June 2022

Bank of Valletta ordered to hand €96 million linked to Gaddafi over to Libyan state

June 29, 2022 - 19:13
Posted in:
Written By: AbdulkaderAssad

Malta Today newspaper said €96 million linked to the son of slain Libyan dictator Muammar Gaddafi and held by the Maltese bank of Valletta must be returned to the Libyan state following a ruling by Malta's courts on Tuesday. 

The six-year case filed by the Libyan Attorney General accused the Maltese bank of breaching "know your customer" rules by holding vast sums for Gaddafi under a different name, Muatasimbllah Muammar Abuminyar. 

US ambassador says Libya elections can be held in presence of two governments

June 29, 2022 - 18:42
Posted in:
Written By: AbdulkaderAssad

The US ambassador to Libya, Richard Norland, said on Tuesday that it could be possible to hold national elections without resolving a standoff between two rival governments and that a mechanism to oversee spending could help with governance for an interim period, according to Reuters.

Norland told Reuters in an interview that while he was optimistic that Geneva talks this week could resolve the impasse, there were ways to move forward without a single Libyan government.

Ministry of Finance warns new force majeure will affect public expenditures

June 29, 2022 - 12:16
Posted in:
Written By: SafaAlharathy

The Ministry of Finance has cautioned against declaring a state of force majeure in the Gulf of Sirte, indicating that it would affect public expenditures.

The NOC disclosed Monday that it is considering declaring a state of force majeure unless production and shipping at the oil fields and ports in the Gulf of Sirte are resumed.

The Finance Ministry said the matter is a concern at the state level because it concerns a primary source for financing the general treasury.