The UN Special Committee on Libya Sanctions convened a closed-door meeting on Friday, to address the critical issue of frozen assets.
Ali Mahmoud, Chairman of the Libyan Investment Authority (LIA), and with the Libyan Mission to the United Nations participated in the meeting.
The meeting, chaired by Ambassador Kimihiro Ishikane, the current Head of the International Sanctions Committee on Libya, saw the participation of diplomatic representatives from member states of the UN committee.
The primary focus of the meeting was to evaluate the progress made by the LIA in implementing its transformation strategy, and overcoming the challenges arising from the freeze decisions imposed in 2011.
During the meeting, Mahmoud provided a comprehensive update on the institution’s current situation, and highlighted the significant milestones achieved in its transformation strategy. He also shed light on the challenges faced by the corporation, and emphasised the need for protecting assets from any external interference.
Expressing their satisfaction, the sanctions committee acknowledged the remarkable progress in terms of review, auditing, and transparency.
In addition, the committee received a detailed briefing from Ernst & Young – France, which outlined the completed review measures, and presented the roadmap for auditing the financial statements of the institution’s group. This comprehensive overview provided valuable insights into the corporation’s financial health, and further strengthened its commitment to transparency and accountability.
The UN Security Council’s sanctions committee on Libya consists of 15 member states, including the United States, the United Kingdom, France, Russia, China, Japan, the United Arab Emirates, Malta, Albania, Brazil, Switzerland, Ecuador, Gabon, Ghana, and Mozambique.
It expressed its unwavering support for the LIA’s efforts to overcome the challenges posed by the frozen assets, and achieve its strategic objectives.
The meeting concluded with a renewed commitment to facilitate the release of frozen assets and promote a conducive environment for the LIA to thrive.
