No Result
View All Result
Friday, September 29, 2023
24 °c
Tripoli
24 ° Sat
24 ° Sun
24 ° Mon
24 ° Tue
  • Advertising
  • Contact
LibyaHerald
 
  • Home
  • Libya
  • Business
  • Opinion
  • Magazine
  • Advertising
  • Login
  • Register
SUBSCRIBE
  • Home
  • Libya
  • Business
  • Opinion
  • Magazine
  • Advertising
  • Login
  • Register
No Result
View All Result
LibyaHerald
No Result
View All Result
Home Business

UN report acknowledges Malta-based Thinni government LIA has access to assets

bySami Zaptia
March 17, 2016
Reading Time: 2 mins read
A A
12
SHARES
54
VIEWS
Share on FacebookShare on Twitter

By Sami Zaptia.

A UN report acknowledges that the Malta-based LIA appointed by the Thinni government and HoR in Tobruk control Libya's assets.
A UN report acknowledges that the Malta-based LIA appointed by the Thinni government and HoR in Tobruk control Libya’s assets.

Tunis, 16 March 2016:

A UN report has acknowledged that the Libyan Investment Authority (LIA) based in Malta and under . . .[restrict]the control of the internationally recognized government at the time of Prime Minister Abdullah Thinni, appointed by the House of Representatives in Tobruk, ‘’have access to the assets of those wealth funds’’.

The LIA is Libya’s main sovereign wealth fund controlling a number of subsidiaries including the Libya Africa Portfolio (LAP)

Moreover, the UN report says that it had contacted the Tripoli-based contender for chairmanship of the LIA ‘’by telephone’’, concluding that ‘’he has no access to the fund’s assets’’.

RELATED POSTS

Derna demonstration calls for holding to account of Derna Mayor and dismissal of parliament

UN lunches US$ 71 million Libya floods appeal, WHO and Red Cross advise against mass burials

The claim came in the 215-page final report of the UN Panel of Experts on Libya to the President of the Security Council was released early this week.

The report said: ‘’As in the case of other national institutions, there are rival manifestations of both the Libyan Investment Authority and the Libyan Africa Investment Portfolio, based in Tripoli and Malta. Panel sources indicate that it is those under the control of the interim Government of Libya, based in Malta, that have access to the assets of those wealth funds’’ (Libya Herald italics).

‘’In November 2015, the Panel interviewed the Chief Executive Officer of the Malta-based Libyan Investment Authority, Hasan Bohadi, who stated that the Authority, as constituted, consisted of a board of directors, which he chaired, appointed by the “internationally recognized Government” and the House of Representatives in October 2014’’.

‘’He relies upon Libyan Law No. 13,52 which states that a board of trustees, chaired by the Prime Minister, appoints a board of directors. He also stated that the following subsidiaries of the Libyan Investment Authority reported directly to the board: the Libyan Africa Investment Portfolio, the Libyan Arab Foreign Investment Company, the Long Term Portfolio, Oilinvest and the Libyan Local Investment and Development Fund’’.

‘’The Panel also contacted the head of the Libyan Investment Authority in Tripoli, Abdulmajid Braysh, by telephone. He has no access to the fund’s assets. Both he and Mr. Bohadi agree that the assets of the Libyan Investment Authority and the Libyan Africa Investment Portfolio currently frozen should remain so, pending the establishment of the Government of National Accord, which was also the best protection against misappropriation’’.

The report went on to recommended: ‘’To explicitly allow and encourage the reinvestment of assets frozen under the measures, in consultation with the Government of Libya, in order to protect the value of investments of designated individuals and entities’’; To encourage Member States to urge financial institutions to credit interest payments to frozen assets of designated individuals and entities, in line with normal business practice’’.

It will be recalled that earlier this month a London High Court delayed ruling on who has legitimate and exclusive control over the LIA based on UK government advice. [/restrict]

 
Tags: featuredHoR House of RepresentativesLIA Libyan Investment AuthorityPrime Minister Abdullah Al-ThinniUN
Share5Tweet3Share1

Related Posts

Qatar Civil Aviation to conduct Libyan airports inspection in October, signs MoU with Libyan counterpart
Business

Qatar Civil Aviation to conduct Libyan airports inspection in October, signs MoU with Libyan counterpart

September 29, 2023
Facilities Security Authority meets Russian and Italian ambassadors – discusses training and provision of security to returning companies
Business

Facilities Security Authority meets Russian and Italian ambassadors – discusses training and provision of security to returning companies

September 28, 2023
Libyan eastern government to build 300k bpd Tobruk refinery with foreign investors on BOT basis
Business

Benghazi Chamber hosts Chad delegation – discuss commerce and transit trade

September 28, 2023
Direct flights from Tripoli to Rome to resume on Saturday
Business

Direct flights from Tripoli to Rome to resume on Saturday

September 28, 2023
Dutch embassy assesses security standards, rules and procedures at Tripoli’s Mitiga airport
Business

Civil Aviation Authority concludes meetings with Turkish Civil Aviation team inspecting airports for possible return of Turkish airliners

September 22, 2023
Libya’s eastern government meets Egyptian companies to discuss post Storm Daniel reconstruction
Business

Libya’s eastern government meets Egyptian companies to discuss post Storm Daniel reconstruction

September 22, 2023
Next Post

Initiative launched to end Constitutional Assembly boycott as members head to Oman

Haithem Tajouri wants return of monarchy

Haithem Tajouri wants return of monarchy

 

Advertise on LibyaHerald

Reach thousands of our site visitors daily

240 x 400px

Advertise Here
ADVERTISEMENT

Top Stories

  • Dutch embassy assesses security standards, rules and procedures at Tripoli’s Mitiga airport

    Civil Aviation Authority concludes meetings with Turkish Civil Aviation team inspecting airports for possible return of Turkish airliners

    75 shares
    Share 34 Tweet 17
  • Internal Security arrests NOC Chairman’s Office Manager for corruption in supply of medicines for Derna and its environs

    58 shares
    Share 24 Tweet 14
  • Direct flights from Tripoli to Rome to resume on Saturday

    55 shares
    Share 22 Tweet 14
  • Eastern Libyan government calls for international reconstruction conference for Flood Daniel hit areas

    67 shares
    Share 35 Tweet 13
  • Italian Cabinet gives green light for a state of emergency to intervene in Libya, allocates € 5 million

    46 shares
    Share 18 Tweet 12
LibyaHerald

The Libya Herald first appeared on 17 February 2012 – the first anniversary of the Libyan Revolution. Since then, it has become a favourite go-to source on news about Libya, for many in Libya and around the world, regularly attracting millions of hits.

Recent News

Qatar Civil Aviation to conduct Libyan airports inspection in October, signs MoU with Libyan counterpart

Spanish epidemiologists and water specialists arrive in east Libya to help with post-Storm Daniel recovery

Sitemap

  • Why subscribe?
  • Terms & Conditions
  • FAQs
  • Copyright & Intellectual Property Rights
  • Subscribe now

Newsletters

    Be the first to know latest important news & events directly to your inbox.

    Sending ...

    By signing up, I agree to our TOS and Privacy Policy.

    © 2022 LibyaHerald - Powered by Sparx Solutions.

    No Result
    View All Result
    • Login
    • Sign Up
    • Cart
    • Libya
    • Business
    • Advertising
    • About us
    • BusinessEye Magazine
    • Letters
    • Features
    • Why subscribe?
    • FAQs
    • Contact

    © 2022 LibyaHerald - Powered by Sparx Solutions.

    Welcome Back!

    Sign In with Facebook
    Sign In with Linked In
    OR

    Login to your account below

    Forgotten Password? Sign Up

    Create New Account!

    Sign Up with Facebook
    Sign Up with Linked In
    OR

    Fill the forms bellow to register

    *By registering into our website, you agree to the Terms & Conditions and Privacy Policy.
    All fields are required. Log In

    Retrieve your password

    Please enter your username or email address to reset your password.

    Log In
    This website uses cookies. By continuing to use this website you are giving consent to cookies being used. Visit our Privacy and Cookie Policy.
    Are you sure want to unlock this post?
    Unlock left : 0
    Are you sure want to cancel subscription?