By Libya Herald reporter.
Tunis, 8 December 2015:
The only internationally recognized Libyan Prime Minister, Abdullah Thinni, in his capacity as Head of . . .[restrict]the Board of Trustees of the Libyan Investment Authority (LIA), held a meeting with the Chairman and members of the Board of the Libyan Investment Authority in Malta on Saturday.
The meeting was attended by Board of Trustees members: Mr Kamil Alhassi, Minister for Finance and Planning; Mr Mounir Assir, Minister for Economy and Industry and Mr Ali Hibri, Governor of the Central Bank of Libya. The meeting was also attended by Board of Trustees consultants and addressed the investment reports from the LIA and its subsidiaries.
During his visit to Malta, Prime Minister Thinni met with staff at the interim headquarters of LIA and the Libya Africa Investment Portfolio (LIAP) and said ‘‘the Board of Trustees have been reassured on the performance of the Libyan Investment Authority. We should portray these achievements of the LIA before the Libyan people so they also feel the same assurance and work to encompass all who are after reform and prosperity of the Libyan people”.
It is worth noting that the LIA’s combined assets were valued at approximately US$67 billion as of 31 December 2012, a significant portion of which remains frozen under sanctions imposed by the United Nations Security Council, at the express wish of the Libyan Government.
The LIA’s portfolio incorporates indirect and direct investments, approximately 50% are deployed through indirect investments in companies, investment funds and portfolios belonging to the Libyan Foreign Investment Company (LAFICO), the Libya Africa Investment Portfolio (LAIP), the Long Term Portfolio (LTP), the Oilinvest Group and the Libyan Local Investment & Development Fund (LLIDF).
These five subsidiaries report to the Board of Directors at monthly Board Meetings. Although formal meetings may be monthly, the subsidiaries report continuously to the LIA operations team and the executive management. [/restrict]