SPECIAL | Al-Kabir Puts the Libyan Foreign Bank Under the Control of the Central Bank of Libya – Al Marsad

The outgoing governor of the Central Bank of Libya (CBL), Siddiq al-Kabir, issued decision No. 31 of 2021 on the formation of an interim administration committee for the Libyan Foreign Bank (LFB). The Sada Al-Eqtisadiah newspaper revealed that the decision includes returning the LFB’s ownership to the CBL. This development comes months after the Libyan parties had managed to ensure that al-Kabir and his lobby had no access to oil revenues held abroad.

(Libya, 5 April 2021) – The outgoing governor of the Central Bank of Libya (CBL), Siddiq al-Kabir, said that the decision to appoint a committee to manage the Libyan Foreign Bank (LFB) was made in coordination with the Prime Minister of the interim Government of National Unity (GNU), Abdul Hamid Dbaiba. The decision provides for the establishment of a management committee for the LFB under the leadership of Mohamad Ali Al-Darrat.

AL-DARRAT’S TIES TO THE MAGARIAF CLAN

The problem is that al-Darrat is former head of the National Front Party which is affiliated with the Muslim Brotherhood, and is close to the family of the founder of the party, Mohammed el-Magariaf. Mohamed el-Magarief is also the the father of Tariq Yousef el-Magariaf, who happens to be member of the Board of Directors of the CBL. This confirms that there is a conflict of interest that makes it impossible for the CBL to supervise LFB performance due to the personal ties between al-Darrat and the CBL’s head (Kabir) and a member of its board of advisors (Tariq Yousef).

During the recent period, Mohamed Ali al-Darrat also worked as an adviser and envoy for American affairs for Government of National Accord (GNA)’s Fayez al-Sarraj, and continued on this position under Dbaiba, before adding to his duties today the task of chairing a committee that manages the LFB.

Given that the LFB is effectively a safe of Libya’s oil funds, and which was vital for the trust-building measures and protection against abuse of oil revenue essential to the resolution of the oil blockade— the appointment of politically and ideologically-compromised figures such as al-Darrat pose a serious risk to the country.

MUSTAFA AL-MANEA AND HIS TERRORIST CONNECTIONS

The decision also stipulates the appointment of the Muslim Brotherhood’s Mustapha al-Manea, as member of the board of directors of the LFB. He currently a member of the management of the Libyan Investment Authority (LIA) and is also al-Kabir’s advisor and personally close to him. Al-Manea appeared with al-Kabir last year in Turkey during a banquet hosted by Turkish businessmen, in which al-Kabir was heard saying, in a leaked footage, “teşekkür ederim/Tshakurat” at the end of the meeting.

The decision also provides for the appointment of Consul Khaled Amr as al-Darrat’s deputy, Ahmed Abed Rabbo al-Abbar as a member, Ahmed al-Muntaser al-Maihoub as a member, Othman Mohamed Abdulqader as a member, and Khaled Khalifa Hussein Taher al-Hasi as a member as well.

AlMarsad has previously explained in detail Mustafa al-Manea‘s corrupting background and how he acts as a bridge at the CBL with the networks of Islamist terrorist organisations. Given the bizarre and callous decision just made by al-Kabir, the appointment of al-Manea to the management of the LFB is once again designed to entrench Islamist influence and threatens the integrity of the financial institutions in the country.

Mustapha al-Manea is the brother of Ali al-Manea, who is the the head of the so-called Benghazi Authority—the public interface of the terrorist Shura Council of Benghazi Revolutionaries. Ali al-Manea issued in 2018 a statement that praised the terrorist Shura Council of Benghazi Revolutionaries and said he was proud of them and accused the UN of being a biased and unjust mediator in the conflict.

الهيئة البنغازية: نفتخر بمجلس شورى ثوار بنغازي.. والأمم المتحدة وسيط غير منصف وغير عادل

Mustapha was also accused of granting a diplomatic passport to the terrorist Emad Al-Shaqaabi, who was arrested in Tripoli in November 2019 after a personal dispute between him and Fathi Bashagha led to the disclosure of his terrorist identity, arrest and imprisonment.

SPECIAL REPORT: An Alleged Terrorist with a Special Passport Courtesy of GNA’s Foreign Ministry

The event then revealed that Mustafa al-Manea had issued him a passport from the GNA’s Ministry of Foreign Affairs under the pretext that the terrorist al-Shagaabi was working for the investment institution.

Sarraj Overthrows Muslim Brotherhood’s Al-Manea from the LIA

MUSLIM BROTHERHOOD CONTROLS THE FINANCIAL JOINTS OF THE STATE

With the new appointments by al-Kabir to exert full control over the Libyan Foreign Bank (CBL), the Muslim Brotherhood and its affiliates have now a complete control of the joints of the economic, banking and supervisory sectors of Libya:

  • The Central Bank of Libya has been allowed to be abused and mismanaged by al-Kabir for 11 years without any professional audit having been conducted let alone published;
  • The Libyan Foreign Bank (LFB) will now be effectively under the administration of the National Front Party affiliated to the Muslim Brotherhood;
  • The Institute of Banking and Financial Studies is under the control of Suleiman Abdulqader, the former supervision of the Muslim Brotherhood;
  • The Audit Bureau is under the leadership of Khaled Shakshak, a member of the Muslim Brotherhood’s Justice and Construction Party (JCP), who Bashagha had accused recently of being biased;
  • and the Libyan Administrative Control Authority, which is under the control of Suleiman al-Shanti, who was appointed in violation of the law by Sarraj to replace Nasser Ali Hassan under pressure by the Muslim Brotherhood’s Khaled al-Mishri, in order to stop the legal immunity on Mishri from being lifted due to financial violations.

As it is patently obvious to all Libyan observers and analysts, the Islamist control of the financial resources of the state is not a mere illusion, but a fact. The abuse the country’s vital financial resources by Islamists promises to continue unchecked unless the Dbaiba government and the international community puts a stop to this disastrous and criminal situation.

The 2019 Audit Report provided an indication of the scale of the financial abuse by the GNA and its ministries, and it is likely that the reason for the incessant delay in conducting a full audit of the Central Bank of Libya is precisely because of the rampant abuse which it wishes to continue to hide from financial scrutiny.

© ALMARSAD ENGLISH (2021)

 

FURTHER LINKS

After Years of Close Cooperation, Bashagha Suddenly Discovers that Khaled Shakshak is “Partisan and not Neutral”

Covering Corruption: Sweihli Accuses Mishri and Shakshak of Obstructing International Audit of Central Bank

Three Meetings in Less than a Week: Erdogan’s Son-in-Law Meets Siddik al-Kabir Again

Al-Agha: Siddiq al-Kabir Deposited US$8 Billion in Turkey’s Central Bank, Interest-Free

 

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