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LIA: There Has Been No Abuse of the Authority’s Funds During the Current Management’s Time

The Libyan Investment Authority (LIA) confirmed that since the current board of directors was appointed in July last year, there has been no abuse of the organization’s funds during this period.

In a statement on Friday, the Authority said that the funds and revenues of the institution in the period mentioned, either deposited in the bank accounts or used to finance their investment operations according to the law.

The Authority assured that there was no evidence that its funds were used to fund “armed groups”, contrary to some foreign media reports.

The LIA explained that Belgium had explained that the interest on the assets of frozen Libyan funds which are subjected to sanctions are not subjected to the freezing of the same funds, as well as the European Union and the governments of the United Kingdom, Germany, Italy and Luxembourg took the same view according to the report of the experts of the United Nations, but the same report did not include any claim that the institution has violated the sanctions regime.

The Libyan Authority reassured Libyans that the funds allocated to the Foundation were maintained and are fully secured and care for.

The Libyan Investment Corporation reported last week that five countries of the European Union took advantage of a loophole in the system of freezing Libyan funds and acted in the benefits of these funds.

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