Presidency Council/GNA appoints steering committee to run the LIA

By Sami Zaptia.

The PC/GNA has passed a decree giving it a LD 1.5 bn loan from the CBL for emergency spending.

The PC/GNA has passed a decree appointing a steering committee for the LIA.

London, 16 August 2016:

The Faiez Serraj-led Presidency Council/Government of National Accord (PC/GNA) yesterday announced a decree appointing a steering committee to run the Libyan Investment Authority (LIA). The LIA, Libya’s main sovereign fund investment authority, has assets valued at approximately US$ 67 bn.

The decision, number 115 of 2016, by the only internationally-recognized Libyan government based in Tripoli, has appointed ‘‘an Interim Steering Committee for the administration of the LIA’’ consisting of five people. The five are:

1-Dr Ali Mohamed – Chairman

2-Eng. Abdulazeez Ali – member

3-Mr Alhadi Kaabar – member

4-Mr Khalid Altaher – member

5-Mr Ahmed Ammar – member

The committee will act as chairman and board of directors. They have full power to pursue all legal disputes but have no power to transfer or dispose of LIA assets.

Initial attempts at this early stage by Libya Herald to identify the Steering Committee have been unsuccessful.

The move by the PC/GNA comes on the back of the resignation of Hassan Bouhadi as eastern-designated chairman of the LIA on Thursday after he was placed under house arrest in Benghazi and forced into holding a board meeting at which Ali Shamekh was appointed as LIA CEO.

Bouhadi’s resignation was promptly followed by the resignation of eastern Central Bank of Libya governor Ali Hibri as member of the LIA’s board of trustees in protest at the way the LIAwas being run.

It will be recalled that the chairmanship of the LIA is being contested at a London court as well as the on going court cases between the LIA and Goldman Sachs and Soc Gen.

You must be logged in to post a comment Login