importation of goods into the country by seven companies contrary to reality. This enabled the owners of those companies to benefit from foreign currency equivalent to $91 million and to collect the proceeds of trading in foreign currency in the parallel market.
Exclusive – Final touches are being made at the Tripoli International Fairground for the launch of the fourth international conference and exhibition for banks, insurance, and investment under the theme “Towards Revitalizing the Libyan Economy: Insights and Solutions in the Context of Crisis and Disaster Management.”
A member of the preparatory committee for the conference and exhibition informed that this edition, scheduled to commence on Tuesday, February 20th, will witness dialogues involving decision-makers, business sectors, and experts at the local and international levels interested in developing banks, insurance, investment, and crisis management.
The event aims to strengthen cooperation and interaction between banks, the insurance industry, and investment to achieve recovery in the context of crises and disasters, encouraging collaboration between the public and private sectors, and analyzing international experiences before and during exceptional and emergency circumstances.
The Minister of Economy and Trade in the Government of National Unity, Mohamed Al-Huwaij, called on Egyptian companies to enter the Libyan market through participation with Libyans and the establishment of factories within the Libyan state’s territories to achieve economic partnership according to the available opportunities in Libyan legislation related to investment and trade.
This came during a meeting held by Al-Huwaij at the Libyan Embassy in Cairo with leading Egyptian companies in various fields of commercial, industrial, agricultural, and service activities interested in the Libyan market, in the presence of the Libyan Charge d’Affaires, Mohamed Abdul Ali, the Minister’s Advisor, Shatha Al-Sayid, the Director of Foreign Trade and International Cooperation Department, Essam Al-Malhoof, the Assistant Commercial Attaché, Mohamed Qalissa, and the Minister’s Office Director, Wissam Iltif.
Al-Huwaij emphasized that Libya, with its capabilities and strategic location, is considered a basis for launching into the African market, which requires the establishment of a long-term Libyan-Egyptian partnership that serves the interests of both countries and achieves the desired economic integration and development.
Many Egyptian companies expressed their interest in establishing factories to exploit fishery resources, desalinate water, and treat petroleum wastewater, as well as in the fields of furniture manufacturing, cotton clothing, contracting, and environmentally friendly organic agricultural pesticides.
The Governor of the Central Bank of Libya, Seddiq Al-Kabeer, and his deputy, Merai Al-Buraasi, participated in the first meeting of 2024 with the United States Agency for International Development (USAID), held this morning, Friday, in the Tunisian capital.
The meeting was dedicated to discussing the latest developments in the project to enhance the capacities and efficiency of the Central Bank of Libya’s employees in cooperation with the USAID, which was launched in late 2021. The meeting also reviewed the progress made in key projects, including the balance of payments, banking supervision, combating money laundering, reserve management, risk management, human resource development, and setting priorities for the next phase.
The meeting was attended by the Director of the United States Agency for International Development, “John Cardenas,” and the heads of departments concerned with the Central Bank of Libya, as well as experts from the agency and the implementing company of the “PRAQMA” project.
The Long-Term Investment Portfolio participated in a workshop organized by the Libyan Investment Authority today, Thursday, focusing on the project to restructure its subsidiaries. The workshop was attended by the President of the Corporation, Ali Mahmoud, and the Chairman of the Board of the Long-Term Investment Portfolio, Abdul Fattah Abdul Ghaffar.
The President of the Authority gave a brief description of the project to restructure the companies and its purpose, pointing out the problems and obstacles that the Corporation faced as a result of the difficulties encountered by a number of its older subsidiaries.
Abdul Fattah presented an overview, summarizing the conditions and performance of the portfolio’s subsidiaries, as well as several observations about the project and its implementation mechanism.
The workshop concluded with the Authority presenting a number of recommendations arising from the discussions that took place during the workshop, including emphasizing the importance of evaluating the conditions of their affiliated entities and urging them to submit investment plans for feasibility studies.
Ola, one of the companies owned by the Libyan Africa Investment Portfolio, announced record profits last year in 2023, reaching approximately 49 million euros with a net profit of 46.5 million euros after tax calculation.
The Libyan Africa Investment Portfolio explained that these results crown its efforts in the intensive monitoring of Ola’s activity, through setting a roadmap and restructuring the company’s board of directors, as well as forming a monitoring and evaluation committee for the company’s performance.
The Portfolio noted that achieving these results came despite the challenges and difficulties faced by the group in the countries where its companies operate, such as political tensions and ongoing conflicts in Sudan, Niger, and other countries.
Today, Thursday, the Prime Minister of the National Unity Government, Abdul Hamid Dbeibeh, conducted an inspection visit to monitor the progress of the first phase of the Third Ring Road project in the capital, Tripoli. The project is being implemented by an Egyptian coalition of companies, with completion expected by April next year.
Dbiebeh emphasized the importance of focusing on the concrete components of the project, in addition to the infrastructure for sewage and rainwater drainage networks, directing that the work be carried out with high quality and according to international standards.
The head of the Housing and Utilities Projects Execution Authority, Mahmoud Ajaj, explained that the Third Ring Road includes 13 bridges with entrances and exits, as well as 15 overpasses and underpasses, bringing the total number of bridges along the road to 28, in addition to 14 pedestrian bridges.
The Daily Express has recently shared an article providing a rare glimpse into the intricate criminal operation fueling the migrant crisis and small boat phenomenon, revealing insights into the suspected mastermind behind the chaos, Ammar Al-Mabrouk Saad Balkour, depending on secrets documents obtained from Libya.
Unveiling the Alleged Mastermind: Ammar Al-Mabrouk Saad Balkour
The suspected mastermind behind human trafficking gangs linked to Britain’s small boats crisis, Ammar Al-Mabrouk Saad Balkour, has been revealed through documents obtained from sources related to the Daily Express in Libya. Balkour is accused of trafficking thousands of people into Europe, among other serious crimes. The documents shed light on the gangs’ operations, starting in North Africa and ending with migrants arriving in the UK via small boats across the Channel. Balkour was reportedly assassinated last week as security forces closed in on him, with speculation suggesting Libyan security forces may have been involved in his death to prevent him from talking.
The identity of the Balkour as revealed in the Libyan security document by The Daily Express
Implications of Balkour’s Operations: Trafficking and Organ Harvesting
The alleged criminal mastermind, responsible for about 600 of the 1,000 illegal migrants trafficked weekly from Libya into Europe, was also implicated in murders linked to the illegal harvesting and sale of human organs. Former cabinet minister David Jones, chairman of the All Party Parliamentary Group (APPG) on Libya, has forwarded the documents to Security Minister Tom Tugendhat for urgent investigation. Jones emphasized the importance of tackling organized criminal gangs behind human trafficking to address the small boats crisis. The documents provide detailed information about Balkour, his compound, and the holding of illegal migrants before their transport across the Mediterranean.
Fortified Compound in West Ajaylat: Hub of Illegal Activity
The compound in West Ajaylat was heavily guarded with barbed wire and armed personnel. Maps indicate a designated area within the compound for holding illegal migrants, referred to as “the family compound.” Balkour reportedly had 20 trusted gang members, many of whom had died in accidents or conflicts prior to his own demise. The compound also housed a boat building facility believed to be used for trafficking purposes. It’s unclear if this facility is linked to the small boats used to transport migrants to the French coast before they cross the Channel. According to the documents, Balkour kept Syrian immigrants at the family compound and Africans at the boat building facility. A convoy would transport Syrian immigrants from the compound to a temporary holding area before they were moved on foot to the boat loading site, the exact location of which remains unknown.
Segregation and Transport: Operations Inside Balkour’s Compound
African migrants are held in a distinct location near the boat building facility, as indicated by the documents. Additionally, an intelligence conversation with Balkour’s 15-year-old brother in November last year revealed that Balkour was described as “very busy” and was reportedly planning to move people to Italy. Italy has been engaged in discussions with the UK about shutting down routes from North Africa and is pursuing a Rwanda-style deal to deport illegal migrants. Home Office sources have mentioned utilizing intelligence to disrupt criminal gangs and prevent the trafficking routes.
During his meeting with the Minister of Oil and Gas in the Government of National Unity, Mohammed Aoun, the President of the Presidential Council, Mohammed Al-Manfi, followed the steps currently being taken by the government to develop the Hamada oil field through a coalition of foreign companies.
The minister pointed out that the political agreement does not allow the executive authority to sign long-term agreements or treaties during the transitional period, confirming the availability of capabilities and technical resources for national companies to develop this field.
Al-Manfi emphasized the necessity of giving priority to national oil companies to develop the field, confirming that the percentage offered by the coalition of foreign companies is too high and excessive, considering it a waste of public resources, and a violation of prevailing national legislation, and a clear breach of the political agreement provisions.
The President of the Presidential Council directed the need to comply with the messages sent by the House of Representatives, the High Council of State, the Attorney General, and the Audit Bureau regarding not imposing any future burdens on the Libyan state during the current transitional phase.
The meeting was attended by the General Directors of Legal Affairs, Planning, and Technical Affairs at the Ministry of Oil and Gas.
During a meeting between the Head of the Audit Bureau, Khaled Shakshak, and the Governor of the Central Bank of Libya, Seddiq Al-Kabeer, they discussed the review of the central bank’s financial statements, addressing the difficulties facing the audit process, and the possibility of agreeing on a plan to facilitate the audit process and expedite its approval.
The meeting also addressed the work of accounting auditing offices and the standardization of criteria between the Audit Bureau and the bank to facilitate their work, and the amendment of mandatory requirements for offices to be able to review the assigned tasks aimed at developing accounting work in Libya.
