Heat oil in a Pan. Fry the potatoes and carrots until color turns light brown. Remove and set aside.
Add beef to the pan; stir-fry for a few minutes until lightly brown. Remove and set aside.
In the same pan, sauté the garlic and onions until translucent.
Add chili flakes. Return beef and accumulated juices to pan.
Stir-fry for a few minutes. Add water, tomato sauce, liver spread and bay leaf; stir to combine.
Bring to a boil then simmer, about an hour or until meat tender.
Add potatoes, carrots and green olives; simmer for another 6 to 8 minutes. Season salt and pepper to taste.
Add bell peppers, cook for additional 2 minutes.
Transfer to a platter and Serve