Rival LIA Factions unite Against Goldman & SocGen

A statement issued on behalf of the Tripoli-based group which is fighting for control of Libya's $60-billion sovereign wealth fund has confirmed that both sides will unite in their legal action against Goldman Sachs and Societe Generale.

AbdulMagid Breish (pictured), who was recently reinstated by the Tripoli-based Court of Appeal as Chairman and CEO of the Libyan Investment Authority, and Hassan Bouhadi, the Chairman of the LIA appointed by the Tobruk-based government, "have now come together to take forward the litigations".

An application to the UK courts will seek the appointment of partners in BDO LLP as receivers to manage the litigations, and the reappointment of Enyo Law LLP as solicitors.

Mr AbdulMagid Breish said:

I am confident that this proposal to appoint a receiver will be welcomed by everyone as a constructive way to advance the litigations against Goldman Sachs, Société Générale S.A and others.

"The Libyan Investment Authority remains a neutral and independent institution committed to the protection and careful stewardship of the nation’s assets.

"I am determined that the litigations which I launched in 2013 should continue under the management of the receiver, in order to return to the Libyan people the funds that I believe have been stolen from them.”

(Source: LIA Tripoli)

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