AbdulMagid Breish resumes leadership of Libyan Investment Authority
Reinstated Chairman and CEO dismisses rival claims for control of the Libyan Investment Authority (LIA) and regrets the interference with multi-billion dollar litigations in London.
19 May 2015, Tripoli, Libya
The Libyan Investment Authority (LIA) today confirms that Mr AbdulMagid Breish has been reinstated as Chairman and Chief Executive Officer (CEO), effective 18 May 2015. He replaces Mr. Abdurahman Benyezza, who served as interim Chairman and CEO.
Mr Breish says:
“I am pleased to resume leadership of the LIA and will continue the ambitious reform programme to fight corruption and increase transparency throughout the LIA’s operations. A critical part of the LIA’s work is the pursuit of the litigations, which I initiated against Goldman Sachs, Société Générale and others to recover billions of dollars lost through improper transactions during the Gaddafi regime.
We are grateful to Mr. Abdurahman Benyezza for his service as interim CEO and Chairman, and I look forward to his continued involvement as a non-executive director of the LIA. “I am aware that, during my absence, there has been an attempt by other persons to take control of the LIA, serving to challenge the independence and neutrality of the organisation.
I look forward to demonstrating conclusively that their claim is baseless, and to focusing all our efforts on returning to the Libyan people, through the litigation, the funds that we believe have been stolen from them.”
The LIA is pursuing substantial legal claims in London against Goldman Sachs, Société Générale S.A and others to recover billions of dollars lost through improper transactions done in their dealings with the LIA during the Gaddafi regime.