BAIO ON THE STATUS OF LIBYAN INVESTMENTS AND THE AUDIT BUREAU

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BAIO REVEALS THE STATUS OF LIBYAN INVESTMENTS AND THE PROBLEM OF THE AUDIT BUREAU

Status of Investments abroad

Baio explained that the word “investment” is a loose term because the Libyan Investment Corporation is fully affiliated to it. There are internal and external entities. It is divided into five external entities. The investment institution is followed by hundreds of investment companies distributed throughout the world. “We have no time to lose in opening problems, because time is valuable to us, and it is precious to us,” he said.  “We always try to exploit it. This is the nature of the officials who run the Libyan Investment Company. The company is run by Libyan competencies and expertise with a future investment vision as well as wise and rational management of the country.”

Baio stressed that their company is the only one that does not have any administrative division and a budget approved and closed accounts organized by international accounting firms, including the company “Dolat”. He wants to reassure Libyans that investing in the Foreign Investment Company is safe. It is a profitable company and has made profits in exceptional circumstances.

The Nature of The Company’s Work

“We have been involved in solving some of the bottlenecks that the country is going through. We supplied cooking gas to the Eastern and Western regions, we have also provided humanitarian assistance. We were also able to bring in raw materials needed for the electricity sector to reduce the problem of power outages. Our company achieved profits for the years 2015/2016 despite all the conditions experienced by the homeland.  Yes, we have problems with the policies of the President of the Court of Audit / Tripoli. The actions of the President of the Court of Audit – Tripoli, acts that are not decisions of the jurisdiction of the Court of Accountability nor its powers, decisions of bad intent. decisions made without any right or reasons, that put us in utter confusion and affected the lives of every  citizen in the street by causeing issues like the electricity crisis and the crisis of lack of liquidity and a complete paralysis of economic movement in the country.” 

The Financial Crisis in The Country

He added that the situation in Libya is particularly bad because of the policies of the Justice and Building Party, which controls everything including the Audit Bureau, so that it can destroy not only the economy and trade, but also the local economy that affects the lives of citizens. Because of this the trader lost confidence in the state causing more than 80% of the traders in Libya to take their business abroad. Khaled Shakshk Chief of the Court of Audit Bureau equalised the fair, honest national traders and the exploitative thiefs who use fictitious bank credits. Instead of performing his role correctly he made it diffiucult for those working honestly in the trade, making unfair decisions that effected the traders and  publishing a list of their names, risking their lives and allowing them to be targeted for kidnapping and extortion by the militias.  As a result traders lose faith in, and remove all their money from the banks. 

Causes of the Crisis

He revealed that Libya does not have a money crises. We have a crisises of managment. Managment run by incompetent, inexperienced, unpatriotic people, who do not care for the wellbeing of their country or its people. Libya has money. “There is currently 27 billion Libyan dinars outside of banks, because the head of the Audit Bureau is responsible for the financial crisis today in Libya.”                                    

Role of the Audit Bureau: Tripoli (West) and Albyda (East)   

“Our company is Libyan, as such we care about the interests of the country first and foremost”.  As far as Mr Baio is concerened, the Libyan parliament is the legitimate authority in Libya. This parliament dismissed Khalid Shakshak as head of the Audit Bureau, and has commissioned a legal office in the Eastern Region. “We now have two institutes, one in the East and one in the West both attempting to function as the legitimate authority. This is the cause of the major economical issues in Libya.”