Author: mohammed

LARMO discusses Libyan asset recovery with Spanish ambassador

Dr. Mohamed Ramadan Mensli, Director General of the Libyan Asset Recovery and Management Office (LARMO), received on Tuesday, February 21, 2023, His Excellency the Ambassador of Spain to Libya, Mr. Javier Garcia-Larrache. The two parties discussed the latest developments with regard to Libyan asset recovery operations in Spain and the legal proceedings concerning Libyan artefacts seized in Spain.

Mr. Garcia-Larrache commended the outstanding progress made by LARMO in its challenging mission, stressing his country’s support for the phased repatriation strategy, which is considered an important step towards accelerating the process of recovering all Libyan funds and assets abroad.

LARMO adopts new tool to improve governance practices

The Libyan Asset Recovery and Management Office (LARMO) has announced the introduction of a new tool to evaluate and improve governance practices, as part of its commitment to full transparency.

The Governance Practices Assessment and Improvement Tool (GAIT) provides a practical framework for LARMO to evaluate policy and improve governance.

Through its use, the office aims to develop a set of principles that can be embedded through the policy development cycle. These principles will improve the rule of law, transparency, accountability, participation, integrity, equity, effectiveness, efficiency, and sustainability of the office.

Speaking about the adoption of GAIT, LARMO’s general director Dr. Mohamed Ramadan Mensli said: “We are excited to implement this important tool to help us improve our work. Good governance and transparency are crucial to our organisation and will help us in our
Pivotal mission in recovering and managing Libya’s assets.”

LARMO has also set up a number of governance objectives that GAIT will help to achieve. They include:

• Strengthening trust between LARMO offices and all relevant authorities at the local, regional and international levels to achieve high success rates in the recovery and management of assets.
• Implementing the principles of integrity, equity and transparency in relation to the exercise of powers, and the management of LARMO’s financial and human resources.
• Strengthening the accountability and feedback of LARMO and its staff, as well as compliance with laws and regulations.
• Ensuring the principle of equal opportunity among staff according to LARMO’s policies and procedures.
• Increasing efficiency, effectiveness and inclusivity in order to create a suitable environment to foster creativity and development.
• Increasing the level of employees’ abilities and skills and raising awareness of the importance of adhering to the principles of transparency and the risks of corruption.
• Improving the ability of LARMO to adapt to external factors that may influence its decision-making.

LARMO discusses the recovery of Libyan assets with a British delegation
 
Libyan Asset Recovery and Management Office (LARMO) discussed the mechanisms to accelerate Libyan assets recovery operations with a British delegation during a visit that lasted for two consecutive days. The delegation included was headed by Mr. Stephen Kay Kings Council, and a number of legal and financial experts including Mr. George Busby CMG, OBE, Mr. Scott Alexander, and Mr. Adam Natan.
 
The delegation met with LARMO team headed by director general Dr. Muhammad Ramadan Mensli, where the general strategy of the office and its work mechanisms were presented. Mr. Stephen Kay expressed his appreciation for the efforts of the office and its work and praised the great progress that has been achieved in managing this complicated file and approaching the recovery of some important assets. He also confirmed the delegation’s support and conviction of the effectiveness and feasibility of the phased recovery strategy.
 
The delegation added its voice to several local and international economic, legal, and political experts in praising the interim recovery strategy implemented by the office. The strategy includes the creation of a sovereign fund through which all Libyan assets are collected abroad and will be managed under absolute Libyan sovereignty with international support. The fund will be completely transparent and will finance well-defined projects in the areas of spatial and sustainable development.
 
This strategy constitutes a compelling argument and a solid wall of defence for the rights of the Libyan state to restore the rights of its people and to ward off the pretexts and claims of some countries hosting Libyan funds that Libya is unable to receive these funds.
 
During this visit, a discussion was also held of the first international conference to recover the Libyan funds, which the office intends to hold at the end of the first quarter of this year, which will have a major role in shedding light on the progress of the process of recovering the funds of the Libyan people.
 
The visit also included discussions about the first international conference for the recovery of Libyan assets and funds, which the office intends to hold by the end of the first quarter. The conference will hopefully play a major role in shedding light on the work and progress made by LARMO and its effort to recover the assets and funds of the Libyan people.