The Libyan Investment Authority (LIA) held an extensive meeting on Tuesday with the United Nations Panel of Experts on Libya. The discussion focused on the investment plan submitted to the United Nations Security Council Committee established pursuant to Resolution 1970 (2011) concerning Libya.
This meeting is part of the LIA’s ongoing efforts to enhance investment opportunities and bolster its economic capabilities. The primary goal is to safeguard the institution’s frozen assets, along with those of its subsidiaries and portfolios.
The dialogue underscored the LIA’s commitment to ensuring the optimal management of its assets. By engaging with international experts, the LIA aims to navigate the complexities surrounding frozen funds. The conversation also aimed at exploring strategies to effectively utilise these assets once they are accessible.
The LIA has been actively pursuing avenues to protect and grow its investments. This includes devising plans that align with international regulations and the economic needs of Libya. The engagement with the UN Panel of Experts is crucial in this regard, as it provides a platform for discussing compliance and future prospects.
In April, the Ajdabiya Primary Court appointed a judicial receivership committee over the funds, assets, and revenues of the Libyan Investment Authority (LIA) based on a request from the Parliament-designate government.
The decision includes the balances of the LIA at the Central Bank of Libya (CBL), the Libyan Foreign Bank, all Libyan banks abroad, and its affiliated entities.
The receivership committee is composed of the accountant and legal auditor Khaled Mustafa Abdul Salam Abu Aljoud and the legal expert Salem Ali Miftah Al-Kadiki.
After the Court’s decisio, Prime Minister of the Parliament-designate government, Osama Hammad, met with members of the Judicial Receivership Committee overseeing the funds, assets, and revenues of the Libyan Investment Authority (LIA).
Hammad was briefed on the committee’s latest developments, with the appointed members from the Ajdabiya Primary Court confirming their commencement of duties in line with Decree No. 9 of 2024 issued by the court.
The meeting took place at the Hammad’s office in Benghazi, attended by Mustafa Al-Mismari, the Secretary-General of the Cabinet’s Office, and Ahmed Al-Murtadi, the Director of the Ministry of Planning and Finance’s Office.
The government stated that the meeting is part of the measures taken by the Libyan government to safeguard public funds from corruption, abuse, and deliberate misappropriation by the outgoing Prime Minister, Abdelhamid Dbaiba.
The statement alleges that Dbaiba unlawfully assumed the position of Chairman of the Authority’s Trusteeship in ways constituting criminal offenses punishable by law. It further claims that Dbaiba caused the state and the people to lose their rights by dealing illegally with the funds and assets of the LIA.
