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A financial institution responsible for a huge write-down in the value of Libyan frozen assets held in the UK remains under investigation after it failed to raise the alarm over a multi-million-pound accounting error, the UK government has revealed.

Officials have refused to identify the institution they have been investigating for at least three months after being forced to revise the amount held by UK companies downwards by up to 840 million to 11.2 billion.

The unidentified bank sent in the wrong figures for a 2017/18 government report and failed to report the discrepancy when it sent in drastically lower figures for the next annual review. The mistake was only picked up in 2019, according to a government statement in parliament this week.

The mistake represented a seven per cent cut in the 12 billion previously identified by the government to have frozen in Britain for the future benefit of the Libyan people.

OFSI identified an inconsistent figure relating to Libyan frozen funds . and contacted the institution for an explanation of the figure, according to a government statement in response to questions from veteran Northern Irish politician Reg Empey.

The financial institution stated that an incorrect figure had been submitted in the previous year as part of its submission, the statement said. There is currently no evidence to suggest that frozen funds have been depleted or moved.

Mr Empey has campaigned for frozen funds to be used to compensate families of victims of Libyan-backed Irish terrorism and criticised the UK governments failure to follow the lead of countries including France, Germany and the USA.

He had previously told the Belfast News Letter that the write-down was a massive amount and added: Given the governments handling of this issue over a 20-year period, they cannot expect people to react with anything other than scepticism.

Victims of terrorist attacks during the 30-year conflict known as The Troubles this week launched a fresh attempt to sue Libya for supplying the Irish Republican Army with plastic explosives during Muammar Qaddafis time in power.

The UK Treasury, which has oversight of the body that monitors UK sanctions, declined to say how long it had been investigating the institution involved in the accounting error. It said it could not be named for legal reasons.

The frozen funds are under the control, either directly or indirectly, of the Tripoli-headquartered Libyan Investment Authority (LIA). It is believed to have $67bn (Dh246bn) of frozen assets worldwide held by institutions including HSBC, Goldman Sachs, Nomura and Societe General, leaked documents from 2011 showed.

Updated: January 10, 2020 10:14 PM

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Bank failed to raise alarm over huge write-down of frozen Libyan assets - The National

Islamists in Turkey and the Arab-Muslim world have had a hard time accepting the end of the Muslim caliphate ever since the proclamation of the secular Turkish Republic, in October 1923 by Mustafa Kemal Ataturk on the rubble of the Ottoman Empire and the abolition of the caliphate in March 1924.

Since then, pan-Islamic movements, particularly in Egypt and on the Indian subcontinent, never missed an opportunity to denounce this historic betrayal. The Muslim Brotherhood, founded in 1928 by Egyptian Hassan al-Banna, although later banned by King Farouk, was the most virulent critic of the civil state and the most ardent advocate of a return to the caliphate in the land of Islam, even though no reference to the caliphate was made in the Quranto consecrate it as the type of regime for a Muslim rule.

Since 2002, Turkish Islamists, led by now-President Recep Tayyip Erdogan, repeated that Ataturks republican and secular legacy would not be abandoned in Turkey. Their words sounded more like the old Islamist takiyya strategy -- in concealing real intent for the sake of a "higher purpose."

In this case, the Brotherhood was striving to secure a grip on power. In Turkey, the "higher purpose" being sought was reflected inErdogans and the Islamists efforts to simply erode Ataturks legacy, especially regarding the separation of state and religion and in the rampant Islamisation of educational content in Turkish schools.

In 2018, a presidential regime was established in Turkey and Erdogan started behaving like the new Ottoman sultan. Barely voted in as president, he declared: The Republic of Turkey, like our previous states which are a continuation of each other, is also a continuation of the Ottomans.

Of course, the borders have changed; the forms of government have changed... but the essence is the same, the soul is the same, even many institutions are the same, he added.

Among those institutions inspired by the Ottoman Empire, Erdogan has resurrected, in a new incarnation, the concept of janissaries, made during the days of the empire of European slaves and prisoners of war, a sort of praetorian guard of the Ottoman dynasty.

This military body, known for its cruelty, had become a threat to the regime it was supposed to protect. Sultan Mahmoud II abolished the military corps in 1826, liquidating 7,000 janissaries in Istanbul and 120,000 in the rest of the empire.

Despite the massacre, the recourse by the Ottomans to the services of mercenaries and agents to do the empires dirty work remained a tradition among the sultans and later among Turkish nationalists. From 1894-96, the agents of the Turkish state were used against the minorities of the empire. In response to the Armenians' demands for reform and modernisation of the institutions, Sultan Abdul-Hamid II killed 200,000-250,000 of them with the help of Kurdish auxiliaries.

In turn, the latter would be much later repressed, massacred and their cultural identity erased.

Modern Turkish nationalists (aka the Young Turks) were not to be outdone. They perpetuated the tradition of Ottoman genocides and ethnic cleansing against the Armenians, the Assyro-Chaldeans or Pontics (Greek Orthodox of the province of Pont on the Black Sea) and Greek minorities.

With the war against Syria in 2011, Erdogan, relying on Qatari money, used the Syrian Muslim Brotherhood to try to destroy the Syrian state, which was too secular for his taste, and Islamists in Libya to bring down the few things that resembled state institutions under Muammar Qaddafi.

In the Turkish-occupied areas of Syria -- Idlib and Aleppo regions and the north-east border area -- Erdogan uses the Brotherhood and Islamist brigades as well as Turkish-speaking ethnic minorities (Turkmen) and Chinese Islamist militants (Uighurs) to maintain order, with cruelty, and organise the looting of resources (factories, oil, grain).

Always pushing forth, he rushed to the rescue of the Tripoli-based government of Fayez al-Sarraj, with whom he had signed oil exploration and defence agreements. The Turkish Army started to enlist, sometimes by force, Syrian and other Islamist mercenaries who had fighting the Syrian government since 2011, with the intention of dispatching them to Misrata, the stronghold of the Libyan and Egyptian Muslim Brothers, and Tripoli.

Despite the outcry in Libya and internationally, against the blatant interference, Erdogan didnt give up. He announced the deployment of Turkish troops, following approval given by a Turkish parliament dominated by Justice and Development Party Islamists and his nationalist allies.

He claimed that the mission of our soldiers there is coordination and thats what theyre doing right now, in a command centre. One of our lieutenant-generals will head this command centre.

Erdogan acknowledged that Turkey will also have other teams there as combat forces, outside our regular troops. In other words, they are the mercenaries of the Syrian armed opposition in the pay of Turkey. They will serve as cannon fodder.

Despite his bluster and boastfulness, Erdogan seems to be losing the game in Libya. Islamists who control the Sarraj government are losing momentum.

Their territory is shrinking. The fall of Sirte, a strategic point that controls access to Misrata, which happened whileTurkish Foreign Minister Mevlut Cavusoglu, preceded by Sarraj, was being received in Algiers, is a sign the dice had been thrown.

Weakened and besieged, the Sarraj government could be forced to negotiate a face-saving exit but from a weak position. It would be an exit that Turkey's modern-day janissaries are unlikely to prevent.

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Turkey's new 'janissaries' head to Libya but may be too late for Sarraj - The Arab Weekly

Forces of the UN-backed Libyan government on Saturday announced an advance against the rival ... [+] east-based army in southern Tripoli. (Photo by Hamza Turkia/Xinhua via Getty) (Xinhua/ via Getty Images)

Europe will have to unite on a common position on Libya if it wants to keep third parties such as Turkey from exerting their influence on the war-stricken country.

President Recep Tayyip Erdogan announced Turkey was ready to send troops to Libya a move that is expected to be ratified by Turkeys parliament on January 06.

The decision comes after the two countries signed a maritime and military border agreement in November, riling EU members Greece and Cyprus as their oil and drilling exploration would be limited under the deal.

Turkey has long backed the GNA and sees itself as a regional force in the Middle East. (Photo by ... [+] Chris J Ratcliffe/Getty Images)

The North African country has been beset in chaos since its leader Muammar Gaddafi was toppled in 2011 in a NATO-backed uprising.

Since then, the country has been divided between the U.N.-backed Government of National Accord (GNA), headed by Prime Minister Fayez al-Sarraj in Tripoli, and a militia run by commander Khalifa Haftar, who controls the east of the country.

In recent weeks, fighting around the capital has escalated with General Haftar announcing a final battle for Tripoli.

Turkey has long backed the GNA and sees itself as a regional force in the Middle East; whereas political rivals Saudi Arabia, the United Arab Emirates and Egypt all back General Haftar.

But Ankaras move is also a front to Europe as the maritime deal curbs gas and oil exploration off Cyprus coast in the eastern Mediterranean.

Greece and Cyprus have a long had territorial disputes with Turkey and say the maritime agreement is baseless and violates EU law.

Turkey has sent its own exploration vessels to the eastern Mediterranean. (Photo credit IAKOVOS ... [+] HATZISTAVROU/AFP via Getty Images)

EU leaders backed those claims and issued a statement at a December 12 summit, which unequivocally sided with Greece and Cyprus.

Israel and Egypt also stand to lose from the Turkish-Libyan agreement, as Cyprus has signed exploration deals with international firms and there are plans for a pipeline that would export gas to Europe.

But Turkey says the agreement protects its rights for gas exploration on Cyprus other half of the divided island, the Turkish Republic of Northern Cyprus.

Over the past year, Turkey has sent its own exploration vessels to the eastern Mediterranean much to the EUs dismay.

And despite a U.N. embargo, Ankara has already sent military supplies to the GNA, Reuters reported last month citing a U.N report.

In mid-January, world leaders will meet in Berlin to try and find a political solution to end the conflict in Libya but the conference is unlikely to end the fighting.

Russia backs General Haftar, and it is believed there is an understanding with Turkey who backs the opposition not to come to blows in Libya. The foundation for a deal between the two countries is also reportedly being worked on.

European countries are divided over which side to support in Libya. (Photo by Hazem Turkia/Anadolu ... [+] Agency via Getty Images)

But any deal between Turkey and Russia would push the EU out, as Italys Prime Minister Giuseppe Conte warned on December 12.

"We must be united, we cannot allow actors even much more distant from Libya, to position themselves, settle their role in the Libyan scenario and claim the primacy for any solutions," he said.

However, EU unity will be hard to come by. European countries are divided over which side to support in Libya. Italy and others back Sarraj but France sides with Haftar.

If EU member states can agree on a side to support, it may also push the U.S. to take a decisive stance on the war-torn nation.

But if Brussels take a back seat and watches the conflict unfold as an impartial bystander, the EU risks losing its influence in Libya as well as its Mediterranean coasts.

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EU Divisions In Libya Leaves Space Wide Open For Turkey - Forbes

Greece wants to be included in UN-sponsored talks in January on the Libya conflict, Prime Minister Kyriakos Mitsotakis said Sunday, as tensions escalate with neighbours Turkey over the issue.

Libya has become another diplomatic front for Greece and Turkey as the traditional rivals jostle over Mediterranean maritime rights and the competing camps in the North African country's conflict.

"We do not want a source of instability in our neighbourhood. Therefore we want a say in developments in Libya," Mitsotakis told To Vima weekly in an interview.

"We want to be part of the solution in Libya, as it concerns us too," he said.

The UN has said an international conference will be held next month in Berlin to pave the way for a political solution to Libya's ongoing conflict.

Libya has been beset by chaos since a NATO-backed uprising toppled and killed dictator Moamer Kadhafi in 2011, with rival administrations in the east and the west vying for power.

"I have requested, and will do so again with greater insistence, that we participate in the Berlin process," Mitsotakis said.

In November, Ankara signed a contentious maritime and military deal with the embattled UN-recognised government in Tripoli.

Greece immediately rejected it as baseless, arguing that Turkey and Libya share no maritime border.

"[Libya] is our natural maritime neighbour, not Turkey's," Mitsotakis said on Sunday.

The Turkish deal lays claim to much of the Mediterranean for energy exploration, conflicting with rival claims by Greece and Cyprus.

At the same time, Turkey is stepping up military aid to Tripoli, which is battling the forces of military strongman Khalifa Haftar for control of the capital.

Mitsotakis on Sunday also addressed recent statements by Turkish President Recep Tayyip Erdogan that called into question sovereignty treaties with Greece.

READ MORE: Turkish parliament to vote on sending troops to Libya

Italy's prime minister Giuseppe Conte has warned that Russia and Turkey, and not Europe, are setting the agenda in their involvement in Libya's conflict.

In his end of year news conference Conte said Russia and Turkey were only pursuing a military and not a political solution in the North African state.

"We must be united, we cannot allow actors even much more distant from Libya, to position themselves, settle their role in the Libyan scenario and claim the primacy for any solutions," he said. "Solutions which, moreover, are only military," he added.

READ MORE: Italy PM Giuseppe Conte warns of Russian and Turkish involvement in Libya

Turkey maintains that several islands and islets near its coasts that are claimed by Greece under longstanding postwar treaties are actually 'grey zones'.

No one should try to blockade us, to trap us in our own coasts or trample on our economic rights, Erdogan said last week.

Mitsotakis on Sunday said: "If we cannot work things out, then we should agree to settle the one case that is acknowledged by Greece at an international judicial body, such as the International Court (of Justice) at the Hague."

"I am referring to the continental shelf and maritime zones in the Aegean and the eastern Mediterranean," he added.

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Greece wants to be part of a solution in Libya - Euronews

A motion authorizing the deployment of Turkish troops to Libya will be submitted to parliament on Monday, according to Turkeys foreign minister.

Mevlut Cavusoglu made the statement after meeting opposition party leaders to argue in favor of the motion.

Cavusoglu said he had spoken about why we need this motion, what our national interests and threats are in Libya and the region, and also our effortsas a country that supports a lasting peace and political process in Libya."

Last week Turkish President Recep Tayyip Erdogan said the motion would be submitted to parliament in light of a request by Libyas UN-recognized government for military assistance.

Cavusoglu added that the Foreign Ministry learned that the motion will go to parliament with the signature of our president."

Cavusoglu spoke to main opposition Republican People's Party (CHP) leader Kemal Kilicdaroglu about the motion behind closed doors for nearly an hour.

2 parties deciding on motion

Speaking to reporters afterwards, Cavusoglu said: "Of course the decision on the motion is up to the CHP.

"We told them why we need a resolution, including the threats we face, in terms of our country and its national interests."

Cavusoglu added that he will not be visiting the Nationalist Movement Party (MHP), another major party in parliament, as it already voiced its support for the motion over the weekend.

After the meeting, Unal Cevikoz, the CHPs deputy chair, said that they oppose the motion.

Cevikgoz said that Turkeys foreign policy in recent years, especially on Syria, had caused the country trouble and they do not want to spread this to another country.

He said that instead of being a party to the proxy war by sending troops to Libya, diplomacy should be prioritized instead.

Cavusoglu and Meral Aksener, leader of the opposition Good (IYI) Party leader, also spoke on the motion for over an hour behind closed doors.

On Nov. 27, Ankara and Libya's UN-recognized Government of National Accord (GNA) signed a pact on military cooperation, as well as one on maritime boundaries in the Eastern Mediterranean.

Since the ouster of late leader Muammar Gaddafi in 2011, two seats of power have emerged in Libya: one in eastern Libya supported mainly by Egypt and the United Arab Emirates, and another in Tripoli, which enjoys UN and international recognition.

*Ahmed Asmar contributed to this report from Ankara

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Turkey: Motion on troops in Libya headed to parliament - Anadolu Agency