LIA now run jointly by two chairmen who never meet, reflecting Libya’s chaos

By Sami Zaptia.

301-LIA logo

London, 13 February 2017:

Sources at the Libyan Investment Authority’s (LIA) Tripoli Tower headquarters have confirmed that the sovereign fund entity is now run by both contending chairmen, Abdulmajid Breish and Ali Mohamed Hassan.

It will be recalled that Breish returned to reclaim the chairmanship of the LIA on 5 February after a Libyan court decision overturned the Faiez Serraj-led Presidency Council/Government of National Accord’s appointment of a ‘‘Temporary Committee’’ and its chairman Ali Mohamed Hassan.

‘‘Both signatures are accepted. People are reporting to both guys’’, a source at the LIA Tripoli headquarters told Libya Herald on the condition of strict anonymity.

It seems that both the contesting chairmen have recognised the need to keep the LIA working without causing it any loss. ‘‘They say they don’t want to stop the daily routine. Bonds and shares are monitored on a daily basis’’, the source explained.

‘‘Breish is more into the work. Ali cannot speak good English’’, the source claimed.

However, the two chairmen never meet. They, much like Libya’s contending prime ministers and militias, occupy different parts of the capital city.

Sources say that while Breish turns up to work at the headquarters in the business district, Ali has not been seen at Tripoli Tower since Breish turned up.

‘‘Ali is working from the LIA’s Long Term Portfolio subsidiary office in Hay Al-Andalous’’, the source explained. Staff are forced to shuttle between the two offices in order to obtain signatures.

It will also be recalled that staff at the LIA staged a mass walkout on 8 February in protest at the confusion of having to work under two contending chairmen. The source informed this publication that of those who are still turning up to work, there has been some split in their loyalty. Some staff are working with Hassan while others are working with Breish.

However, the source says that only about 20 percent of staff are still turning up to work.

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