Business / Economy
Zim - Libyan investments under threat from NTC
10 Jan 2012 at 08:11hrs | Views
Investments owned by the Libyan government in Zimbabwe might be under threat from a planned review by the National Transitional Council (NTC).
Zimbabwe currently has strained relations with the NTC following the deportation of Libyan envoy Taher Elmagrahi after his defection to the council.
Mustafa Abdul Jalil, chairman of the NTC, speaking to international media said his government evaluated assets held by the country around the world.
Investments likely to be affected include a 14 percent stake in a listed financial services group and hospitality group Rainbow Tourism Group (RTG) among others.
Some of Libya's major investments in Africa are managed by the $65-billion Libyan Investment Authority (Lia) through a $5 billion fund known as Libyan African Investment Portfolio (Lap).
The African fund investments includes Lap Green Network, a telecom company operating in six African countries, which officials said made losses due to UN sanctions.
The Lia has conducted a sweeping probe of its investments over the past few months and made recommendations to the new Libyan government.
Zimbabwe currently has strained relations with the NTC following the deportation of Libyan envoy Taher Elmagrahi after his defection to the council.
Mustafa Abdul Jalil, chairman of the NTC, speaking to international media said his government evaluated assets held by the country around the world.
Some of Libya's major investments in Africa are managed by the $65-billion Libyan Investment Authority (Lia) through a $5 billion fund known as Libyan African Investment Portfolio (Lap).
The African fund investments includes Lap Green Network, a telecom company operating in six African countries, which officials said made losses due to UN sanctions.
The Lia has conducted a sweeping probe of its investments over the past few months and made recommendations to the new Libyan government.
Source - Daily News
