FINANCIAL FRAUDSTER NEWS INVESTIGATIONS EXCLUSIVE: Leaked Term Sheet Exposes Scale of £9.18 Billion Libyan Debt Bomb: US-based Ramis Fund Foundation Demands Repayment after Secretive £1.75 Billion Deal, Revealing Gaddafi Loyalists' Alleged Asset Stripping During 2011 Sanctions
Sheridan, Wyoming / Road Town, Tortola – In a forensic exposé revealing the true, staggering scale of financial claims against the fractured State of Libya, Financial Fraudster News Investigations has obtained leaked term sheet details from The Ramis Fund (International) Foundation, the US-domiciled parent of The Ramis Fund Trust. These confidential documents lay bare the proposed securitization of a distressed Libyan promissory note, now revealing an astronomical debt exceeding £9.18 billion (GBP), driven by an "eyewatering" 30% per annum simple interest rate.
The leak confirms FFN's earlier reporting on The Ramis Fund's intent to seize Libyan assets. Critically, it unveils not only the complex and highly profitable mechanisms being deployed by a shadowy network of offshore trusts and newly empowered legal judgments, but also disturbing new details suggesting a sophisticated scheme of asset stripping by Gaddafi loyalists under the guise of humanitarian aid. This new information adds a shocking layer of alleged deceit to a deal conceived during one of Libya's most vulnerable periods, with the dire consequences now directly burdening the Libyan people.
The £1.75 Billion Deal: A Secret History of Oil, Concessions, and Alleged Deceit
FFN Investigations can reveal that from 2009 to 2011, The Ramis Fund (International) Foundation, through its subsidiary, engaged in protracted secret negotiations with the State of Libya. These delicate talks were brokered by Paine Crow and Partners Trust (Cayman Islands) and its subsidiary Paine Crow and Associates (Cayman Islands). It has now emerged that Paine Crow acted as Power of Attorney for Libyan interests, working closely with key figures of the Gaddafi regime: former Prime Minister and then Minister for Oil, Shukri Mohammed Ghanem, and Colonel Gaddafi's Head of Cabinet and "money man," Bashir Saleh. Despite their role in brokering this monumental deal, FFN has learned that Paine Crow and Partners Trust (Cayman Islands) and its subsidiary have not been paid any commissions to date for these services, despite UK court orders for such payments.
The culmination of these negotiations was the sale of Sun-E Holdings Ltd (BVI) to the State of Libya. Sun-E Holdings held lucrative worldwide oil and mineral concessions and significant foreign currency reserves in client accounts with offshore partners, totalling $1.3 billion (US Dollars). For these valuable assets, the State of Libya promised to pay £1.75 billion GBP Sterling, formalised through a promissory note issued in 2011.
This monumental deal was completed when the State of Libya was suffering at the height of the biting worldwide sanctions led by the US Obama Administration in 2011. Crucially, the leaked documents confirm that "the terms of lending took into consideration the plight of Libya at the relevant time."
New Revelations: Alleged Asset Stripping Under Guise of Aid
Disturbingly, new information coming to light indicates that what followed this high-stakes transaction was an alleged act of profound deceit against the Libyan people. It appears that a cabal of Gaddafi loyalists, including Shukri Mohammed Ghanem and Bashir Saleh, having brokered and drawn the promissory note, simply asset-stripped Sun-E Holdings Ltd (BVI).
Under the audacious pretence that a humanitarian crisis loomed in Libya and that these substantial assets would be swiftly diverted to help the suffering population, these individuals allegedly emptied Sun-E Holdings Ltd's client accounts, including vast sums of cash and precious metals, specifically gold. FFN's investigation suggests this was merely a ruse to enrich themselves and their close associates. No evidence exists to date that any of these funds ever went to support the Libyan people, who must now, shockingly, foot the enormous debt pile stemming from this alleged misappropriation.
The Promissory Note: Unmasking the 30% Interest
The leaked promissory note itself, dated 2011, explicitly states:
"For value received for 100% (ONE HUNDRED PER CENT) equity of SUN-E HOLDINGS LTD of MILL MALL TOWER, WICKHAMS CAY 1, ROAD TOWN, TORTOLA, VG1110, BRITISH VIRGIN ISLANDS, the undersigned Debtor, promises to pay to the order of THE RAMIS FUND TRUST, together with any other holder of this note ('Secured Party'), at its office at MILL MALL TOWER, WICKHAMS CAY1, ROAD TOWN, TORTOLA, BRITISH VIRGIN ISLANDS. £1,750,000,000.00 GBP STERLING (ONE THOUSAND SEVEN HUNDRED AND FIFTY MILLION GBP STERLING), with interest at the rate of 15% (FIFTEEN PER CENT) per annum, on an actual day/365-day basis."
"Payment shall be made in successive equal monthly installments of £167,708,333.33 GBP STERLING... commencing on 1st May 2011."
"In the event of a default under the terms of this Promissory Note... the Debtor shall immediately be liable for, and shall pay to the Lender, a Default Interest Rate of 15% (FIFTEEN PER CENT) each month in addition to the interest already agreed."
FFN's analysis confirms that as "the State of Libya defaulted on the first payment, the effective rate is in fact 30% on the note to date." This confirms the astronomical rate used in the fund's internal valuation.
The Collateral: Libya's State-Owned Organs Pledged as Security
Crucially, the 2011 Libyan secured promissory note explicitly details the extensive collateral pledged by the State of Libya to secure the payment. The note states:
"To secure the payment of this note AND ALL OTHER OBLIGATIONS OF DEBTOR TO SECURED PARTY, ITS SUCCESSORS AND ASSIGNS, HOWEVER CREATED, WHETHER DIRECT OR INDIRECT, ABSOLUTE OR CONTINGENT, OR NOW OR LATER EXISTING, DEBTOR GRANTS TO SECURED PARTY A SECURITY INTEREST IN THE FOLLOWING PROPERTY:
a. ASHTON GLOBAL INVESTMENTS LIMITED (BVI)
b. BAROQUE INVESTMENTS LIMITED (IOM)
c. DALIA ADVISORY LIMITED (UK)
d. CAPITANA SEAS LIMITED (BVI)
e. KINLOSS PROPERTY LIMITED (BVI)
f. LIBYAN AFRICA INVESTMENT PORTFOLIO (LIBYA)
g. LIBYAN ARAB AFRICAN INVESTMENT COMPANY (LIBYA)
h. LIBYAN FOREIGN INVESTMENT COMPANY (LIBYA)
i. LIBYAN INVESTMENT AUTHORITY (LIBYA)
j. SABTINA LTD (UK)
k. SUN-E HOLDINGS LTD (BVI)
AND ALL ACCESSORIES, PARTS, AND EQUIPMENT NOW OR LATER AFFIXED TO THE SAME. TO FURTHER SECURE THE PAYMENT OF THIS NOTE, SECURED PARTY SHALL HAVE A LIEN ON AND RECOURSE TO ANY PROPERTY BELONGING TO DEBTOR THAT NOW OR LATER IS IN THE POSSESSION OR CONTROL OF SECURED PARTY."
These explicitly named organs of the Libyan state, both domestic and offshore, along with all associated property and future holdings in the secured party's control, form the "Collateral" that The Ramis Fund (International) Foundation is now actively seeking to recover. This broad and aggressive security interest provides The Ramis Fund with extensive legal grounds to pursue claims against a wide range of Libyan state assets globally.
Corrected Calculations: The Debt Snowballs to £9.18 Billion
Based on the explicit terms of the promissory note and calculating on an actual day/365-day basis from the first payment due date of 1st May 2011 to today, 25th June 2025, the debt has swelled to an astounding sum:
Original Principal: £1,750,000,000.00
Period of Accrual: 5,170 days (from 1st May 2011 to 25th June 2025)
Applied Interest Rate: 30% per annum (simple interest)
Accrued Interest (Simple): £1,750,000,000 * (30 / 100) * (5170 / 365) = £7,436,396,849.32
Current Total Theoretical Value (Principal + Accrued Interest): £1,750,000,000 + £7,436,396,849.32 = £9,186,396,849.32
This updated valuation, derived directly from the leaked terms, underscores the immense financial burden now facing the Libyan people as a direct consequence of this historical deal and the alleged subsequent asset stripping.
The Strategy: Securitizing a Fraction of the Colossal Claim
To "unlock value" from this "distressed" sovereign promissory note, The Ramis Fund (International) Foundation plans to securitize it into Asset-Backed Securities (ABS). The leaked term sheet specifies that only 5% of the note's Current Theoretical Value will be offered to future investors through this securitization, amounting to an approximate principal of £459,319,842.47.
This strategy, while seemingly selling off a mere fraction, allows the Fund to generate significant liquidity (almost half a billion pounds) from a previously illiquid asset, while retaining the vast majority of the claim for a potentially even greater future payout. The ABS will be "tranched" to appeal to institutional investors, hedge funds, and other "sophisticated investors with a high tolerance for sovereign and distressed debt risk."
Legal Leverage: UK Court Judgments Pave the Way
The Fund's aggressive pursuit is significantly empowered by recent UK High Court judgments. The leaked term sheet explicitly highlights a UK High Court Judgment obtained by consent in May 2021 against the State of Libya, which "significantly reduces the obligor's ability to raise defenses, including sovereign immunity."
Furthermore, the document cites the "recent unanimous UK Court of Appeal decision in General Dynamics United Kingdom v the State of Libya (February 2025)" as affirming a broad interpretation of waivers of sovereign immunity from execution, making UK judgments against sovereigns "more reliably enforceable against assets outside their national borders." These legal precedents have effectively cleared a path for The Ramis Fund to pursue asset seizures globally.
The situation highlights the complex and often brutal reality of distressed sovereign debt recovery, where private funds leverage legal and financial mechanisms to enforce claims, even as the originating state grapples with internal turmoil and a legacy of controversial dealings.
The Libyan government has declined to comment on this exclusive FFN Investigation.
For further inquiries, contact
Financial Fraudster News Investigations
Now on X: @therealfinancialfraudsternews or @the_real_FFN
Related Article:
