Author: mohammed

Washington DC April 19, 2023: Libyan Asset Recovery and Management Office (LARMO)’s Director General Mr. Mohamed Ramadan Mensli spoke at the Middle East Institute in Washington where he addressed the injustice suffered by the Libyan people as a result of the theft of state assets.

During his trip to the American capital, the Director General had positive meetings with the US State Department, Department of Justice, Homeland Security, and the World Bank. All parties expressed their appreciation of LARMO’s strategy and its work to help return Libyan assets to Libya.

In his speech – which was attended by the Libyan embassy – Mr. Mensli said: “The Libyan people have been serial victims of injustice. Some foreign countries have seen Libya as a playground where they can play out their power games, and even those we see as our friendly international partners have failed to devote enough effort to uncovering, stopping and reversing the theft of Libyan assets, this prevented Libya from benefiting from investment growth in its frozen assets.”

The Director General went on to ask for more support from the international community to right the wrongs and to do more to help LARMO with its effort to recover assets and manage them for the benefit of Libyan economy and people.

Despite the huge challenges and risks associated with recovering stolen assets, Mr. Mensli believes that LARMO is in a very strong position to achieve its goals: “We have an organisation, LARMO, which has been properly constituted and staffed, with a clear mission and plan, we have a fantastic, professional team, consisting of international and Libyan experts, and we have enthusiastic support from the United Nations and partner countries, including the USA, and from concerned parties across Libya.”

Finally, the Director General has confirmed that teams are developing a mechanism for protecting and investing recovered assets. Investments will be focussed on sustainable growth of the Libyan economy. The funds will be used exclusively for the benefit of present and future generations of Libyans.

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The Libyan Asset Recovery and Management Office (LARMO) is working with the highly regarded London legal firm Fieldfisher LLP and financial investigation company Oculus Financial Intelligence Ltd to create a roadmap and legal framework for the recovery and management of stolen and corruptly obtained Libyan assets recovered from around the world. Representatives from the firms visited LARMO’s offices in Tripoli in January.

A range of experts are involved:
– Andrew Hood, FieldFisher partner with expertise in governance issues.
– Steven Kay, KC, Chairman of Oculus and renowned international lawyer
– Jonathan Dart, a former UK diplomat with experience in business, finance and international policy on Libya

Their work will help LARMO:
– To recover stolen or corruptly obtained Libyan assets
– To create a management framework for the recovered assets
– To ensure that the assets are protected, invested and ultimately used to develop the Libyan economy for the benefit of all Libyan citizens.

A meeting was held on Wednesday, March 22, 2023, at the Libyan Asset Recovery and Management Office (LARMO) between Dr. Mohamad Ramadan Mensli, Director General of LARMO, and His Excellency the Ambassador of the Federal Republic of Germany to Libya, Mr. Michael Ohnmacht.

The two parties spoke about the latest developments regarding Libyan assets in Germany. They also discussed the support Germany is ready to offer to contribute to LARMO’s efforts in recovering assets, in addition to its plans to invest in sustainable development, infrastructure and other projects that will benefit all Libyans.

Mr. Ohnmacht expressed his country’s support for the phased recovery strategy pursued by LARMO. He also praised the office’s efforts and what it managed to achieve internationally while working harmoniously with local and international partners.

Libyan Asset Recovery and Management Office (LARMO)’s Director General, Dr. Mohamad Ramadan Mensli, met on Sunday, January 29, 2023, with Mrs. Katherine Wilde, Deputy British Ambassador to Libya, and Mr. Andy Hancock, Head of the Political Office at the Embassy. The meeting was attended by LARMO’s Mr. Muhammad Jumaa, Head of International Cooperation Unit, and LARMO’s heads of the departments

The participants discussed the recovery of Libyan assets abroad, and in the United Kingdom in particular. Mrs. Wilde was also briefed on LARMO’s strategy and plans for the new year. She expressed her appreciation for LARMO’s efforts in taking on this difficult mission and achieving significant accomplishments, stressing Libya’s right to recover its assets and invest them for the benefit of the Libyan people.

Libyan Asset Recovery and Management Office (LARMO)’s Director General, Dr. Mohamad Ramadan Mensli, met with Mr. Polleak Ok Serei, Head of United Nations Office on Drugs and Crimes (UNODC) in Libya, on Wednesday, January 25, 2023, with LARMO’s department managers also attending.

The meeting focused on ways to enhance cooperation between the two parties, particularly in terms of organizing training sessions for LARMO’s employees in areas related to organized crime, especially anti-money laundering initiatives and effective tracking mechanisms.

Mr. Polleak commended LARMO’s efforts and its success in recovering Libyan assets, stressing the importance of supporting it in achieving its goals.

Within the framework of the Libyan Asset Recovery and Management Office (LARMO)’s communication and consultation strategy, a meeting was held at LARMO’s headquarters in Tripoli on Monday, January 2, 2023, in the presence of Mr. Muhammad Jumaa, Head of the International Cooperation Unit, and Mr. Salah Al-Dernawi, Head of the Research and Investigation Unit; in addition to representatives of the Central Bank of Libya (CBL), the Ministry of Foreign Affairs, the General Intelligence Service and the National Anti-Corruption Authority.

The meeting discussed issues related to the recovery of Libyan assets abroad, including the difficulties facing LARMO in carrying out its duties, as well as possible ways to overcome these challenges.

The participants stressed the need for concerted efforts from all partners to support LARMO’s policies, being the only legitimate Libyan entity responsible for the recovery of Libyan assets abroad. The attendees also commended LARMO’s efforts over the last period and its success in recovering archaeological assets and securing compensation funds for the benefit of the Ministry of Interior and others.