No Result
View All Result
Saturday, April 1, 2023
21 °c
Tripoli
18 ° Sun
16 ° Mon
17 ° Tue
19 ° Wed
  • 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

LIA chairman Bouhadi resigns as HoR appoint their man Shamekh as CEO

bySami Zaptia
February 7, 2017
Reading Time: 3 mins read
A A
LIA chairman Bouhadi resigns as HoR appoint their man Shamekh as CEO

Ali Shamekh has been appointed as the new LIA chairman following the resignation of Hassan Bouhadi (Photo: LIA).

20
SHARES
89
VIEWS
Share on FacebookShare on Twitter

By Sami Zaptia.

Ali Shamekh has been appointed as the new LIA chairman following the resignation of Hassan Bouhadi (Photo: LIA).
Ali Shamekh has been appointed as the new LIA CEO following the resignation of Hassan Bouhadi as chairman (Photo: eastern PM Office).

London, 13 August 2016:

Hassan Bouhadi, chairman of the Libyan Investment Authority (LIA) has resigned with immediate effect. Bouhadi is the LIA chairman appointed and recognized by the Tobruk-based House of Representatives (HoR) and its Abdullah Thinni government based in Beida.

The LIA’s Board of Trustees, headed by Interim Prime Minister Abdullah Thinni, has appointed Ali Shamekh as Chief Executive Officer.

In his resignation letter Bouhadi said that he was not able to conduct his business due to the internal political conflict in Libya which put him in ‘’a critical situation’’ and due to the ‘’opposing demands to the goals of the LIA’’. He said that due to his ‘’values and principles’’ he was tendering his resignation.

RELATED POSTS

Increased oil production operations will receive mixed funding: NOC

Top law firm joins new British Libyan Business Association

In reality, sources have told Libya Herald that Bouhadi had no choice but to resign after falling out in a big way with Prime Minister Abdullah Thinni and the HoR. Last week, matters came to a head when Bouhadi was put under house arrest.

Bouhadi, who runs the LIA from its Malta offices, had arrived in Benghazi to visit his family when the Libyan eastern government of Abdullah Thinni ordered ‘’fifteen vehicles to his house’’, a source said.

Libya Herald has received a copy of an internal letter from Prime Minister Abdullah Thinni to his Interior Minister ordering Bouhadi’s ‘’prevention from travel through any border’’ and the ‘’holding of his passport until investigations with him are completed’’.

Bouhadi’s passport was confiscated and he was forced to attend a meeting of the LIA’s Board of Trustees, headed by eastern Prime Minister Abdullah Thinni. At the meeting, Ali Shamekh, a veteran from the Qaddafi era and former head of Libya Oil Holding, was appointed as LIA CEO. Bouhadi published his resignation letter, dated 11th August, as soon as he had left Libya.

Bouhadi, it must be recalled, had been ignoring calls from the HoR and the Board of Trustees to hold a meeting of the LIA’s board of directors and of the Board of Trustees. Ironically, the Administrative Control Authority (ACA), the state oversight body, had come down on the side of the LIA in its tug-of-war with the HoR and had ordered a freeze on all LIA decrees on 21 July. It had ordered that the LIA’s present personnel structure is maintained in order not to destabilize it as the LIA ‘s was going through a number of sensitive court cases in London.

Highly placed sources, who insisted on anonymity, told Libya Herald that Bouhadi was coming under increasing pressure to take actions and decisions that were not in line with the aims of the LIA. The source said some of these were in favour of specific personal interests that the HoR wanted to appoint to the LIA’s board of directors.

On another level, it will be recalled that Bouhadi and Abdulmajid Breish, appointed by the outgoing Tripoli Salvation Government, were fighting for control over the chairmanship of the LIA in a London court.

It is also worth recalling that the LIA’s assets have been frozen by the UN since the 2011 revolution with minimal room allowed for the LIA board to administer the assets. The LIA is also in the midst of a court case with Soc Gen and Goldman Sachs.

To add to the complexity of the Libyan scenario, the international community, through the Libyan Political Agreement (LPA) signed in December 2015 in Morocco and backed by a UN Security Council resolution 2259, only recognizes the Tripoli-based Faiez Serraj Presidency Council and Government of National Accord (PC/GNA) as the sole legitimate Libyan government.

The international community, however, under the LPA does recognize the HoR as the sole legitimate parliament in Libya and under the terms of the LPA, the HoR must approve the GNA. The HoR has failed to convene a quorum since the start of 2016 in order to vote-in the Faiez Serraj-led GNA.

With regards to the LIA, matters are further complicated by the mechanism for appointing the LIA chairman and its relationship to the incumbent prime minister.

According to the established structure of the LIA, its chairman and board of directors are appointed by its board of trustees which is headed by the incumbent prime minister. This is still currently headed by Abdullah Thinni. If and when the HoR approve the GNA, the prime minister of the GNA would then head the board of trustees.

Sources have informed this newspaper that Bouhadi had held at least one meeting with Faiez Serraj in Tripoli.

Tags: featuredHassan Bouhadi LIA chairmanLIA Libyan Investment AuthorityLibyaPC/GNA Presidency Council Government of National AccordPrime Minister Abdullah ThinniUN Security Council resolution 2259
Share8Tweet5Share1

Related Posts

Ghadames Air receives its Airbus 330
Business

Ghadames Air receives its Airbus 330

April 1, 2023
Benghazi reconstruction moving forward, stalled projects reactivated
Business

Benghazi reconstruction moving forward, stalled projects reactivated

March 31, 2023
UNDP visits Kufra to assess how it can help in developing agriculture
Business

Tatweer and WFP assess 6,750 farms in Fezzan as part of agricultural development project

March 31, 2023
Libya Post visits the French Postal Corporation: Agree on technical and development cooperation
Business

Libya Post visits the French Postal Corporation: Agree on technical and development cooperation

March 31, 2023
Jumhouria and National Commercial Bank announce raised cash withdrawal limits during Ramadan
Business

Jumhouria and National Commercial Bank announce raised cash withdrawal limits during Ramadan

March 30, 2023
Zallaf starts 3,000 bpd Erawin production – Libya’s first new field
Business

Zallaf starts 3,000 bpd Erawin production – Libya’s first new field

March 30, 2023
Next Post
Sirte radio station retaken from IS

Sirte radio station retaken from IS

The army moves into Zuetina but not the oil export terminal

The army moves into Zuetina but not the oil export terminal

 

Advertise on LibyaHerald

Reach thousands of our site visitors daily

240 x 400px

Advertise Here
ADVERTISEMENT

Top Stories

  • Big Chefs Turkish restaurant chain opens its first branch in Tripoli – the first in Libya and Africa

    Big Chefs Turkish restaurant chain opens its first branch in Tripoli – the first in Libya and Africa

    352 shares
    Share 146 Tweet 86
  • Historic inclusive JMC 5+5 tripoli meeting – raises hope for elections and permanent peace?

    91 shares
    Share 39 Tweet 22
  • Zallaf starts 3,000 bpd Erawin production – Libya’s first new field

    82 shares
    Share 33 Tweet 21
  • Libya discusses with Chinese companies return to work

    74 shares
    Share 32 Tweet 18
  • Libyan Air Ambulance Service contracts to buy three new Bell helicopters

    60 shares
    Share 28 Tweet 13
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

Ghadames Air receives its Airbus 330

Aldabaiba stresses need to activate agricultural projects in cooperation with private sector

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?