The Tripoli based Libyan Prime Minister, Abdel Hamid Aldabaiba announced yesterday that Libya had ‘‘achieved a major legal victory through the Belgian court ruling to lift the seizures imposed on the assets of the Libyan Investment Authority (LIA) and the Libyan Foreign Investment Company (LAFICO) with Euroclear bank’’.
Aldabaiba revealed that ‘‘This complex issue, which lasted for years, required careful follow-up, and we spent many hours in intensive meetings, with the Board of Directors and the Board of Trustees of the LIA, to discuss all its details, and to develop a clear strategy to ensure the protection of these assets’’.
Aldabaiba stressed that ‘‘This achievement is not just a legal success, but an important step to enhance the stability of Libya’s economy, support the national currency, and ensure the preservation of Libyan funds, and harnessing them to serve development and build a better future for Libya’s children.
Aldabaiba assured that he would ‘‘continue to defend Libya’s assets and work to invest them for all citizens’’.
UN Security Council allows Libya to reinvest some assets
It will be recalled that on 16 Jan, the UN Security Council updated its sanctions regime on Libya and extended its mandate until May 2026 (under Chapter VII of the Charter). This included allowing for the investment of some of its frozen assets. Specifically, the resolution also allowed the Libyan Investment Authority’s (LIA) frozen cash reserves to be invested in low-risk time deposits with appropriate financial institutions selected by the LIA according to specified conditions.
UN Security Council Resolution 2769 updates Libya Sanctions Regime, extends Mandate until May 2026
LIA wins another important court case towards protecting its assets
LIA aware of interest being moved out of Belgium, but assures assets still frozen
