By Libya Herald reporter.
Tunis, 12 June 2015:
”The management of LAP is still continuing as normal through its office in Malta and . . .[restrict]with greater determination in order to look after successful investments and in order to deal with sluggish ones’’, said Ahmed Kashadah, the General Manager of the Libya Africa Investment Portfolio (LAP).
”LAP is a sovereign entity managed for the benefit of the Libyan people and for future generations, according to its specific establishment law and it is owned by the Libyan Investments Authority (LIA)’’
Kashadah was speaking at the end of the first 2015 meeting of LAP’s Board of Directors held in Malta yesterday.
The most important item on the agenda was probably reviewing and adopting LAP’s budgets for the period 2006-2012 and its independent auditor’s report.
This would have been the first time that the Qaddafi-era created state investment vehicle had ever presented year-end accounts let alone subjected them to an inspection by an independent auditor.
LAP’s various investment portfolios including its most important portfolios, LAP-Green (telecoms), the Libyan African Investment Company (LAICO) and Libya Oil, were reviewed and discussed. A report on other investment portfolios was also reviewed.
The board meeting also reviewed a number of legal issues relating to LAP and its subsidiary companies as well as the review of LAP’s strategic plan. LAP’s Emergency and Disaster Recovery Plan was also adopted at the board meeting after its presentation and review. [/restrict]