Fighters loyal to the Libyan Government of National Accord (GNA) prepare their ammunition AFP
Fighters loyal to the Libyan Government of National Accord (GNA) prepare their ammunition AFP
Fighters loyal to the Libyan Government of National Accord (GNA) prepare their ammunition AFP
Fighters loyal to the Libyan Government of National Accord (GNA) prepare their ammunition AFP

Turkey sent up to 3,800 fighters to Libya, Pentagon report says


  • English
  • Arabic

Turkey sent between 3,500 and 3,800 Syrian mercenaries to Libya over the first three months of the year, the US Defence Department's inspector general concluded in a new report.

The quarterly report on counter-terrorism operations in Africa by the Pentagon's internal watchdog, published on Thursday, is its first to detail Turkish involvement in Libya's war.

It says Turkey paid and offered citizenship to thousands of mercenaries fighting alongside Tripoli-based militias against troops of the Libyan National Army led by Field Marshal Khalifa Haftar.

Despite widespread reports of the fighters' extremist links, the report says the US military found no evidence to suggest the mercenaries were affiliated with ISIS or Al Qaeda.

It says they were "very likely" motivated by generous financial packages rather than ideology or politics.

The report covers only the first quarter of the year, until the end of March, two months before Turkish-backed victories by the Tripoli forces drove Field Marshal Haftar's army from the capital's suburbs, its stronghold at Tarhuna and a key western airbase.

The latest report says the Turkish troops were probably increased before the Tripoli forces' triumphs in late May.

It quotes the US Africa Command as saying 300 Turkish-supported Syrian rebels landed in Libya in early April.

Turkey also sent an "unknown number" of Turkish soldiers during the first months of the year, the inspector general said.

To the consternation of regional rivals and Nato allies such as France, Turkey is staking its hopes for greater influence in the eastern Mediterranean on the government in Tripoli.

The warring sides are stationed around the edges of Sirte, a strategic gateway to Libya's central and eastern oil crescent, where most of the country's production of 1.2 million barrels a day is located.

Egypt, which shares a porous desert border with Libya, has threatened military intervention if the Turkish-backed forces try to seize Sirte.

On Thursday, Egyptian President Abdel Fattah El Sisi hosted dozens of tribal leaders loyal to Field Marshal Haftar in Cairo, where he repeated that Egypt would "not stand idly by in the face of moves that pose a direct threat to security".

Military tension increased further this week after the collapse of a deal to end the blockade of Libyan oilfields, which has deprived the country of its most important economic resource and the National Oil Corporation of more than $7 billion (Dh25.71bn) in revenue.

On Friday, the National Oil Corporation warned that international powers were pulling the country towards an escalation that would probably extend to the oil and gas facilities.

Muslim Council of Elders condemns terrorism on religious sites

The Muslim Council of Elders has strongly condemned the criminal attacks on religious sites in Britain.

It firmly rejected “acts of terrorism, which constitute a flagrant violation of the sanctity of houses of worship”.

“Attacking places of worship is a form of terrorism and extremism that threatens peace and stability within societies,” it said.

The council also warned against the rise of hate speech, racism, extremism and Islamophobia. It urged the international community to join efforts to promote tolerance and peaceful coexistence.

How Tesla’s price correction has hit fund managers

Investing in disruptive technology can be a bumpy ride, as investors in Tesla were reminded on Friday, when its stock dropped 7.5 per cent in early trading to $575.

It recovered slightly but still ended the week 15 per cent lower and is down a third from its all-time high of $883 on January 26. The electric car maker’s market cap fell from $834 billion to about $567bn in that time, a drop of an astonishing $267bn, and a blow for those who bought Tesla stock late.

The collapse also hit fund managers that have gone big on Tesla, notably the UK-based Scottish Mortgage Investment Trust and Cathie Wood’s ARK Innovation ETF.

Tesla is the top holding in both funds, making up a hefty 10 per cent of total assets under management. Both funds have fallen by a quarter in the past month.

Matt Weller, global head of market research at GAIN Capital, recently warned that Tesla founder Elon Musk had “flown a bit too close to the sun”, after getting carried away by investing $1.5bn of the company’s money in Bitcoin.

He also predicted Tesla’s sales could struggle as traditional auto manufacturers ramp up electric car production, destroying its first mover advantage.

AJ Bell’s Russ Mould warns that many investors buy tech stocks when earnings forecasts are rising, almost regardless of valuation. “When it works, it really works. But when it goes wrong, elevated valuations leave little or no downside protection.”

A Tesla correction was probably baked in after last year’s astonishing share price surge, and many investors will see this as an opportunity to load up at a reduced price.

Dramatic swings are to be expected when investing in disruptive technology, as Ms Wood at ARK makes clear.

Every week, she sends subscribers a commentary listing “stocks in our strategies that have appreciated or dropped more than 15 per cent in a day” during the week.

Her latest commentary, issued on Friday, showed seven stocks displaying extreme volatility, led by ExOne, a leader in binder jetting 3D printing technology. It jumped 24 per cent, boosted by news that fellow 3D printing specialist Stratasys had beaten fourth-quarter revenues and earnings expectations, seen as good news for the sector.

By contrast, computational drug and material discovery company Schrödinger fell 27 per cent after quarterly and full-year results showed its core software sales and drug development pipeline slowing.

Despite that setback, Ms Wood remains positive, arguing that its “medicinal chemistry platform offers a powerful and unique view into chemical space”.

In her weekly video view, she remains bullish, stating that: “We are on the right side of change, and disruptive innovation is going to deliver exponential growth trajectories for many of our companies, in fact, most of them.”

Ms Wood remains committed to Tesla as she expects global electric car sales to compound at an average annual rate of 82 per cent for the next five years.

She said these are so “enormous that some people find them unbelievable”, and argues that this scepticism, especially among institutional investors, “festers” and creates a great opportunity for ARK.

Only you can decide whether you are a believer or a festering sceptic. If it’s the former, then buckle up.