CYPRUS RECORDS SHED NEW LIGHT ON LIBYA’S HIDDEN MILLIONS

OCCRP on 25th July reported that newly-leaked records from Cyprus show how a Gaddafi-era procurement official who stole millions from his country’s government used offshore companies and multiple bank accounts to channel and launder the proceeds abroad.  Ali Ibrahim Dabaiba, who controlled the Organisation for Development of Administrative Centers (ODAC) under the country’s former dictator Muammar Gaddafi is being investigated because he is believed to have stolen 20% of the value of the contracts his office handled.  ODAC’s purpose was to use some of Libya’s considerable oil wealth to develop the country’s public infrastructure.  Now, a new document leak reveals that the former official may have used at least 16 bank accounts and 7 companies in Cyprus in the alleged crimes.  The newly-revealed mechanisms form just part of his hidden global empire of more than 100 companies, luxury real estate holdings, and other assets.  It is said that Tripoli-based Libyan authorities claim to believe that Dabaiba may have misappropriated between $6 and $7 billion.  The funds are said to have made their way, amongst other places, into Canadian real estate and a castle in Scotland.  More recently, asset-tracing investigators hired by the Libyan authorities are said to have spotted 10 companies linked to Dabaiba in India which are suspected of holding illicitly obtained Libyan state assets.

https://www.occrp.org/en/28-ccwatch/cc-watch-indepth/8366-cyprus-records-shed-light-on-libya-s-hidden-millions

Infographic_Dabaiba

Author: raytodd2017

Chartered Legal Executive and former senior manager with Isle of Man Customs and Excise, where I was (amongst other things) Sanctions Officer (for UN/EU sanctions), Export Licensing Officer and Manager of the Legal-Library & Collectorate Support Section

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s