LIA discusses increased control of its assets – within UN sanctions regime
By Sami Zaptia.
London, 10 April 2020:
The head of the Libyan Investment Authority (LIA), Ali Mahmoud, held a meeting yesterday with the UN Panel of Experts in which he discussed mechanisms of control by his Board of Directors and its supervision of the LIA’s assets within the framework of the UN sanctions regime imposed on the LIA.
The LIA Media Office confirmed in an exclusive statement to Libya Herald that Mahmoud assured the committee of experts that the LIA is committed to the implementation of the sanctions regime, and works in accordance with a strategy in harmony with the sanctions committee.
It will be recalled that on 25 March the British Commercial Court in London issued its final ruling confirming the Board of Directors of the LIA, headed by Ali Mahmoud, as the sole legitimate representative of the LIA in the United Kingdom, under English law.
The LIA hopes that the increased and confirmed legitimacy provided by this ruling would make it easier for the UN sanctions committee to allow the LIA more flexibility in its assets in so far as it can mitigate losses especially after the Coronavirus outbreak and its effect on world stock markets.