LIA-Tripoli Renews Appeal to keep Assets Frozen

The head of the Tripoli-based Libyan Investment Authority (LIA) has again called on the international community to maintain the current freeze on the LIA’s assets.

Under a UN Security Council resolution passed at the time of the revolution in 2011, most of the sovereign wealth fund’s assets have been frozen in an attempt to protect them from potential misappropriation.

Control of the $67-billion fund is disputed between the LIA’s headquarters in Tripoli, chaired by AbdulMagid Breish, and a Malta-based office led by Hassan Bouhadi and which is loyal to the Tobruk-based government.

Breish (pictured), said on Monday:

While important negotiations on a National Unity Government continue, it is imperative that the Libyan Investment Authority's assets remain frozen to safeguard them against the continued threat of misappropriation and corruption.

"It would be dangerous, and deeply counter-productive, to let the prospect of peace provide an excuse for unfreezing any of the LIA's assets."

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