Issue link: https://maltatoday.uberflip.com/i/523863
maltatoday, SUNDAY, 7 JUNE 2015 News 17 MATTHEW VELLA THE Maltese courts have thrown out a request by representatives of the Tripoli government, to prevent Malta-based managers of the Liby- an state telecoms company LPTIC from representing the company. Back in February, Feisal Gergab set up a Maltese subsidiary of the Libyan Post, Telecommunication and Information Technology Hold- ing Company, under authorisation of the internationally-recognised government in Tobruk. LPTIC controls Libya's telecoms operators LTT, Libyana, and Al Madar – at least on paper. But the Tripoli government- backed Majdi Ashibani insists he is the rightful boss of Libyan Post, and launched legal proceedings against Gergab and his subsidiary LPTIC Services. Tripoli's case in Malta was aimed at winning back control of Bousval, a holding company based in Lux- embourg, through which the LP- TIC owns a 14.7% stake in Italian telecoms firm Retelit. Ashibani told the courts that Tripoli telecommunications min- ister Sami Elfantazi appointed him boss of LPTIC and that Gergab has been dismissed. In its decision, the court said evi- dence submitted by Ashibani, pur- porting to be documents authoris- ing his appointment to the LPTIC steering committee, had not been authenticated according to law. Mr Justice Lawrence Mintoff said a photocopy of a letter allegedly from the Libyan Attorney General was also inadmissible. A crucial witness was Tobruk's ambassador to Malta, Alhabib Mohammed Alamin, who told the court that Ashibani's documents had not been issued by the inter- nationally-recognised government of Libya. Additionally, Malta's director of protocol and consular services told the court that the Maltese govern- ment neither recognized Tripoli's National Salvation Government nor its representative in Malta, Hussin Musrati. Libya remains in a state of po- litical turmoil with two separate governments vying for control of territory and state assets. In Malta, LPTIC Services is housed in the offices at Oilin- vest House in San Gwann, where the Tamoil Africa Holdings and Chempetrol operations are already housed. They are both subsidiaries of the Libyan Investment Author- ity (LIA) on whose board Gergab sits. The ruling came in the same week as Tripoli representative Ab- dulmagid Breish sought to assert his claim as the chairman of the Libyan Investment Authority, the country's sovereign wealth fund which also has registered offices in Malta. Breish has reportedly visited po- litical leaders, government officials and company directors in Malta prosecuting his claim. A spokesperson for the LIA told MaltaToday in a statement that Breish's only proof of his appar- ent status was a judgement from a court in Tripoli rendered late last month. "Previously excluded from any role in public office, due to his affil- iation with former dictator Muam- mar Gaddafi, Breish suggested that this judgement reinstated him… The Libyan Charge d'Affaires to Malta issued a circular to govern- ment ministries, financial insti- tutions and major companies in Malta to inform them of the false claims by Mr Breish." In this circular, the Libyan Charge d'Affaires stated on Thurs- day, 4 June 201: "Mr Abdulmagid Breish does not represent the LIA or the Libyan Government and has no legal capacity in relation to the LIA or the legitimate Libyan Gov- ernment and in no way represents them. "Furthermore the Embassy warns that any company or institution from dealing with said Mr Breish… will face the necessary legal action and liability." Courts refuse Tripoli request for control of Libya Post Secure Investment Secure Investment Issue of Issue of €50 50,000,000 ,000,000 in F in Fixed ixed Rate Malta Government Stocks Rate Malta Government Stocks (subject to the over (subject to the over-allotment option up allotment option up to a maximum of to a maximum of €40,000,000) 0,000,000) MALTA GOVERNMENT MALTA GOVERNMENT STOCKS STOCKS _______ _______ (i) ) 2% % MGS ( MGS (Fift Fifth Issue) h Issue) – Fungibility Issue Fungibility Issue Maturing in Maturing in 2020 2020, and and _______ (ii) (ii) 2.3 2.3 MGS (S MGS (Second econd Issue) Issue) Maturing in 20 Maturing in 2029 29, or or (iii) Any combination of the above two Stocks which (iii) Any combination of the above two Stocks which in the aggregate shall be in the aggregate shall be €50 50,000,000 ,000,000 Fixed Rate Malta Government Stocks The Treasury will be issuing €50,000,000 Fixed Rate Malta Government Stocks subject to an over-allotment option up to a maximum of €40,000,000 as follows: MALTA GOVERNMENT STOCK FOR SAFE INVESTMENT AND LIQUIDITY MALTA GOVERNMENT STOCK FOR SAFE INVESTMENT AND LIQUIDITY WITH INTEREST PAID UP TO THE DAY OF RE WITH INTEREST PAID UP TO THE DAY OF RE-SALE OF STOCK SALE OF STOCK SECURITY SECURITY CONTINUOUS LIQUIDITY CONTINUOUS LIQUIDITY INTEREST EVERY SIX MONTHS INTEREST EVERY SIX MONTHS (The value of the investment may go up or down during the tenor of the Stock) Treasury Department, The Mall Building, The Mall Treasury Department, The Mall Building, The Mall - Floriana, Malta. Floriana, Malta. Applications in the form of sealed bids (auction) for a minimum of €500,000 and multiples of €100,000 each open on Thursday 11 th June, 2015 at 8.30a.m. and close at noon on Friday 12 th June, 2015 or earlier at the discretion of the Accountant General. Bids Bids on on the the prescribed prescribed forms forms are are to to be be transmitted transmitted by by fax fax on on 2596 2596 7210 7210 or or by by e-mail mail at at the the e-mail mail addresses addresses indicated indicated on on the the application application form form or or deposited deposited in in the the Treasury Treasury Tender Tender Box Box in in Floriana Floriana. Application Application forms forms may may be be obtained obtained from from all all Members Members of of the the Malta Malta Stock Stock Exchange Exchange and and other other authorized authorized Investment Investment Service Service Providers Providers or or downloaded downloaded from from the the Treasury's Treasury's website website at at www www.treasury treasury.gov gov.mt mt.