Home / Economy / Chairman of LIA raises concern about GNA-appointed Steering Committee Actions

Chairman of LIA raises concern about GNA-appointed Steering Committee Actions

(Author: Libyan Gazette Editorial Staff)

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AbdulMagid Breish, Chairman of the Libyan Investment Authority (LIA) in Tripoli, expressed his disapproval of Chairman of the LIA “steering committee,” lead by Ali Mahmoud Hassan Mohamed, who has attempted to speak on behalf of the LIA in Italy on Monday.

“It is deeply disappointing to hear reports of Ali Mahmoud Hassan Mohammed’s illegitimate attempts to speak on behalf of the LIA in Italy. These are further examples of the so-called steering committee creating uncertainty and confusion, and putting Libya’s progress at risk,” said Breish.

Breish asserted that “in claiming to speak on behalf of the LIA, Mr Mohamed is pre-judging the outcome of the Administrative Court in Tripoli, which will rule on the legitimacy of the appointment of his steering committee at the end of October 2016.”

The Presidency Council of the UN-backed Government of National Accord (GNA) appointed Mohamed to lead a five-member caretaker committee to run Libya’s $67 billion sovereign wealth fund. 

Since the appointment of the steering committee in August 2016, Breish has maintained that the creation of the interim committee was illegal and misguided and did not serve the interests of the Libyan people.  

“The LIA in Tripoli and the LIA in Tobruk are united in saying that the appointment of the so-called steering committee is illegal. This committee does not comply with the founding documents of the LIA and is against the best interests of all Libyans.”

“While Mr Mohamed engages in expensive travel and publicity stunts in Italy and Tunisia he is also obstructing the settlement of our legal expenses thus putting at risk our litigation efforts. Through these actions, Mr Mohamed is insulting the efforts of those who worked tirelessly to regain the funds that were taken from the Libyan people.

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