An article published on February 9, 2016, in London’s Telegraph newspaper reported that “Libya’s central bank has fueled the civil war by continuing to pay state salaries to all the country’s myriad warring militias, Britain’s ambassador to Tripoli said on Monday.”The report alludes to testimony that Ambassador Peter Millett delivered before a committee of the House of Lords concerning conditions in Libya relating to the formation of the Government of National Accord.
Contrary to proper journalistic practice, CBL was not contacted by the paper in question and was not given an opportunity to correct or respond to this report.Moreover, the report is incorrect, as Ambassador Millett himself promptly noted in a Tweet following the publication of the article: “Reports re my comments on militia payments & #Libya Central Bank were taken out of context. Focus was how to bring peace and security.”CBL remains committed to insuring that Libyan state assets are managed in accordance with the laws, established regulations and procedures for financing government operations in Libya.
CBL has consistently acted, and will continue to act, to insure that funds are not diverted in any fashion that would promote political conflict or acts of terrorism. CBL has and will continue to work closely with the lawful representatives of the Libyan government and leaders of the international community to accomplish these ends.
Governor of The Central Bank of Libya Mr.Saddek Elkaber had a meeting at his office in Tripoli,Monday morning on 5 october 2015 with the directors of CBL departments. The meeting discussed the difficulties which the CBL departments were facing during that period and coming up with solutions to manage them, to ensure that the progress of work in accordance with the legislations in force. The governor had assured during the meeting that the priority should be for the public interest of the nation, besides the banking institution should unite, so that the banking services be available to all away from any political issues.
The biggest Italian bank UniCredit resumed business relations with its Libyan shareholders after temporary confiscation of Libya assets in Italy. The Italian bank has mentioned in a statement published on Wednesday, that the Chairman of the Board of Directors, Mr. Giuseppe Vita, and the Chief Executive Officer, Mr. Federico Ghizzoni, had a meeting with the Governor of the Central Bank of Libya, Saddek Elkaber, and the head of the Libyan Investment Authority, Mr. Abdulrahman Ben Yezza. It also states that,“All parties have agreed on the idea of resuming cooperation that has been stopped the last few years.” UniCredit has acknowledged that the documents presented during the annual meeting of shareholders prove that the Central Bank of Libya with its partner Libyan Foreign Bank own 2.914% and the Libyan Investment Authority owns 1.25%. Originally, the Italian authorities confiscated the Libyan assets in 2012 worth more than1.1 billion Euros (1.25 Billion Dollars) stating that the assets are to return to Muammar Ghadaffi’s family at the request of the International Criminal Court which included the UniCredit frozen shares.
An article published on February 9, 2016, in London’s Telegraph newspaper reported that “Libya’s central bank has fueled the civil war by continuing to pay state salaries to all the country’s myriad warring militias, Britain’s ambassador to Tripoli said on Monday.”The report alludes to testimony that Ambassador Peter Millett delivered before a committee of the House of Lords concerning conditions in Libya relating to the formation of the Government of National Accord.
Contrary to proper journalistic practice, CBL was not contacted by the paper in question and was not given an opportunity to correct or respond to this report.Moreover, the report is incorrect, as Ambassador Millett himself promptly noted in a Tweet following the publication of the article: “Reports re my comments on militia payments & #Libya Central Bank were taken out of context. Focus was how to bring peace and security.”
CBL remains committed to insuring that Libyan state assets are managed in accordance with the laws, established regulations and procedures for financing government operations in Libya.
CBL has consistently acted, and will continue to act, to insure that funds are not diverted in any fashion that would promote political conflict or acts of terrorism. CBL has and will continue to work closely with the lawful representatives of the Libyan government and leaders of the international community to accomplish these ends.
Governor of The Central Bank of Libya Mr.Saddek Elkaber had a meeting at his office in Tripoli,Monday morning on 5 october 2015 with the directors of CBL departments. The meeting discussed the difficulties which the CBL departments were facing during that period and coming up with solutions to manage them, to ensure that the progress of work in accordance with the legislations in force. The governor had assured during the meeting that the priority should be for the public interest of the nation, besides the banking institution should unite, so that the banking services be available to all away from any political issues.
The biggest Italian bank UniCredit resumed business relations with its Libyan shareholders after temporary confiscation of Libya assets in Italy. The Italian bank has mentioned in a statement published on Wednesday, that the Chairman of the Board of Directors, Mr. Giuseppe Vita, and the Chief Executive Officer, Mr. Federico Ghizzoni, had a meeting with the Governor of the Central Bank of Libya, Saddek Elkaber, and the head of the Libyan Investment Authority, Mr. Abdulrahman Ben Yezza. It also states that,“All parties have agreed on the idea of resuming cooperation that has been stopped the last few years.” UniCredit has acknowledged that the documents presented during the annual meeting of shareholders prove that the Central Bank of Libya with its partner Libyan Foreign Bank own 2.914% and the Libyan Investment Authority owns 1.25%. Originally, the Italian authorities confiscated the Libyan assets in 2012 worth more than1.1 billion Euros (1.25 Billion Dollars) stating that the assets are to return to Muammar Ghadaffi’s family at the request of the International Criminal Court which included the UniCredit frozen shares.