Tag Archives | Libyan Arab Foreign Investment Company (LAFICO)

UNSMIL Condemns Intimidation of Financial Institutions

The United Nations Support Mission in Libya (UNSMIL) has observed over the last several days the illegal use of force and intimidation against private and public institutions in Tripoli, notably Aman Bank al-Siyahia Branch and the Libyan Arab Foreign Investment Company (LAFICO). The assaults aimed to seize control of these institutions and gain privileged access […]

Pacra Maintains Ratings of Pak Libya

The Pakistan Credit Rating Agency Limited (PACRA) has maintained the long-term and short-term entity ratings of Pak Libya Holding Company (Private) Limited [PLHC] at AA- (Double A minus) and A1+ (A one plus), respectively. Ratings of PPTFCs of PKR 750mln and PKR 1,000mln have been maintained at AA (Double A). The ratings denote a very […]

Tax Break for Malta's Libyan CEOs

Malta Today reports that the bosses of Libyan companies operating in Malta will not be paying any income tax in 2013. According to the report, the then Maltese Finance Minister, Tonio Fenech, decreed in February 2013 that various Libyan directors and managers employed in Maltese-owned companies are to be exempted from income tax. The exemption […]

LAFICO to Develop Tunisian Resort

The Libyan Arab Foreign Investment Company (LAFICO) plans to invest between $80 and $100 million to build a new 5-star resort in Tunis. According to a report from DirectInfo, the development would be on the site currently occupied by the Hotel du Lac, which is expected to be demolished in early 2014. With one or […]

Benghazi Grand Hotel Project to be Abandoned?

The €130-million redevelopment of Benghazi’s abandoned Qasr al-Jazeera Hotel -- formerly the Grand Hotel and Berenice Hotel -- will be abandoned if the owners are not given permission to demolish the building and replace it with a modern structure, reports Libya Herald. Joseph Farrugia, of the Malta-based Corinthia Hotel Group, has told Libya Herald: "We are […]

Libya's Italian Car and Football Assets Unfrozen

More Libyan funds invested in Italy have been unfrozen by the courts in Rome. The Libyan Arab Foreign Investment Company (LAFICO) first bought a 15 percent stake in the then-struggling car manufacturer Fiat in 1977 at the invitation of the company’s founding family, the Agnellis. It sold in 1986, but again took a two percent […]

LIA Claws Back Sovereign Assets

Libya Herald reports that, almost one year after the fall of Tripoli, the Libyan Investment Authority (LIA), Libya's sovereign-wealth fund, is still working to recover assets frozen during the revolution. The LIA is now also said to be investigating losses that have come to light, including $1.95bn related to investments made with Goldman Sachs and […]