LIA welcomes UN rejection of Belgium’s demand to unfreeze part of Libya’s assets to pay debts

By Sami Zaptia.

London, 13 February 2021:

The Libyan Investment Authority (LIA) yesterday welcomed the United Nations’ rejection of Belgium’s request to unfreeze part of the LIA’s assets to settle alleged debts of other Libyan entities.

The LIA said that this step came “in line with the applicable penal system and its objectives with the efforts of the LIA and the reforms it is undertaking to protect and safeguard its assets, and it is an important addition to the legal achievements made by the LIA in its international cases.”

It expressed its “deep appreciation for the efforts of the Libyan mission to the United Nations, which spared no effort in strengthening the LIA’s positions in protecting its assets, including its position rejecting the Belgian authorities’ request to use the LIA’s funds and its subsidiaries, in a manner inconsistent with the objectives of the freeze’’.

The LIA stressed that, as an “independent sovereign wealth fund,” it will not allow its assets “which are the wealth of future generations” to be compromised, and that it will spare no effort for the sake of protecting and developing these assets.

LIA rejects Belgium’s request to unfreeze some of its assets to pay unrelated debt – calls on Security Council to reject request | (libyaherald.com)