Tag Archives | Libyan Investment Authority (LIA)

GNA to examine Total-Marathon Deal

By John Lee. According to a report from Reuters, Libya is considering whether to intervene in Total‘s $450-million deal to buy Marathon Oil’s stake in the Waha oil field. Officials told the news agency that the National Oil Corporation (NOC) may be interested in buying the 16.33-percent stake, possibly with funds from Libya’s $67-billion sovereign wealth […]

Libyan Investment Authority sues JPMorgan Chase

By John Lee. The Libyan Investment Authority (LIA) has reportedly filed a lawsuit in London against JPMorgan Chase and businessman Walid Al-Giahmi for what it says is “commercial fraud”. While the details of the case have not been disclosed, Bloomberg suggests that the case probably relates to transactions with Bear Stearns, which JPMorgan bought in […]

Head of Libya’s $66bn Sovereign Wealth Fund Resigns

By John Lee. The head of the $66-billion Libyan Investment Authority (LIA) has reportedly resigned. Ali Shamekh (pictured) said that that divisions within Libya had made it impossible for him to implement a viable program at the sovereign wealth fund, according to a report from Reuters. He also repeared his warning that the LIA’s assets […]

Zambia to pay $380m to LIA

By John Lee. The Zambian government has reportedly been ordered to pay the Libyan Investment Authority (LIA) $380 million as compensation for nationalising the Zambia Telecommunications Company (Zamtel) in 2011. LIA subsidiary LAP Green Networks had owned 75 percent of the company, with the Zambian government owning the remaining 25 percent. The LIA is said […]

GNA-backed LIA Chairman meets Salamé

The GNA-appointed Chairman of the Libyan Investment Authority (LIA), Dr Ali Mahmoud Hassen Mohammed and his Board of Directors, have received support from key international actors in its bid to alleviate the constraints of the UN Security Council sanctions, allowing better management of Libya’s sole sovereign wealth fund. Continuing this effort, the Authority met last […]

GNA appoints New LIA Board of Trustees

The newly GNA-appointed Board of Trustees for the Libyan Investment Authority (LIA) has been officially announced following its first meeting that took place in Libya’s capital on Saturday. According to a statement issued on their behalf, the Board of Trustees “is the highest governing body of the LIA which is mandated to preserve and protect Libya’s sole Sovereign […]

LIA-Tripoli Chairman Hits Out at Steering Cmte

By John Lee. The Chairman of the Libyan Investment Authority (LIA) in Tripoli has said hit out at a recent press release from Ali Hassan Mahmoud, the purported Chairman of the Administrative Committee (Steering Committee) of the LIA, saying it “is full of inconsistencies and a major failure to adhere to best-practice reporting of financial […]

UK Investigator Seeks Libya Files From SocGen

By John Lee. The UK’s Serious Fraud Office (SFO) has reportedly sought documents from Societe Generale (SocGen) regarding its relationship with the Libyan Investment Authority (LIA). Last week, the French banking giant agreed to pay 963 million euros ($1.1 billion) as part of the agreement between the two companies to resolve all matters between them concerning […]