Head of Libya’s $66bn Sovereign Wealth Fund Resigns

By John Lee.

The head of the $66-billion Libyan Investment Authority (LIA) has reportedly resigned.

Ali Shamekh (pictured) said that that divisions within Libya had made it impossible for him to implement a viable program at the sovereign wealth fund, according to a report from Reuters.

He also repeared his warning that the LIA’s assets were at risk if there was no unity within the LIA.

In his first interview with the media following his appointment in 2016, Mr Shamekh told Libya Business News that he wished the LIA would work as one organisation and that its assets should be unfrozen as soon as possible in line with Libyan and international Laws in order to boost the oil industry, which is in urgent need of investment.

He told Adam Nathan that he was seeking to work and co-invest with international investors including major oil companies to boost his country’s wealth.

(Source: Reuters)

One Response to Head of Libya’s $66bn Sovereign Wealth Fund Resigns

  1. dr angi barakat March 8, 2018 at 12:24 pm #

    I think he should tell all libyan what happen to 10 billion dollars disappeared from libyan fun in Belgium. I hope also he can tell us more about activities of LIA over the last 6 years and how much they spent on travel and others plus what exactly figures left in the LIA sum by now

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