By Sami Zaptia.
London, 11 March 2016:
The Libya Africa Portfolio (LAP) has assured the Libyan public that the court cases it is . . .[restrict]pursuing in different countries in the world are proceeding well.
LAP is the Libyan sovereign wealth fund engaged in Libyan state investments in Africa and part of the main Libyan sovereign wealth fund, the Libyan Investment Authority (LIA).
In a statement released yesterday, LAP said that it had noted the confusion on the status of the various cases it is contesting in Libyan conventional and social media.
LAP reminded the Libyan public that such financial cases, and especially cases of of fraud or forgery, are inherently sensitive cases which it is contesting with the help of international law firms.
LAP said that the current management has been working on these court cases for five years – since it took up the management of LAP – and that these cases are not cases of the moment.
The need of the public interest and the demands of the legal teams means that LAP is obliged to refrain from revealing details of the ongoing cases or responding to any questions on cases – until court cases are ended.
Furthermore, LAP revealed that it has contested numerous cases and has succeeded in obtaining court decisions in its favour over the last five years. The statement did not give any details on these cases.
It assured the Libyan public that the court cases are proceeding well and that the current management has succeeded in obtaining cash revenues for the Libyan state. Again the statement did not provide any details of these revenues.
LAP is continuing to exert its efforts in protecting state assets and that it continues to report to the representatives of the Libyan people on all developments, it added. It called on all concerned with the ongoing court cases to refrain from making any statements that might damage ongoing cases. [/restrict]
