Tag: Gaddafi

By on November 13, 2012

Last year, our esteemed Ed in Chief Niedermeyer did intensive research into what was left of then Libyan ruler Muammar Gaddafi’s share holdings in Fiat. Fiat denied that the Colonel had any financial interest in Fiat, but he did. The holdings were seized by the Italian government. (Read More…)

By on March 28, 2012

A year ago nearly to the day, I was investigating the connection between Libyan dictator Muammar Gaddafi and Fiat. With an American-led intervention in Libya underway, Reuters had reported that a Wikileaked State Department document revealed that the Libyan Government owned a two-percent stake in the automaker Fiat as recently as 2006. When I contacted Fiat’s international media relations department for comment, I received this response:

Dear Mr Niedermeyer,

Further to your email, I would mention that the Reuters report you refer to is incorrect. As too are other similar mentions that have appeared recently in the media concerning the LIA’s holdings in Fiat.

The LIA sold all of its 14% shareholding in Fiat SpA in 1986 – ten years after its initial stake was bought.  It no longer has a stake in Fiat SpA.

I trust that this clarifies the matter.

It didn’t, actually. In fact the matter remained as clear as mud to me until just now, when I saw Reuters’ report that Italian police have seized $1.46 billion worth of Gaddafi assets, including “stakes in… carmaker Fiat,” under orders from the International Criminal Court.
(Read More…)

By on March 30, 2011

Back in 1976, the Italian automaker Fiat had been badly battered by a global energy crisis and the resulting malaise infecting the global auto industry. In what Time Magazine described at the time as “a devastatingly ironic example of petropower,” Col. Muammar Gaddafi instructed his Libyan Arab Foreign Bank to invest some $415m into the Italian automaker, giving it a stake that would eventually grow to some 14 percent of the firm’s equity.

By 1986, Fiat’s Libyan stakeholders were becoming more trouble than they were worth. In the wake of the Lockerbie bombings, the US introduced sanctions on Libya, and Fiat’s Libyan connection left its attempts to bid for US military contracts (particularly those related to Ronald Reagan’s Strategic Defense Initiative) dead on arrival. As a result, Fiat and its shareholders bought back the entire 14 percent Libyan stake in the firm, presenting the Libyan Arab Foreign Bank-controlled Banca UBAE with a $3.1b check. And, according to what a Fiat spokesperson told us yesterday, that is where the story ends. But thanks to the now-ubiquitous Wikileaks, we have found that this story may in fact go farther than that. In fact, as the evidence stands right now, either the US State Department is working with bad information (which major news sources have yet to correct), or Fiat is lying about its ties to the embattled Gaddafi regime.

(Read More…)

Recent Comments

  • Re: Wilson: $8B Stock Buyback Would Boost General Motors’ Value

    Fred - You do know Mr Wilson is a republican. Instead of blaming Obama for everything you should look into the history of the revolving...
  • Re: Reader Review: 2014 Cadillac ATS

    tresmonos - pay no attention to this douche bag, mikey. I know I don’t read his tripe. manufacturing isn’t for the meek and lazy. The first 6 weeks usually...
  • Re: Reader Review: 2014 Cadillac ATS

    DeadWeight - The ATS Alpha Chassis IS the next Camaro’s. In fact, the next gen Camaro will be built ALONGSIDE Cadillac’s “bespoke” ATS & CTS on...
  • Re: Reader Review: 2014 Cadillac ATS

    mjz - When I first saw the new XE in photos, I thought it was just meh. But I saw one in the metal at the Detroit Auto Show (excuse me NAIAS) and it is quite striking in...
  • Re: Reader Review: 2014 Cadillac ATS

    heavy handle - “All prices feel about $5000 too high” It’s a Cadillac. You will get $5000 off without even trying.
  • Re: Reader Review: 2014 Cadillac ATS

    CJinSD - Did anyone read the review in its entirety? It put to rest the myth that nobody makes bad cars anymore. I’m not saying BMWs are good, but this man’s...
  • Re: Reader Review: 2014 Cadillac ATS

    formula m - My parents bought a new 2001 Pontiac Montana and after 12,000 mi the rattles and noises started. The side plastics in the rear where the worst when we would...
  • Re: Reader Review: 2014 Cadillac ATS

    FreedMike - You missed him above. Or are missing nothing, depending on your point of view…
  • Re: Reader Review: 2014 Cadillac ATS

    hubcap - I believe much of what you say to be true especially for those luxury cars at the lesser price points. Traditional luxury staples have been adopted by more...
  • Re: Bark’s Bites: Viva La Fiesta!

    Nick 2012 - Disagree. Unload the Boss now while its resale is high and save the delta in payments for GT350 speeding tickets/consumables/track day fees. The FiST is...

New Car Research

Get a Free Dealer Quote

Staff

  • Contributing Writers

  • Jack Baruth, United States
  • Brendan McAleer, Canada
  • Marcelo De Vasconcellos, Brazil
  • Vojta Dobes, Czech Republic
  • Matthias Gasnier, Australia
  • W. Christian 'Mental' Ward, Abu Dhabi
  • Mark Stevenson, Canada
  • Cameron Aubernon, United States
  • J Emerson, United States