By Libya Herald reporter.
Tunis, 7 July 2015:
The Deputy General . . .[restrict]Manager of United Bank, Abdelkareem Msaad, was released yesterday, sources confirmed to Libya Herald today.
A ransom of LD 90,000 was paid to the kidnappers ”by his friends and not by the bank”, the sources confirmed.
They also confirmed that he was ”unhurt” and that his kidnappers had ”treated him well”. ”They fed him and gave him his medicine”, the source explained, adding that Msaad was a diabetic.
Msaad had been missing for over two weeks.
He was kidnapped near his home in Al-Khalaa in the Wirshefana area south west of Tripoli. Sources had told this publication that the kidnappers had demanded the payment of LD 500,000 ransom.
This latest kidnapping of a bank employee is a continuation of a trend of bank employees’ kidnappings, as well as the general kidnapping of people that has been taking place in Libya since the breakdown of law and order, security and the dispersion of weapons post the 2011 revolution that overthrew the Qaddafi regime.
In December 2014 a United bank employee was released after a ransom was paid.
United Bank (for Commerce and Investment) is one of the smaller privately-owned Libyan banks. It was founded in 2007 as a result of merging three private Libyan banks; Ajeelat Ahli Bank, Zwara Ahli Bank, and Sahl Al-jfara Ahli Bank.
During the early part of 2010, the bank investors made a strategic partnership agreement with the Ahli United Bank Group head quartered in the Kingdom of Bahrain. The capital was divided as 60% for the Libyan investors and 40% for the Ahli United Bank Group which resulted in an increase in its capital from LD 33 million LD 80 million.
As per the strategic partnership, Ahli United Bank Group is responsible for the technical and administrative operation of the bank including technical services to develop activities and services for United Bank for Commerce & Investment for 10 years. [/restrict]