Libyan Investment Authority: Statement regarding Commercial Court application to discharge English Receiverships
The Libyan Investment Authority (LIA) has applied to the English Commercial Court to discharge three receiverships in England by formally recognising the LIA’s Board of Directors, chaired by Dr Ali Mahmoud Hassan Mohamed, as appointed by the LIA’s Board of Trustees, which was itself appointed by Libya’s Government of National Accord (GNA) in 2017.
The Commercial Court put in place the receiverships from 2015 to facilitate the management of several LIA court claims in England. Their purpose was to protect the position of the LIA in the face of confusion over the identity of the legitimate Government of Libya and the legitimate Board of Directors of the LIA at that time.
Since then, the GNA has been formed as Libya’s executive authority under the terms of the Libyan Political Agreement and is recognised by the UN and the international community as the legitimate Government of Libya.
According to Law No. 13 of 2010 governing the LIA, the LIA’s Board of Trustees was appointed by the GNA and is chaired by the Prime Minister, Fayez al Serraj. The Board of Trustees appointed the LIA’s Board of Directors, chaired by Dr Ali Mahmoud Hassan Mohamed.
The priority of the LIA’s Board of Directors, chaired by Dr Ali Mahmoud Hassan Mohamed (pictured), is to ensure the protection of the LIA’s assets for the benefit of the Libyan people. Libya’s wealth must be safeguarded for the future prosperity of the country from the LIA headquarters in Tripoli under the sole and effective oversight of the GNA.
The application to discharge the receiverships and bring the assets back under the control of the legitimate LIA Board of Directors is in line with the UN’s efforts to safeguard and support Libya’s legitimate sovereign institutions. The LIA’s Board is also increasingly concerned about the unnecessary ongoing costs of the receiverships.
The LIA also confirms that its application is fully supported by his Excellency, Mr Fayez al Serraj, President of the Presidency Council and Prime Minister of the GNA.