Libyan Investment Authority Statement on Ahmad Kashadah
The goal of Libya’s independent institutions is to safeguard our country’s independent resources. This has never been more important.
It is therefore disappointing to see recent reports of Ahmed Kashadah spreading false information about the LIA’s subsidiary, the Libya African Investment Portfolio (LAIP).
- Mr Kashadah appeared at a recent event in London on the strict agreement that he would not share statements with the media. He has broken this agreement.
- Mr Kashadah has misrepresented his role at LAIP, falsely claiming to be the Chief Executive Officer. He also purports to speak on behalf of the LIA, but has no legal or administrative authority to do so.
- Mr Kashadah is quoted in the Libya Herald as having said that LAIP has been “very active post-revolution in its investment strategy”, noting its “valuable investment decisions that have increased wealth and ensured the fund’s survival.”
This is misleading. LAIP’s parent company, the LIA, has an approved restructuring strategy which clearly states that the only subsidiary which is allowed to invest in strategic projects in Libya is the Libyan Local Investment & Development Fund. LAIP currently does not have approval to invest in Libya, with the exception of limited investments relating to Oil Libya. Further, LAIP’s investment activities have been staunchly limited, even outside of Libya.
We join LAIP’s call for Mr Kashadah to withdraw his inaccurate and misleading comments immediately.