By Libya Herald reporter.
Tunis, 23 June 2014
In a letter addressed to the former chairman of the Libyan Investment Authority (LIA) Abdulmagid . . .[restrict]Breish, the Libyan Prime Minster, Abdullah Thinni, acting in his role as Head of the Board of Trustees of the LIA, accuses the former LIA chairman of fraud.
The accusation came in response to an attempt by Breish to convene a meeting of the LIA board of directors and for Breish’s interventions in the litigation filed by the LIA against Goldman Sachs and Société Générale in the Commercial and Chancery Courts, London.
In his letter, a copy of which was seen by Libya Herald, the prime minster further accuses Breish of the use of official papers and stamps in a clear violation of laws governing the responsibilities and duties of the executive power and of the obstruction of the dealings of the fund especially since most of its assets are held in other countries.
The LIA Board of Trustees is the ultimate governance body with oversight and control over the LIA, which is formed by decree of the Council of Ministers and comprises the Prime Minister as chairman, the Ministers for Planning, Finance, Economy and Trade, the Governor of the Central Bank of Libya and relevant experts.
The LIA is managed by a Board of Directors, which is made up of seven members including a chairman. Hassan Bouhadi has been appointed as chairman of LIA in accordance to Decree 8 of the Board of Trustees as of October 2014.
Breish was removed from his post as LIA chairman back in June 2014 as a result of the Political Isolation Law. This legislation barred anyone who had held a leading role during the Qaddafi era from holding one post 2011. Breish later appealed the decision, which was reversed. However, he claimed that the court reinstated him to his former position as LIA chairman. The Prime Minister claims the contrary.
Prime Minister Thinni further accuses Breish of “falsifying official documents” and that he “trespassed the judiciary and referenced statements that were not stated by the court”. This act compelled the Prime Minster, as Head of the Board of Trustees of LIA, to refer these documents to the Attorney General. The Prime Minster further warned Breish against presenting himself as LIA chairman or representing the organisation anywhere
Libya Herald put these accusations to Breish, but had received no comment from him.