Libya’s $70bn wealth fund sees thaw in UN asset freeze by year-end

Crude oil storage tanks are seen at Azzawiya oil refinery, in Zawiyah, west of Tripoli, Libya July 23, 2020. (REUTERS)
Crude oil storage tanks are seen at Azzawiya oil refinery, in Zawiyah, west of Tripoli, Libya July 23, 2020. (REUTERS)
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Updated 03 August 2024
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Libya’s $70bn wealth fund sees thaw in UN asset freeze by year-end

Libya’s $70bn wealth fund sees thaw in UN asset freeze by year-end
  • Of its estimated $70 billion in assets, the fund has $29 billion in global real estate, $23 billion in deposits invested in Europe and Bahrain and $8 billion in equities spread over more than 300 companies around the world

LONDON: The Libyan Investment Authority is expecting UN sign-off by the end of the year to actively manage its $70 billion in assets for the first time in more than a decade, its chief executive told Reuters.
The LIA, set up under Muammar Qaddafi in 2006 to manage the country’s oil wealth, has been under a United Nations asset freeze since the 2011 revolution that toppled Qaddafi.
This means that in order for Africa’s largest sovereign wealth fund to make new investments, or even move cash from negative interest rate accounts, where they have been losing money, the LIA needs UN Security Council sign-off.
Chief Executive Ali Mahmoud Mohamed said the authority is confident the council will provide the landmark approval by November or December for an investment plan it submitted in March.
“We believe our investment plan with be accepted ... we don’t think they will refuse it,” Mohamed told Reuters via a translator.
The first of LIA’s four-part plan is the “very simple” step of reinvesting money that has built up during the freeze, such as payouts from bond holdings.
The LIA has previously tried to actively manage its funds. But in the turmoil following Qaddafi’s ouster, it at one point had dueling chairmen, backed by different factions within the country. A British court ruled in 2020 in Mohamed’s favor. In 2020, the LIA said a Deloitte audit showed the freeze had cost it some $4.1 billion in potential equity returns.
He said transparency has since improved; the LIA released audited financial statements in 2021, covering 2019. It aims to publish the 2020 numbers in the coming months and provide them annually from next year.
And while the LIA was 98th out of 100 sovereign funds in a 2020 ranking of sustainability and governance by Global SWF, an industry data specialist, it stood at 51st this year.
Of its estimated $70 billion in assets, the fund has $29 billion in global real estate, $23 billion in deposits invested in Europe and Bahrain and $8 billion in equities spread over more than 300 companies around the world. It also has roughly $2 billion worth of matured bonds.
The UN Security Council Committee was not immediately available to comment. Last year, after meeting with the LIA, its members “noted the progress made on the implementation of the LIA’s Transformation Strategy” and stressed “the importance of guaranteeing the frozen funds for the benefit of the Libyan people.”
Mohamed said that it is also planning to request approval this year for two further investment plan “pillars” — one that covers its share portfolio and another that relates to domestic investment plan.
The LIA is targeting domestic investments in solar power and helping increase oil exports. Libya is one of Africa’s largest oil exporters, pumping roughly 1.2 million barrels per day.
If the UN does not approve its investment proposals, Mohamed said “we will keep trying...we will keep asking and requesting.”

 


Palestinian Authority announces end to payments for families of ‘prisoners, martyrs’

Palestinian Authority announces end to payments for families of ‘prisoners, martyrs’
Updated 13 sec ago
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Palestinian Authority announces end to payments for families of ‘prisoners, martyrs’

Palestinian Authority announces end to payments for families of ‘prisoners, martyrs’
RAMALLAH: The Palestinian Authority announced on Monday it would end its system of payments to the families of those killed by Israel or held in Israeli prisons, including for attacks on Israelis, responding to a long-standing request from Washington.
“President Mahmud Abbas... issued a decree to cancel articles in the laws and regulations related to the system of paying financial allocations to the families of prisoners, martyrs and the wounded,” the official WAFA news agency reported. Israel has long denounced the system and the current government has used it as a reason to freeze funds for the PA.

Israel opposition accuses Netanyahu's government of ‘burying’ October 7 probe

Israel opposition accuses Netanyahu's government of ‘burying’ October 7 probe
Updated 44 min 46 sec ago
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Israel opposition accuses Netanyahu's government of ‘burying’ October 7 probe

Israel opposition accuses Netanyahu's government of ‘burying’ October 7 probe
  • Benjamin Netanyahu's government suggested that any probe should wait until after the fighting in Gaza is over
  • Yair Lapid accused Netanyahu of having ignored intelligence warnings of Hamas attack

JERUSALEM: Israel’s opposition leader accused the government on Monday of resisting a state probe into the events surrounding Hamas’s October 7, 2023 attack, after an inconclusive, court-ordered cabinet meeting about a potential inquiry.
The Hamas attack, which triggered more than 15 months of war in the Gaza Strip, was the deadliest in Israeli history. Prime Minister Benjamin Netanyahu has refused accepting responsibility for failures, and his government has suggested that any probe should wait until after the fighting is over.
Opposition leader Yair Lapid, speaking in parliament, said that “the government did everything yesterday to bury this commission,” referring to a cabinet meeting late Sunday which ended with no decision on a formal inquiry.
Lapid said that an investigation was needed so that a similar attack “won’t happen again.”
He also accused Netanyahu of having ignored intelligence warnings before of the cross-border attack, and pursuing a policy to “strengthen Hamas” over several years prior to it.
The Hamas attack resulted in the deaths of 1,210 people, mostly civilians, according to an AFP tally of official Israeli figures.
Militants also took 251 hostages, of whom 73 remain in Gaza, including 34 the Israeli military says are dead.
Following appeals from relatives of victims and hostages as well as NGOs, Israel’s supreme court on December 11 demanded the government meet within 60 days to discuss the creation of an inquiry commission.
The government met on the subject on Sunday and took no decision.
Far-right Finance Minister Bezalel Smotrich on Monday defended the government’s position and said that “in the middle of a war, it is not the right time to investigate.”
A fragile truce since last month has largely halted Israel’s military operations in the Hamas-run Gaza Strip, whose health ministry says the war has killed at least 48,208 people in the territory.
Smotrich said that while he was “in favor of investigating” the October 7 attack, he “does not trust” the judiciary — a frequent target of criticism from Netanyahu’s government — with the responsibility.
According to Israeli law, if the government decides to set up a state commission of inquiry, it must inform the president of the Supreme Court, who is then responsible for appointing its members.
Since the 1960s, more than a dozen such commissions have been formed in Israel, notably after the 1973 Arab-Israeli war, a 1982 massacre in Palestinian refugee camps in Lebanon by Israeli-backed militias, and the assassination of Prime Minister Yitzhak Rabin in 1995.
More recently, state commission was launched into a deadly 2021 stampede in which 45 people lost their lives during a Jewish pilgrimage in Israel’s north.
A bill to form a state commission of inquiry into October 7 was rejected by a majority of lawmakers on January 22.


UN pauses some Yemen operations over Houthi detention of staff

A United Nations vehicle is parked in Taiz, Yemen. (File/AFP)
A United Nations vehicle is parked in Taiz, Yemen. (File/AFP)
Updated 33 min 33 sec ago
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UN pauses some Yemen operations over Houthi detention of staff

A United Nations vehicle is parked in Taiz, Yemen. (File/AFP)
  • Measure “seeks to balance the imperative to stay and deliver with the need to have the safety and security of the UN personnel and its partners guaranteed”: Haq

UNITED NATIONS: The United Nations has paused all operations in Yemen’s Saada region after more UN staff were detained by the Houthi authorities, deputy UN spokesperson Farhan Haq said on Monday.
“This extraordinary and temporary measure seeks to balance the imperative to stay and deliver with the need to have the safety and security of the UN personnel and its partners guaranteed,” Haq said. “Such guarantees are ultimately required to ensure the effectiveness and sustainability of our efforts.”
Haq could not immediately say how many people would be affected by the pause in UN operations.
“This pause is to give time to the de facto authorities and the United Nations to arrange the release of arbitrarily detained UN personnel and ensure that the necessary conditions are in place to deliver critical humanitarian support,” he said.
“The United Nations remains fully committed to assist the millions of people in need across Yemen,” Haq added.
The Iran-aligned Houthis have controlled most of Yemen, including the capital Sanaa, since seizing power in 2014 and early 2015. Since 2021 the Houthis have detained dozens of UN staff. The group currently has some 28 UN staff in detention.


International Criminal Court opens inquiry into Italy over release of Libyan warlord

International Criminal Court opens inquiry into Italy over release of Libyan warlord
Updated 10 February 2025
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International Criminal Court opens inquiry into Italy over release of Libyan warlord

International Criminal Court opens inquiry into Italy over release of Libyan warlord
  • Italian Justice Minister Carlo Nordio defended the decision to send the suspect back to Libya
  • The warlord was arrested in Turin on an ICC warrant on January 19 but was later released

THE HAGUE: Judges at the International Criminal Court have officially asked Italy on Monday to explain why the country released a Libyan man suspected of torture, murder and rape rather than sending him to The Hague.
Italian police arrested Ossama Anjiem, also known as Ossama Al-Masri, last month but rather than extraditing him to the Netherlands, where the ICC is based, sent him back to Libya aboard an Italian military aircraft.
“The matter of state’s non-compliance with a request of cooperation for arrest and surrender by the court is before the competent chamber,” the court’s spokesperson Fadi El-Abdallah said in a statement.
Addressing parliament last week, Italian Justice Minister Carlo Nordio defended the decision to send Al-Masri home, claiming the ICC had issued a contradictory and flawed arrest warrant. The court, he said, “realized that an immense mess was made,” he told lawmakers.
Al-Masri was arrested in Turin on the ICC warrant on Jan. 19, the day after he arrived in the country from Germany to watch a soccer match. The Italian government has said Rome’s court of appeals ordered him released on Jan. 21 because of a technical problem in the way that the ICC warrant was transmitted, having initially bypassed the Italian justice ministry.
The ICC said it does not comment on national judicial proceedings.
Al-Masri’s arrest had posed a dilemma for Italy because it has close ties to the internationally recognized government in Tripoli as well as energy interests in the country.
According to the arrest warrant, Al-Masri heads the Tripoli branch of the Reform and Rehabilitation Institution, a notorious network of detention centers run by the government-backed Special Defense Force, which acts as a military police unit combating high-profile crimes including kidnappings, murders as well as illegal migration.
Like many other militias in western Libya, the SDF has been implicated in atrocities in the civil war that followed the overthrow and killing of the Libyan president Muammar Qaddafi in 2011.
Additionally, any trial in The Hague of Al-Masri could bring unwanted attention to Italy’s migration policies and its support of the Libyan coast guard, which it has financed to prevent migrants from leaving.
In October, the court unsealed arrest warrants for six men allegedly linked to a brutal Libyan militia blamed for multiple killings and other crimes in a strategically important western town where mass graves were discovered in 2020.


Hamas accuses Israel of ceasefire violations, says it will delay next hostage release

Palestinians gather as Hamas fighters escort Red Cross vehicles before handing over three Israeli captives in Deir Al-Balah.
Palestinians gather as Hamas fighters escort Red Cross vehicles before handing over three Israeli captives in Deir Al-Balah.
Updated 10 February 2025
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Hamas accuses Israel of ceasefire violations, says it will delay next hostage release

Palestinians gather as Hamas fighters escort Red Cross vehicles before handing over three Israeli captives in Deir Al-Balah.
  • Next exchange was scheduled for Saturday, releasing three Israeli hostages in exchange for hundreds of Palestinian prisoners
  • Spokesperson for Hamas’ military wing accused Israel on Monday of systematically violating the ceasefire agreement over the past three weeks

JERSUSALEM: A Hamas spokesman on Monday accused Israel of violating the ceasefire agreement with the group, including targeting Palestinians in Gaza with airstrikes, and said that next Saturday’s hostage release would be delayed.
A Hamas spokesperson said Monday that the group will delay the next hostage release after accusing Israel of violating ceasefire agreement.
Israel and Hamas are in the midst of a six-week ceasefire during which Hamas is releasing dozens of the hostages captured in its Oct. 7, 2023, attack in exchange for nearly 2,000 Palestinian prisoners.
The sides have carried out five swaps since the ceasefire went into effect last month, freeing 21 hostages and over 730 prisoners. The next exchange was scheduled for Saturday, releasing three Israeli hostages in exchange for hundreds of Palestinian prisoners.
Abu Obeida, the spokesperson for Hamas’ military wing, the Al-Qassam Brigades, accused Israel on Monday of systematically violating the ceasefire agreement over the past three weeks, and said Saturday’s release would be delayed.
“The resistance leadership has closely monitored the enemy’s violations and its failure to uphold the terms of the agreement,” Abu Ubaida said.
“This includes delays in allowing displaced Palestinians to return to northern Gaza, targeting them with airstrikes and gunfire across various areas of the Strip, and failing to facilitate the entry of humanitarian aid as agreed.”