Investments abroad and inside Libya... Conflict of power with the Libyan funds

Investments abroad and inside Libya... Conflict of power with the Libyan funds

I have seen some studies about the importance of Libyan investments abroad and inside Libya, but never get angry, when we see that the Libyan investments were useless and useful in terms of financial returns and in terms of benefits that Libya gets from them in the overall economic developments.

The limits of Libyan investments are now open to all those who wish to benefit from the huge Libyan funds that were the basis of investments to support the Libyan people, that was originally derived from the natural resources of Libya.

That there will be no sovereignty of this nation among nations of the world, Libyans see that their investments has been appropriated and scattered among the world without any type of supervision and control of the investments.

To those who do not pity the Libyans in their daily livings, we say it’s a signs and wonders of the world, the oil and gas State of Libya turns its natural wonders into a country where the people live below the poverty line.

Humanitarian cases in which founded the universal law or social theories, govern the existence of fixed relations between the corrupt phenomena rampant in the world and the modern day state robbers and thieves.

We do not want to repeat empty words that do not have a place among us today, which says that the Libyan people could have lived in the vast wealth of their country.

Libya is considered one of the richest countries in the world but it lacks security, peace and stability, the problems and the dilemma lies with the power struggle within the Libyans.

Libya's investments journey began with Libyan investments in Libya and then abroad when Libya's natural resources were taken from its territory to contribute to the country's economic, social and political development and to bring its financial assets in the Central Bank of Libya and commercial banks abroad to billions of dollars.

Libya is one of the big spoilers, it has been taking over by the top positions state technocrats in the Libyan state, both at home and abroad, they have the legal powers that allow them to practice their illegal acts under the guise of covering the Libyan sovereign works.

Libya chartered in the seventies to the programs of the four and five plans and focused initially on the investment of Libyan funds within the economy of Libya to avoid the fears and problems from the economic and social aspects.

Libya had a realistic reality of the existence of a dual economy working on economic development between the public and private sectors at that time.

But the search for financial corruption is mainly due to the corruption of people since the seventies and eighties of the past.

Libya invested its oil money within the Libyan state in the public sector and in the markets as well as in the public institutions, what was the outcome of internal investment, but looted and stolen and then drowned and caught in fires to take a hide what was stolen and looted from the public sector.

Libya was moved abroad for investments to avoid mistakes in its internal investment, which was the path of error in external investments; the Arab Bank was established external which was wholly owned by the Central Bank of Libya in 1972.

The Arab Bank is to take over financial and investment transactions, and to the establishment of the Libyan Foreign Investment Company and developed economic plans of huge amounts of Libyan oil money.

Libya has many international oil investment companies under many names, all of which are managed by businessmen, senior bankers and politicians in the Arab, African and Western world., no one knows exactly where Libya's financial assets are located outside of Libya.

To this day, we have not seen the Libyan funds and the Security Council of the United Nations is calling for the formation of a commission to control Libya’s foreign investments, and not the National Reconciliation Government to put establish inventory committee to national sovereignty of the Libyan funds.

However, the National Reconciliation Government has only asked the United Nations Security Council to set up a committee to review the accounts of the Central Bank of Libya in Tripoli and Al Beda and to request the unification of Libya's financial institutions, but this could expose Libya to legal issues and to questioning of the Libyan officials.

However, according to the report of the Audit Bureau and the Joint Administrative Control Authority, which estimated of a total Libyan investments abroad at about US $ 196.7 billion, Libyan investments are high risk in many ways, including looting the Libyan funds.

There is no doubt that the situation of Libya is witnessing a lack of planning, which is the process of organizing and the return of the Libyan state is one of the things that would likely be in the balance between the East and West of Libya.

Libya owns huge natural resources and can discover its strategic position among the countries of the world in the comprehensive economic renaissance before it is too late.

By Professor Ramzi Halim Mavrakis

A Libyan businessman based in the United States of America