The headless statue had been smuggled illegally from Shahhat, north-eastern Libya. Photo: National Museum of Libya
The headless statue had been smuggled illegally from Shahhat, north-eastern Libya. Photo: National Museum of Libya
The headless statue had been smuggled illegally from Shahhat, north-eastern Libya. Photo: National Museum of Libya
The headless statue had been smuggled illegally from Shahhat, north-eastern Libya. Photo: National Museum of Libya

France returns stolen ancient statue to Libya from Louvre museum


Tariq Tahir
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A sculpture from the 4th century BC has been returned to Libya from the Louvre in Paris after it was stolen during the 2011 Arab uprisings.

The funeral statue, which commemorated an unknown man at his grave, had been smuggled illegally from the city of Shahhat, in the north-east of Libya, and housed in the world-famous museum in the French capital since 2016.

The headless bust dates to when that area of modern Libya was part of the Ptolemaic kingdom, an ancient Greek state founded by a one of Alexander the Great’s generals who ruled Egypt, according to the Libyan National Museum.

The 56cm statue arrived at Mitiga Airport in Tripoli where it was handed over by Abdullah Gaderbou, the head of the Administrative Control Authority, to Ali Shalak, chief of the Antiquities Department.

It was agreed in October that the bust would be returned and it was picked up by Mr Gaderbou during an official visit to Paris last week and packed in a special wooden crate to be taken back to Libya.

“We thank everyone who contributed to the return of this piece to its homeland, affirming our commitment to protecting and restoring our cultural heritage,” said the National Museum in a statement on its Facebook page.

Libya has a rich archaeological heritage but the country has faced looting of some of its ancient artefacts.

The modern city of Shahhat, in the Cyrenaica region, sits on the site of the ancient city of Cyrene, which was founded in the seventh century BC. The area was added to the Unesco World Heritage List in 1982.

The statue arriving back in Tripoli from Paris. Photo: National Museum of Libya
The statue arriving back in Tripoli from Paris. Photo: National Museum of Libya

American prosecutors and law enforcement officers announced in 2022 the return to Libya of another marble statue, called Veiled Head of a Female, which had been smuggled from the area.

A long investigation concluded that in 2000 New York billionaire Michael H Steinhardt bought the antiquity, worth $1.2 million, which came from a tomb in Cyrene.

While the civil war that followed the toppling of former Libyan dictator Muammar Qaddafi led to an increase in the looting of artefacts, disputes about ancient treasures date back to when Europeans first came into contact with the region.

Libya and the Crown Estate in the UK are locked in a dispute over the Leptis Magna ruins, Roman artefacts the Libyans claim were looted by the British in the 19th century.

The UK says it “understands” they were gifts from the ruler of the ancient coastal region of Tripolitania, moto the Prince Regent in 1817 and has so far resisted all calls to hand them back.

At the end of last year, Storm Daniel struck the area, destroying two major dams and releasing large amounts of water into the already inundated region.

As well as killing 4,300 people and displacing 40,000, the flooding also damaged archaeological sites in Libya.

Age-old argument

The issue of whether to return ancient artefacts held in museums in Europe and the US has been the subject of intense argument.

A 2,000-year-old funerary statue of the Greek goddess Persephone, also stolen from Cyrene in 2011 and taken to the UK, was returned to Libya in 2021.

But calls to return the ancient bust of Queen Nefertiti to Egypt are being resisted by Berlin's Neues Museum.

Meanwhile, the decades-old diplomatic row between the UK and Greece over the Elgin Marbles continues to simmer and occasionally boil over.

British Prime Minister Rishi Sunak was due to meet Greek Prime Minister Kyriakos Mitsotakis to discuss the Parthenon sculptures at the end of last year.

But he cancelled the meeting a day after Mr Mitsotakis said having some of the marbles in London and the rest in Athens was "like cutting the Mona Lisa in half" and reaffirmed calls for the sculptures to be returned to the Greek capital.

Mercer, the investment consulting arm of US services company Marsh & McLennan, expects its wealth division to at least double its assets under management (AUM) in the Middle East as wealth in the region continues to grow despite economic headwinds, a company official said.

Mercer Wealth, which globally has $160 billion in AUM, plans to boost its AUM in the region to $2-$3bn in the next 2-3 years from the present $1bn, said Yasir AbuShaban, a Dubai-based principal with Mercer Wealth.

Within the next two to three years, we are looking at reaching $2 to $3 billion as a conservative estimate and we do see an opportunity to do so,” said Mr AbuShaban.

Mercer does not directly make investments, but allocates clients’ money they have discretion to, to professional asset managers. They also provide advice to clients.

“We have buying power. We can negotiate on their (client’s) behalf with asset managers to provide them lower fees than they otherwise would have to get on their own,” he added.

Mercer Wealth’s clients include sovereign wealth funds, family offices, and insurance companies among others.

From its office in Dubai, Mercer also looks after Africa, India and Turkey, where they also see opportunity for growth.

Wealth creation in Middle East and Africa (MEA) grew 8.5 per cent to $8.1 trillion last year from $7.5tn in 2015, higher than last year’s global average of 6 per cent and the second-highest growth in a region after Asia-Pacific which grew 9.9 per cent, according to consultancy Boston Consulting Group (BCG). In the region, where wealth grew just 1.9 per cent in 2015 compared with 2014, a pickup in oil prices has helped in wealth generation.

BCG is forecasting MEA wealth will rise to $12tn by 2021, growing at an annual average of 8 per cent.

Drivers of wealth generation in the region will be split evenly between new wealth creation and growth of performance of existing assets, according to BCG.

Another general trend in the region is clients’ looking for a comprehensive approach to investing, according to Mr AbuShaban.

“Institutional investors or some of the families are seeing a slowdown in the available capital they have to invest and in that sense they are looking at optimizing the way they manage their portfolios and making sure they are not investing haphazardly and different parts of their investment are working together,” said Mr AbuShaban.

Some clients also have a higher appetite for risk, given the low interest-rate environment that does not provide enough yield for some institutional investors. These clients are keen to invest in illiquid assets, such as private equity and infrastructure.

“What we have seen is a desire for higher returns in what has been a low-return environment specifically in various fixed income or bonds,” he said.

“In this environment, we have seen a de facto increase in the risk that clients are taking in things like illiquid investments, private equity investments, infrastructure and private debt, those kind of investments were higher illiquidity results in incrementally higher returns.”

The Abu Dhabi Investment Authority, one of the largest sovereign wealth funds, said in its 2016 report that has gradually increased its exposure in direct private equity and private credit transactions, mainly in Asian markets and especially in China and India. The authority’s private equity department focused on structured equities owing to “their defensive characteristics.”

German intelligence warnings
  • 2002: "Hezbollah supporters feared becoming a target of security services because of the effects of [9/11] ... discussions on Hezbollah policy moved from mosques into smaller circles in private homes." Supporters in Germany: 800
  • 2013: "Financial and logistical support from Germany for Hezbollah in Lebanon supports the armed struggle against Israel ... Hezbollah supporters in Germany hold back from actions that would gain publicity." Supporters in Germany: 950
  • 2023: "It must be reckoned with that Hezbollah will continue to plan terrorist actions outside the Middle East against Israel or Israeli interests." Supporters in Germany: 1,250 

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Updated: April 01, 2024, 11:21 AM