By Sami Zaptia.
Tripoli, 22 June 2014:
The Chairman of the Libyan Investment Authority (LIA) Abdulmagid Breish has been barred from continuing in . . .[restrict]his position by the Political Isolation Law (PIL) Committee.
The PIL was passed in May 2012 and it precludes all Libyans that had held leading positions under the Qaddafi regime from holding leading positions post 17 February 2011.
The case of LIA Chairman Abdulmagid Breish was received by the PIL Committee on 10 March 2014, and a final decision was made by the PIL Committee in its 8 June 2014 meeting. It was published on its website last Thursday 19 June.
The text of the decision, No. 659 of 2014, has three sections. First, it decided that the PIL applies to Breish. Secondly it reported that the decision had been communicated to the Prime Minister as he is the boss of the LIA Chairman in his role as the head of the Board of Trustees which had appointed the LIA Chairman. It is the role of the Board of Trustees to inform, and therefore sack, the LIA Chairman.
Thirdly, the PIL Committee reported that its decision must be enforced with immediate effect from the date of publication on its website (Thursday 19 June 2014) Moreover, it highlighted Article 17 of its regulations that stipulate that if a person continues in his job ignoring its decision, they would be liable to a jail sentence of no less than one year.
Moreover, in its decision, the PIL Committee said it did not accept Breish’s objection on the basis that he had not headed a state-owned organ. It concluded that the ESDF was a state organization, which meant the PIL was implementable on Breish.
It will be recalled that in February 2013, the outgoing chairman of the LIA, Mohsen Derregia was removed by the then Prime Minister and head of the LIA’s Board of Trustees, Ali Zeidan, and a temporary head, Ali Hibri, the Deputy Governor of the Central Bank of Libya and LIA’s then Board member, was installed while the search begun for a long term replacement.
Early in 2014 Breish took over the post with a long term plan to reform the LIA using leading international firms.
When asked for his reaction to the PIL Committee decision, Breish told Libya Herald he was “surprised by its decision”.
When asked if he accepted that he had previously “headed” the ESDF, which was and still is generally deemed as a state organization, Breish accepted that he had acted as a non executive chairman. Explaining further he said, “I did head the ESDF on a non executive level as chairman for about three meetings, then I resigned. However, from the beginning I was made to understand that the role was to establish a variety of business ventures for the benefit and direct ownership of the Libyan individual”.
Asked if he was still going to appeal, Breish said “Yes I am, as a matter of principle”. Asked if he was prepared to reveal on what grounds, Breish said “On the grounds that the ESDF was not a state entity like the others as I previously explained and of course on my constitutional rights as a Libyan national and individual.”
Asked if he was aware that the PIL Committee had already dismissed his initial appeal that the ESDF was not a state organization, Breish said that he was “aware of the decision”, without elaborating.
He added: “I still have not been notified formally of the resolution and related correspondence.”, alluding to the looming prison sentence.
Libya Herald asked Breish since he already knew of the existence of the PIL and since he knew his own job history, why did he nevertheless apply for such a high profile and politically sensitive job?
“I did not apply for both jobs”, he insisted. “I was based abroad as an international banker and I was requested to assist in both cases to help my country”, he maintained.
Knowing your job history, why do you think the Libyan state still chose to appoint you as Chairman of the LIA? “Probably it had the same conviction as I had of the ESDF, and because of my experience and the dire need to set the LIA on the right course after years of disappointing results and mismanagement”, Breish replied.
Breish was also of the view that the same question should be asked of the GNC Investment Committee. Libya Herald was unable to get a comment from the GNC Investment Committee.
Asked what effect this removal might have on the LIA’s litigation process underway and the uncovering of past corruption and wrongdoing, Breish said: “I am confident that my colleagues on the LIA’s Board of Trustees and Board of directors will continue to pursue with the same vigour and commitment these files to their final and successful conclusion”.
Libya Herald was unable to obtain any comment on record from either GNC members or current employees at the LIA.
Off record, some saw the attempt to remove Breish as a strike back by vested interests within the LIA in view of his determination to pursue litigation against suspect dealings within the LIA and GNC. Others saw it as normal resistance to the changes in personnel and to the new style and system Breish intends to deploy in the LIA.
[/restrict]
