By Sami Zaptia.
London, 25 May 2017:
Tripoli’s Supreme Court has rejected the Presidential Council’s (PC) appeal against a ruling invalidating its Libyan Investment Authority (LIA) Steering Committee.
The court decision means that the Faiez Serraj GNA decree No.115 of 2016 that appointed a steering committee for the LIA is now invalid.
The decision adds further confusion to the contested governance of the LIA. It was only on 8 May that Ali Mahmoud Hassan, the head of the Faiez Serraj-appointed Steering Committee was able to return to the LIA HQ in Tripoli Tower after an enforced absence of three months when he had to operate out of the LIA’s Long-Term Portfolio office in Hay Al-Andalus.
The dislocation was caused when former chairman Abdulmajid Breish moved back into the Tripoli Tower HQ after a court ruling in early February overturned the PC’s appointment of Hassan and the management team. The resulting duplication of management caused staff to walk out in protest.