Isn't it one of the two ex BCal A310-200s that were sold to Libya in the mid 80s by a company called Cobra, registered in Hong Kong, in breach of sanctions imposed by the UK following the shooting of WPC Yvonne Fletcher?
I believe that they still belong to Libyan Arab - they were leased to Air Algerie as the Colonel realised that in the wake of the Lockerbie sanctions he asn't going anywhere with them! Surprised he hasn't asked for them back, though...