GNA appoints Panel to run Sovereign Wealth Fund

By John Lee.

Reuters reports that Libya’s Government of National Accord (GNA) has appointed a five-member caretaker committee to run the country’s $67-billion sovereign wealth fund, the Libyan Investment Authority (LIA).

The committee will be led by Dr Ali Mahmoud Hassan Mohamed, with the other members listed as Eng. Abdulazeez Ali, Alhadi Kaabar, Khalid Altaher, and Ahmed Ammar.

According to Libya Herald, the committee will act as chairman and board of directors, and will have full power to pursue all legal disputes, but have no power to transfer or dispose of LIA assets.

The leadership of the fund had been contested by AbdulMajid Breish, based in the Tripoli head office, and Hassan Bouhadi, appointed by the Tobruk government.

Bouhadi resigned last week, reportedly having been placed under house arrest in Benghazi and forced into holding a board meeting at which Ali Shamekh was appointed as LIA CEO.

Libya Herald reports that Bouhadi’s resignation was followed by the resignation of eastern Central Bank of Libya (CBL) governor Ali Hibri as member of the LIA’s board of trustees in protest at the way the LIA was being run.

(Sources: Reuters, Libya Herald)

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