Archive | Investment

LIA Steering Committee “Illegal and Illegitimate”

By John Lee. A court in Tripoli has ruled that the appointment of a Steering Committee to run the Libyan Investment Authority (LIA) is illegal and illegitimate. According to a report from The Libya Observer, the Second Administrative Division of Tripoli Appeals Court made the ruling following an appeal lodged by the Tripoil-based Chairman of […]

Italian Embassy Reopens in Tripoli

Italy is reopen its embassy in Tripoli. In a statement on Monday, the Italian Foreign Ministry said: “After two years, Italy will again become operational in Libya with an ambassador scheduled to present letters of credence to the local government tomorrow. “The reopening of the embassy in Tripoli is a very important sign of friendship […]

LPTIC Chairman discusses UTL with Ugandan President

The Libyan Post, Telecommunication and Information Technology Holding Company (LPTIC) has said that the company’s chairman held positive talks with Ugandan President Yoweri Museveni over the future of Uganda-based telecoms operator UTL. Dr. Faisel Gergab said that discussions with the President focused on the transformation plan to turn the company around, significantly boosting the company’s […]

LIA seeks Leave to Appeal in Goldman Sachs case

By John Lee. The Libyan Investment Authority (LIA) has reportedly asked on Friday for leave to appeal against last week’s British High Court ruling in favour of Goldman Sachs. The $67-billion sovereign wealth fund had alleged that Goldman executives exerted undue influence over its officials regarding a series of transactions through which the fund claims […]

China to Invest $36bn in Libyan Infrastructure

By John Lee. The Tobruk-basesd government is to embark on a massive programme of infrastructure works, include the country’s largest deepwater port, an airport, a railway running south along the Egyptian border to Sudan, 10,000 homes, a 300-bed hospital and a university. Prime Minister Abdullah Al-Thinni told Al-Hadath that the $36-billion project will be built […]

Breish hits out at LIA Steering Committee

AbdulMagid Breish (pictured), Chairman of the Libyan Investment Authority (LIA) in Tripoli, has said: “It is deeply disappointing to hear reports of Ali Mahmoud Hassan Mohammed’s illegitimate attempts to speak on behalf of the LIA in Italy. These are further examples of the so-called steering committee creating uncertainty and confusion, and putting Libya’s progress at […]

Goldman Sachs wins $1.2bn LIA Court Case

By John Lee. A court in London today ruled that the Libyan Investment Authority (LIA) has lost its case against Goldman Sachs. The LIA had alleged that Goldman executives exerted undue influence over its officials regarding a series of transactions through which the fund claims to have lost more than $1 billion. Goldman is reported […]