Statement from the chairman and CEO Abdulmagid Breish

8 September 2016, Tripoli:

The Libyan Investment Authority (LIA) in Tripoli has dismissed reports today of a handover of power to an interim steering committee, confirming that AbdulMagid Breish remains Chairman of the sovereign wealth fund.

Libya Al Eqtisadiya and Libya Channel reported today that a steering committee had taken over the responsibility for managing the LIA following a handover process. The steering committee was purportedly appointed by the Presidency Council through Resolution 115 on 15 August 2016. However the LIA has argued that this purported appointment was invalid as it violated Libyan law.

Speaking from the LIA’s headquarters in Tripoli, Mr Breish said:

“Allegations that a steering committee has taken over the management of the LIA, and that this committee is now managing the offices and accounts of the LIA, are simply untrue. It is disappointing to see false reports of this nature surface in the media.”

“For the steering committee to take over management, there must be a formal handover process. Despite untruthful reports to the contrary, no such handover has taken place. I have not handed over any of my responsibilities. The current management will continue to fulfil its duties until it hands them over to a legally-appointed replacement.”

“As I have repeatedly stated, such a procedure will only be effective upon the instruction of a Libyan court. I expect a Libyan court to rule on this matter within ten days.”

“It is also very disappointing that certain persons claiming to represent the steering committee are intimidating LIA employees. This is unacceptable, and we will pursue all available actions against such individuals.”

3 April 2016, Tripoli:

The Libyan Investment Authority (LIA) welcomed the establishment of the Presidential Council in our nation’s capital.

We believe this is an important step towards bringing stability to Libya, and hope it will lead to the formation of a new Government of National Accord in due course.

A Government of National Accord can play an important role in rebuilding the country’s infrastructure and vital services. It can help negotiate national reconciliation and international economic support. And over the long term, it can help rebuild Libya as a destination for international investment and commerce.

Events in our country over the last few years have been both troubling and confusing. There has been much suffering. Libyan lives have been lost and the welfare of our citizens jeopardised. Libyan assets and resources have been damaged or put at risk.

Throughout this time the continued independence of Libya’s long-standing sovereign institutions, such as the LIA, has been critically important. We have helped protect our country’s assets and resources for the benefit of all Libyans.

As the LIA welcomes the establishment of the Presidential Council, we can state confidently that we have succeeded in protecting the assets and resources, owned by the Libyan people, from those who would seek to put them at risk.

The LIA has also made important progress on the litigations against Goldman Sachs, Société Générale and others – litigations my colleagues and I initiated almost three years ago.

On all matters, the LIA reaffirms its readiness to cooperate fully with the Presidential Council and, once established, the new Government of National Accord, in providing relevant data, reports and support.

We hope that, soon, all political obstacles will be overcome and the divisions previously faced by our country will come to an end.

May God bless Libya and its people.