The Libyan government is redoubling its efforts to find some of the hundreds of millions of dollars it believes were siphoned overseas by Muammar Qaddafi, with individuals and assets in Brazil, South Africa and Dubai under the spotlight.
"We are trying very hard now to repatriate Qaddafi's wealth," said Ali Mansour Asbali, the newly appointed Libyan commercial attaché in Abu Dhabi. "We will probably never be able to say for certain how much was there, but we know there are hundreds of millions of dollars."
The process of repatriating money invested overseas by the Qaddafi regime has been fraught with problems since the Libyan Investment Authority (LIA), the country's sovereign wealth fund, began the process in 2011.
The problems came to a head recently as the prime minister Ali Zeidan replaced Mohsen Derregia as head of the LIA with the deputy governor of the Libyan central bank amid claims that Mr Derregia had not lived up to expectations.
The changes coincided with the announcement in Libya of a joint investigation by the LIA and the US Securities and Exchange Commission into whether Goldman Sachs and other banks had violated US law in any dealings with the Qaddafi regime.
After Qaddafi's death in 2011, it was speculated that he may have died the world's richest man, with more than US$200 billion (Dh734.6bn) of assets squirrelled away around the world. It is highly unlikely, though, that such a vast sum could be attributed to Qaddafi himself.
Much of that total may have related to the $170bn worth of Libyan funds that were invested overseas during Qaddafi's reign. Some $64.9bn was invested in the LIA, which was frozen by UN Security Council sanctions until February last year. About another $100bn was said in 2011 to be held in foreign reserves by the nation's central bank.
It has been suggested that Qaddafi tried to beat the UN sanctions by buying millions of dollars worth of properties in London, Dubai and other cities. He is also said to have held numerous Swiss bank accounts bursting with cash, had corporations on every continent and millions of dollars worth of gemstones given to him as payment-in-kind by African governments for security operations.
In truth, it will never be known how much of the country's enormous oil wealth he managed to launder or how much he squandered during his four decades in power.
"A lot of this wealth we will never get back. We will never know about it," Mr Asbali said. "You know there are bankers and accountants in the world who know where it is, but we will never find it all. It is impossible."
Mr Asbali said he was sure that there were individuals connected to the regime living in South Africa, Brazil and Dubai who were either already helping to track down some of Qaddafi's missing money or very soon would be.
"We have people helping us. We have some companies who have agreed to help Libya find this money," he said.
And it was also understood that several international law firms and many more investigators were assisting.
The new government is in such disarray, though, that none of the firms has been officially engaged, and all work done in the past two years has been largely uncoordinated.
Richard Blaksley, the chief executive of GPW, an international investigations firm, who has successfully tracked down assets belonging to Saddam Husseinand Benazir Bhutto, the former prime minister of Pakistan, said that finding assets belonging to former heads of state was never straightforward.
"From the client's end the instruction is always overlaid with political complexity," Mr Blaksley said. "On the one hand you have the treasury that is motivated by financial results. It wants the money back. Then you have other forces who are politically motivated. They want to show that they have returned to the people what is theirs. They also want to be seen to be holding the former regime to account."
In the case of Libya, it is often suggested that many forces associated with the former regime are still at large, making the political element of the search even more difficult.
Once instruction is received by any investigations firm, actually determining if any assets have been acquired inappropriately with state funds adds more complexity.
"We would tend to look for a mismatch between the way in which someone lives their life and the way in which their position should afford them to live it," Mr Blaksley said. "With Qaddafi this is quite difficult. He lived in a tent for the most part in a seemingly frugal way. His sons, on the other hand, lived like high-flying hedge fund managers. So we would look for assets they acquired, jets, yachts, properties and the like."
But even then, a return of funds to the state is not guaranteed. "The seizure process is highly complex and legally very lengthy," Mr Blaksley said.
In the Bhutto case, Mr Blaksley said, it took about two years from engagement to returning any money to the Pakistani government. "My colleagues' work on Saddam Hussein took about 18 months to two years," he added.
[ jdoran@thenational.ae ]
THE SWIMMERS
Director: Sally El-Hosaini
Stars: Nathalie Issa, Manal Issa, Ahmed Malek and Ali Suliman
Rating: 4/5
Company Profile
Name: Direct Debit System
Started: Sept 2017
Based: UAE with a subsidiary in the UK
Industry: FinTech
Funding: Undisclosed
Investors: Elaine Jones
Number of employees: 8
Herc's Adventures
Developer: Big Ape Productions
Publisher: LucasArts
Console: PlayStation 1 & 5, Sega Saturn
Rating: 4/5
Living in...
This article is part of a guide on where to live in the UAE. Our reporters will profile some of the country’s most desirable districts, provide an estimate of rental prices and introduce you to some of the residents who call each area home.
COMPANY PROFILE
Name: Xpanceo
Started: 2018
Founders: Roman Axelrod, Valentyn Volkov
Based: Dubai, UAE
Industry: Smart contact lenses, augmented/virtual reality
Funding: $40 million
Investor: Opportunity Venture (Asia)
Sarfira
Director: Sudha Kongara Prasad
Starring: Akshay Kumar, Radhika Madan, Paresh Rawal
Rating: 2/5
The Farewell
Director: Lulu Wang
Stars: Awkwafina, Zhao Shuzhen, Diana Lin, Tzi Ma
Four stars
The specs
Engine: 2.0-litre 4-cyl turbo
Power: 247hp at 6,500rpm
Torque: 370Nm from 1,500-3,500rpm
Transmission: 10-speed auto
Fuel consumption: 7.8L/100km
Price: from Dh94,900
On sale: now
The specs
Engine: 2.9-litre, V6 twin-turbo
Transmission: seven-speed PDK dual clutch automatic
Power: 375bhp
Torque: 520Nm
Price: Dh332,800
On sale: now
SPECS: Polestar 3
Engine: Long-range dual motor with 400V battery
Power: 360kW / 483bhp
Torque: 840Nm
Transmission: Single-speed automatic
Max touring range: 628km
0-100km/h: 4.7sec
Top speed: 210kph
Price: From Dh360,000
On sale: September
Company Profile
Company name: Namara
Started: June 2022
Founder: Mohammed Alnamara
Based: Dubai
Sector: Microfinance
Current number of staff: 16
Investment stage: Series A
Investors: Family offices
COMPANY PROFILE
Name: Haltia.ai
Started: 2023
Co-founders: Arto Bendiken and Talal Thabet
Based: Dubai, UAE
Industry: AI
Number of employees: 41
Funding: About $1.7 million
Investors: Self, family and friends
TWISTERS
Director:+Lee+Isaac+Chung
Starring:+Glen+Powell,+Daisy+Edgar-Jones,+Anthony+Ramos
Rating:+2.5/5
Types of bank fraud
1) Phishing
Fraudsters send an unsolicited email that appears to be from a financial institution or online retailer. The hoax email requests that you provide sensitive information, often by clicking on to a link leading to a fake website.
2) Smishing
The SMS equivalent of phishing. Fraudsters falsify the telephone number through “text spoofing,” so that it appears to be a genuine text from the bank.
3) Vishing
The telephone equivalent of phishing and smishing. Fraudsters may pose as bank staff, police or government officials. They may persuade the consumer to transfer money or divulge personal information.
4) SIM swap
Fraudsters duplicate the SIM of your mobile number without your knowledge or authorisation, allowing them to conduct financial transactions with your bank.
5) Identity theft
Someone illegally obtains your confidential information, through various ways, such as theft of your wallet, bank and utility bill statements, computer intrusion and social networks.
6) Prize scams
Fraudsters claiming to be authorised representatives from well-known organisations (such as Etisalat, du, Dubai Shopping Festival, Expo2020, Lulu Hypermarket etc) contact victims to tell them they have won a cash prize and request them to share confidential banking details to transfer the prize money.
WandaVision
Starring: Elizabeth Olsen, Paul Bettany
Directed by: Matt Shakman
Rating: Four stars
Bob Marley: One Love
Director: Reinaldo Marcus Green
Starring: Kingsley Ben-Adir, Lashana Lynch, James Norton
Rating: 2/5
The Intruder
Director: Deon Taylor
Starring: Dennis Quaid, Michael Ealy, Meagan Good
One star
Timeline
1947
Ferrari’s road-car company is formed and its first badged car, the 125 S, rolls off the assembly line
1962
250 GTO is unveiled
1969
Fiat becomes a Ferrari shareholder, acquiring 50 per cent of the company
1972
The Fiorano circuit, Ferrari’s racetrack for development and testing, opens
1976
First automatic Ferrari, the 400 Automatic, is made
1987
F40 launched
1988
Enzo Ferrari dies; Fiat expands its stake in the company to 90 per cent
2002
The Enzo model is announced
2010
Ferrari World opens in Abu Dhabi
2011
First four-wheel drive Ferrari, the FF, is unveiled
2013
LaFerrari, the first Ferrari hybrid, arrives
2014
Fiat Chrysler announces the split of Ferrari from the parent company
2015
Ferrari launches on Wall Street
2017
812 Superfast unveiled; Ferrari celebrates its 70th anniversary
Results
57kg quarter-finals
Zakaria Eljamari (UAE) beat Hamed Al Matari (YEM) by points 3-0.
60kg quarter-finals
Ibrahim Bilal (UAE) beat Hyan Aljmyah (SYR) RSC round 2.
63.5kg quarter-finals
Nouredine Samir (UAE) beat Shamlan A Othman (KUW) by points 3-0.
67kg quarter-finals
Mohammed Mardi (UAE) beat Ahmad Ondash (LBN) by points 2-1.
71kg quarter-finals
Ahmad Bahman (UAE) defeated Lalthasanga Lelhchhun (IND) by points 3-0.
Amine El Moatassime (UAE) beat Seyed Kaveh Safakhaneh (IRI) by points 3-0.
81kg quarter-finals
Ilyass Habibali (UAE) beat Ahmad Hilal (PLE) by points 3-0