Is there a link between Fiat and Gaddafi?

Jeff Glucker — Thu, 31 Mar 2011 15:29:00 EST

Filed under: Etc., Government/Legal, Fiat

Muammar Gaddafi has been running the show in Libya for the last 42 years. During that time, he's also been behind the investment maneuvers of the Libyan Arab Foreign Bank. In 1976, he reportedly instructed that $415 million be used to buy a stake in Fiat. Over time, that investment has turned into a 14 percent ownership stake in the Italian automaker.

Fast-forward a bit to the 1980s and Fiat was looking to do business around the globe. That included the United States, but, due to our sanctions against Libya, any attempts to work with the U.S. were quickly shot down. This led Fiat to buy out Libya's 14 percent ownership stake, and it wound up costing them $3.1 billion to do so.

According to Fiat, the connection to Libya ended when it cut that massive check. However, according to information obtained by Wikileaks, Libya may still own a small portion of the company. That information is supplied courtesy of the U.S. State Department, which maintains that the Libyan Arab Foreign Investment Company (LAFICO) owns a two percent stake in Fiat.

Head over to The Truth About Cars for a detailed breakdown of the possibly-still-existing relationship between Fiat and besieged dictator Gaddafi.

[Source: The Truth About Cars | Image: Franco Origlia/Getty]

Is there a link between Fiat and Gaddafi? originally appeared on Autoblog on Thu, 31 Mar 2011 15:29:00 EST. Please see our terms for use of feeds.

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German fuzz impound Libyan dictator's son noisy Ferrari

Noah Joseph — Thu, 03 Jan 2008 09:02:00 EST

Filed under: Etc., Europe, Government/Legal, Supercars

Germany may still have a few stretches of autobahns unrestricted by speed limits, but local law enforcement stick rigidly to noise pollution regulations. That's what one student found out, the hard way, when he had his Ferrari impounded by police in Munich for producing too much noise: nearly 110.5 dBa, twelve and a half decibels over the 98 dBa limit.

The student happened to be 25-year-old Seif al-Arab, the second youngest of Libyan dictator Col. Muammar Gaddafi's seven sons. (Somewhat ironically, Seif's younger brother Khamis is himself a police officer in Libya.) Coughing up the fine, reported at ?100, shouldn't be a problem for a student with a trust fund big enough to buy a Ferrari F430 in the first place, but he might have to play the diplomatic immunity card over a reportedly expired international driver's permit.

Uh, Baba? Can you send me some more cash and a new license?

[Source: Telegraph via Winding Road]

German fuzz impound Libyan dictator's son noisy Ferrari originally appeared on Autoblog on Thu, 03 Jan 2008 09:02:00 EST. Please see our terms for use of feeds.

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