An official source at the Libyan Foreign Bank revealed to Sada Newspaper that the bank’s CEO, Al-Hadi Kaabar, was expelled from the bank’s headquarters in That El Emad.
The same source also confirmed that the Deputy Managing Director, Omar Al-Hajjaj, was expelled from the bank’s headquarters on Tuesday, adding that both of them were expelled by the Central Security Force, best known as Nawasi Brigade.
In a statement to Sada Economic Newspaper, a source at the National Commercial Bank (NCB) revealed the involvement of the bank’s Director General, Al-Sedig Khanfar, and a number of employees in cases of financial manipulation, adding that they are under investigation.
The source said that the Administrative Control Authority in the eastern region has isolated and downgraded some commercial bank employees, including employees within the National Commercial Bank and public authorities.
Production at Libya’s Sharara oilfield has risen to around 150,000 barrels per day, around half its capacity, two industry sources with knowledge of the matter told Reuters on Monday.
The Organization of the Petroleum Exporting Countries and its allies have highted rising Libyan production, as well as a weaker demand outlook because of a second wave of coronavirus infections, as major risks to any oil market recovery.
The field, with a capacity of around 300,000 bpd, started operations at a rate of around 40,000 bpd, which gradually rose to around 100,000 bpd at the end of last week, the sources said.
On Monday, the Central Bank of Libya (CBL) denied that it had allocated a grant of $1.5 billion for household heads.
Some social media pages circulated news about the central bank allocating $1.5 billion for the disbursement of the household heads’ grant.
The Military Prosecutor’s Office confirmed that an arrest warrant has been issued against the head of the National Anti-Corruption Authority in Libya, Noman Mahfoud Al-Sheikh.
In a statement issued on Monday, the head of the National Anti-Corruption Authority has been charged with hiding reports linked to financial irregularities within the Military Medical Service and the Ministry of Health.
The Libyan National Center for Desease Control (NCDC) announced on Monday the registeration of 1159 new Covid-19 cases.
This brings the total number of COVID-19 cases in Libya to 49,9492, including 219553 active cases, 272624 recoveries, and 732 deaths, according to NCDC.
As reported by Reuters, OPEC+ producers are facing a new problem related to the abundance of oil supply after the quick and unexpected increases in Libyan oil production.
This happens against a backdrop of weak global demand for oil due to the coronavirus pandemic and slowing economic activity in European countries.
OPEC+ producers are to discuss the situation of global oil supplies, especially since the group had previously planned to ease production restrictions as of January 2021 by about two million barrels per day, from the current level of cuts of 7.7 million barrels per day.
The group gathering major producers like Saudi Arabia and Russia will hold its monthly meeting virtually on Monday to review developments in the market situation and examine the extent of producers’ compliance with production cuts quotas.
“The investment sector in Libya has been suffering a dire situation since its establishment… Its situation got worse after Fayez Al-Sarraj took over the country… This sector was politicized.” The head of an International Consultancy Office and researcher in Political Economy, Omar Said Al-Khataly confirmed during a televised interview for Libyan WTV channel and Tabadul Platform.
According to him, the investment sector is represented by the Libyan Investment Authority, 520 other companies in addition to their affiliated funds.
Al-Khataly explained that the positions and jobs that exist abroad have become means to ensure loyalties and achieve political goals instead of achieving profits on Libyan funds.
In terms of investments, the spokesman affirmed the existence of several factors that contributed to the destruction of this sector or its inability to achieve any kind of positive results such as achieving profits or expansion, the main among them is the human factor which he described as weak referring to the lack of experience and competencies.
Noting the lack of experience and competencies, Al-Khataly explained that the 70 percent of those working within this sector had not been appointed in accordance with international standards.
Al-Khataly also pointed out that most of the Libyan companies abroad, whether in Egypt or Tunisia, are bankrupt companies considering that most of the people who run these companies lack the experience and competence.
Regarding his resignation from the board of directors of “LAFICO–Tunisia”, the spokesman explained that it was a protest against the way the company was managed.
As for the resignation from the Libyan Investment Authority, he confirmed that it was due to the poor management and misuse of Libyan funds.
The United Nations Support Mission in Libya (UNSMIL) has announced that the fourth round of the Libyan (5+5) Joint Military Commission (JMC) talks began this morning at the Palais des Nations in Geneva with the presence and participation of the Acting Special Representative of the Secretary-General of the United Nations (ASRSG) and Head of UNSMIL, Stephanie Williams.
The work of the 5+5 JMC, the security track, is one of the three intra-Libyan tracks that UNSMIL is working on, along with the economic and political tracks, which emerged from the 2020 Berlin Conference on Libya.
“These tracks were endorsed by Security Council Resolution 2510 (2020), which called on both parties to reach an agreement for a permanent ceasefire.” The statement indicated.
It said that the launching of this round of talks is marked by in person meetings between the delegations of the two parties to the conflict in Libya, adding that the meeting began with the playing of the Libyan national anthem, followed by opening remarks by Williams and the heads of both delegations.
“The deliberations of this round will continue until the 24th of this month. UNSMIL hopes that the two delegations will reach a solution to all outstanding issues in order to achieve a complete and permanent ceasefire across Libya.” The statement reads.
Speaking in a televised interview with WTV channel and Tabadul Platform, the Libyan economist Al-Badri Shriha stressed that the Libyan Investment Authority (LIA), which was founded in 2006, did not infuse any funds in the public treasury except one time during 2008.
” The group that enter the investments are those who take advantage of the funds. However, the citizen who pumps money in has not benefited from it.” he said.
As far as the appointments are concerned, Shriha said that at the beginning of the establishment of the Libyan Investment Authority, a committee had been set up in order to choose between the candidates by adopting transparent professional methods.
“At first, the Libyan Investment Authority had employed Libyan youth from all the regions and various parties.” he pointed out, adding that his resignation from the institution was because of a number of decisions among which the reappointing of the same system instead of introducing a new one.