Political activist Hossam Al-Gmati has disclosed that funds belonging to a company under the LPTIC were invested in shares of a German arms manufacturer during the tenure of Mohammed Bin Ayad.
He explained that during the leadership of Engineer Mohammed Al-Qaddafi, the LPTIC invested in Retelit, an Italian company specializing in telecommunications and IT. Over time, the market value of its shares increased, and in 2021, due to a hostile takeover attempt, former company president Faisal Gergab decided to sell the holding company’s stake in Retelit, generating €73 million.
He stated that the amount was deposited into an investment arm established in Luxembourg at the time, named Bousval. Gergab had planned to invest these funds in the technology sector in Europe. However, following management changes and the appointment of Mohammed Bin Ayad to lead the LPTIC, this plan was not implemented.
He added that Nader Al-Zaidi was appointed as director of Bousval, and the funds were deposited with Siref Fiduciaria, a wholly owned subsidiary of Fideuram Intesa Sanpaolo Private Banking, part of Intesa Sanpaolo, the largest banking group in Italy. In 2023, both Bin Ayad and Prime Minister Abdulhamid Dbeibah attempted to withdraw the funds but faced difficulties due to a 26% withdrawal tax and the bank’s apparent reluctance to transfer the money elsewhere.
Later in 2023, under unclear circumstances, Nader Al-Zaidi managed to open a bank account for Bousval at Italy’s Banca del Fucino and transferred the €73 million, thereby freeing the funds from Siref Fiduciaria’s restrictions.
In May 2024, Al-Zaidi used the French stock market to purchase shares in Heckler & Koch, a German company specializing in manufacturing pistols and rifles, investing the entire amount from Bousval.
He confirmed that the purchase was executed at €85 per share, below the market value at the time, in an unprecedented and suspicious move, especially considering that UN Security Council Resolution 1973 prohibits Libya from taking such actions.
Due to the war in Ukraine and global developments, European arms companies’ shares have significantly surged, particularly after the European Union announced plans to invest in this sector.
He stated that Heckler & Koch’s share price rose to €160, meaning that the total value of the investment in Bousval increased to €120 million.
Two weeks ago, Mohammed Dbeibeh traveled to Italy accompanied by Al-Kalosh, along with Yousef Bouzuwida and Mohammed Bousamaha. They met with the bank to clarify the status of the funds, only to discover that all the money had been invested in Heckler & Koch shares, with no available cash liquidity. This came as a major shock to them, as they had planned to withdraw the funds urgently for other expenses.
