No. 1 on metransparent Black List Mustafa Zarti under investigation in Austria

Mustafa Zarti, the first name on the Metransparent Libya black list in under investigation in Austria.

Mr Zarti and Mr Mohamed Shukri Ghanem (no. 22 on our list and son of ex prime minister Shukri Ghanem, an ally of Seiful Islam Qaddafi) are, respectively, “vice chairman” and “deputy chief executive officer” in the Bahrein-base First Energy Bank. The Bank’s webste provides the following information:

Mustafa Mohamed Zarti – Vice Chairman

Mr. Zarti is the Deputy CEO and member of the board of the Libyan Investment Authority (LIA) the Sovereign Wealth fund of Libya. He is also the Chairman and member of numerous oil & gas, investment and business institutions and has over 16 years of work experience

Mohamed Shukri Ghanem

Deputy Chief Executive Officer

Ghanem brings to First Energy Bank (FEB) over 10 years of extensive experience in the regional financing market and in global energy issues. He has joint responsibility with the CEO for the overall management of the organisation in line with the organisations strategic plan and also responsible for monitoring organisational performance against the strategic plan, working with staff to stay on target and looking ahead to the long term development of the organisation operationally and strategically.
In addition to the DCEO role, he has the overall responsibility for the investment and investment placement functions at FEB, including the design and implementation of investment processes for all clients as well as marketing and product placement. He provides high level strategic investment advice including the investment processes and the additional asset classes and investment vehicles across the entire client base. He is also responsible for expanding the client base by ensuring the investment strategy is solid and sustainable.

Prior to joining FEB, Ghanem worked at Arab Banking Corporation (BSC) (”ABC”) as part of the North African business development team at the Global Project and Structured Finance division. He was responsible for the development and origination of advisory assignments throughout North Africa for the corporation, covering the oil, oil field, natural gas and power generation segments of the energy market.
Ghanem also worked with GED Handles G.m.b.H., Vienna in the risk and asset management in the energy and metals sectors. He worked in the trading department as a Senior Trader specializing in oil futures and options.
Ghanem holds a Bachelor of Arts (Major in Business) from Webster University (School of Business and Technology) in Vienna and holds an MBA from Glamorgan University.

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From Bloomberg:

Libyan Investment Deputy Zarti May Face Austrian Asset Freeze

By Jonathan Tirone

Austria’s central bank is reviewing whether to expand an asset freeze imposed on 26 Libyans to include the deputy chief executive officer of the North African country’s sovereign wealth fund.

The National Bank doesn’t know when examiners will conclude their review of Mustafa Zarti’s accounts, spokeswoman Alexandra Majer said today in a telephone interview without providing further details. The Foreign Ministry requested a freeze on Zarti’s assets, spokesman Peter Launsky-Tieffenthal said in a telephone interview.

“He is not on the original list even though he is very close to the Qaddafi family,” Launsky-Tieffenthal said. The foreign ministry is conducting a parallel investigation into how Zarti received Austrian citizenship, he said.
Zarti’s telephone at the Libyan Investment Authority wasn’t answered during business hours in Tripoli today. Libya, through its $70 billion Investment Authority, holds shares of Royal Bank of Scotland Group Plc (RBS), Finmeccanica SpA (FNC) and Pearson Plc, according to data compiled by Bloomberg.

Libyan leader Muammar Qaddafi and his entourage may have invested around 30 billion euros ($42 billion) in Austria, Vienna’s Die Presse newspaper reported today citing an unnamed former aide to the Libyan leader. Austrian banks have 1.2 billion euros in deposits from Libyan clients, the central bank said March 1.

Zarti, a friend of Qaddafi’s son Saif al-Islam, may have funneled investments through Austrian foundations, according to the Die Presse report. He flew from Tripoli to Vienna on Feb. 21, the newspaper said, citing an unidentified source familiar with the investigation.

Bloomberg

Metransparent Preliminary Black List of Qaddafi’s Financial Aides Outside Libya