La sanguinosa repressione delle rivolte in Libia e la timidezza della condanna del governo italiano ha portato new attention on the issue of relations between the Government of Gaddafi and Italy. Throughout the day yesterday, Al Jazeera spacing has the latest news from Tripoli and Benghazi with a service that explained the importance for Italy of the agreements with Libya, especially as regards energy supplies and control illegal immigration. The relations between Italy and Libya have another face: that of the numerous shareholdings in the Libyan Italian companies that have guaranteed the Gaddafi regime considerable influence in some of the largest and most prestigious companies. These investments are made through the so-called sovereign wealth funds . What are SWFs
Sovereign wealth funds are companies controlled directly by governments, used to invest the resources derived from budget surpluses and foreign exchange reserves. Given that most Western countries is choked by debt, these funds are mainly in oil-exporting countries and then with great liquidity, and among them is undoubtedly Libya. In the world there are 55 sovereign investment funds: they represent the sixth largest global financial entities. For years, were viewed with great suspicion, since many of them are reluctant to disclose information about its activities and in the hands of authoritarian governments e poco controllabili. Inoltre, non sempre gli investimenti dei fondi sovrani hanno scopi puramente commerciali: dato che sono controllati dai governi, spesso vengono utilizzati per stringere o facilitare rapporti bilaterali, per avere un ritorno in termini di immagine o aumentare la propria influenza su mercati strategici. Da qualche anno, però, sono stati praticamente sdoganati: soprattutto in Italia, soprattutto grazie all’amicizia dei governi italiani – questo di Berlusconi ma anche quelli di centrosinistra – con il dittatore libico.
I fondi sovrani della Libia
La gran parte degli investimenti esteri della Libia viene effettuato attraverso due fondi e la banca centrale. Il primo fondo. Il primo LAFICO is the fund, which stands Libyan Foreign Investment Company. The second is the bottom LIA (Libyan Investment Authority), established in 2006 with funds transferred by the same LAFICO, other minor provisions and the income from oil exports. Then there is the central bank. All these subjects are directly relevant to the Libyan government and then to Gaddafi. The following are among its most important holdings in Italy.
Unicredit
The Libyan Central Bank holds 4.99 percent of UniCredit, one of the largest banks in Europe and worldwide. The statute provides that no member of Unicredit can count at the meeting for more than 5 percent. Some months ago the then chief executive of Unicredit, Alessandro Profumo, had to leave his post after just some controversy concerning the role of banks in Libya: the Libyan sovereign fund LIA, in fact, entered into in 1997 with the Unicredit 0 , 56, had bought 2.07 percent of the capital. Adding a share to 4.99 per cent held by the Libyan Central Bank became an important 7 percent directly or indirectly part of the same person, or Gaddafi. We talk for months the possibility that the same fund LIA, to 4 percent of Unicredit, bringing Libya to be the largest shareholder of Unicredit.
The Libyan Central Bank holds 4.99 percent of UniCredit, one of the largest banks in Europe and worldwide. The statute provides that no member of Unicredit can count at the meeting for more than 5 percent. Some months ago the then chief executive of Unicredit, Alessandro Profumo, had to leave his post after just some controversy concerning the role of banks in Libya: the Libyan sovereign fund LIA, in fact, entered into in 1997 with the Unicredit 0 , 56, had bought 2.07 percent of the capital. Adding a share to 4.99 per cent held by the Libyan Central Bank became an important 7 percent directly or indirectly part of the same person, or Gaddafi. We talk for months the possibility that the same fund LIA, to 4 percent of Unicredit, bringing Libya to be the largest shareholder of Unicredit.
FIAT
In 1976 the bottom LAFICO bought 9 percent of Fiat, that due to the energy crisis had serious budget problems, becoming its second largest shareholder after the Agnelli family. In 1982, participation rose to 13 percent. In 1986 the fund was released by LAFICO FIAT, realizing a gain of $ 2.6 billion. In 2000, the fund has returned LIA FIAT to invest in, buy 2 percent of the shares of car factory. Today, Libya has a stake in Fiat to just below 2 percent.
In 1976 the bottom LAFICO bought 9 percent of Fiat, that due to the energy crisis had serious budget problems, becoming its second largest shareholder after the Agnelli family. In 1982, participation rose to 13 percent. In 1986 the fund was released by LAFICO FIAT, realizing a gain of $ 2.6 billion. In 2000, the fund has returned LIA FIAT to invest in, buy 2 percent of the shares of car factory. Today, Libya has a stake in Fiat to just below 2 percent.
In 2009, Finmeccanica Finmeccanica signed a memorandum of understanding with the Libyan government for cooperation in a wide range of projects in Libya, the Middle East and in Africa. The agreement provides for the creation of a joint venture of which will be part of Finmeccanica and the bottom LAFICO. From January LIA The fund, however, holds 2.01 percent of Finmeccanica. The Italian company has won several contracts in Libya, including one worth 247 million euro for the construction of a railroad.
Juventus
LAFICO In 2002, the fund has purchased the 5.31 of the club, which is about € 6.4 million in shares. In 2009, participation rose to 7.5 percent.
LAFICO In 2002, the fund has purchased the 5.31 of the club, which is about € 6.4 million in shares. In 2009, participation rose to 7.5 percent.
ENI LIA
The fund owns 1 percent of ENI. The agreement between the parties grants to fund LIA to get to 10 percent, which would allow the Libyan government to become the second largest shareholder after the Italian government, as the Ministry of Economy has a shareholding of 30 percent. ENI among other things, holds many contracts in Libya: Greenstream built the pipeline, the longest pipeline ever built in the Mediterranean, which lets pass eight billion cubic meters of natural gas from Libya to Italy, and is now engaged - through certain subsidiaries - including construction of some highways. Over the past ten years ENI in Libya has invested $ 50 billion, and plans to invest another 20 in the next decade.
The fund owns 1 percent of ENI. The agreement between the parties grants to fund LIA to get to 10 percent, which would allow the Libyan government to become the second largest shareholder after the Italian government, as the Ministry of Economy has a shareholding of 30 percent. ENI among other things, holds many contracts in Libya: Greenstream built the pipeline, the longest pipeline ever built in the Mediterranean, which lets pass eight billion cubic meters of natural gas from Libya to Italy, and is now engaged - through certain subsidiaries - including construction of some highways. Over the past ten years ENI in Libya has invested $ 50 billion, and plans to invest another 20 in the next decade.
Mediobanca
The fund owns shares in Mediobanca Libyan LIA for $ 500 million. According to a preliminary agreement signed in February 2009, the fund will invest in the Libyan Italian companies in the construction and pharmaceutical industries. According to many observers, the investment in Mediobanca will allow the Libyan government to invest more freely in Italian companies.
The fund owns shares in Mediobanca Libyan LIA for $ 500 million. According to a preliminary agreement signed in February 2009, the fund will invest in the Libyan Italian companies in the construction and pharmaceutical industries. According to many observers, the investment in Mediobanca will allow the Libyan government to invest more freely in Italian companies.
Olcese Libyan LIA
The fund owns 26 percent of Olcese, a textile company. The investment was the first experiment of interest in an Italian by Libya.
The fund owns 26 percent of Olcese, a textile company. The investment was the first experiment of interest in an Italian by Libya.
Retelit
is the telecommunications company which in 2008 won the tender for the allocation of WiMax spectrum in ten regions of Italy. The Libyan Post Telecommunications Information Technology Company controls 14.798 percent of the group and is the largest shareholder.
is the telecommunications company which in 2008 won the tender for the allocation of WiMax spectrum in ten regions of Italy. The Libyan Post Telecommunications Information Technology Company controls 14.798 percent of the group and is the largest shareholder.
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