Breish: LIA assets must remain frozen until a unity government is operational from Tripoli

Breish: LIA assets must remain frozen until a unity government is operational from Tripoli

December 22, 2015 - 08:21
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Chairman and CEO of LIA Abdul-Magid Breish

"The Libyan Investment Authority's assets must remain frozen to safeguard them against the continued threat of misappropriation and corruption," Chairman and CEO of the authority said on Monday.  

Responding to calls by breakaway factions to unfreeze Libya's assets, Abdul-Magid Breish indicated that rogue parallel institutions outside the country have been appealing to the international community to loosen the sanction regime on the LIA's assets in order to gain access to these funds.

"It would be dangerous, and deeply counter-productive, to let the prospect of peace provide an excuse for unfreezing any of the LIA's assets." He said.

He pointed out that the LIA, which has always been headquartered in Tripoli, will review the sanctions only when the political situation in Libya stabilises and a national unity government starts operation in Tripoli.  

"The international community, alongside and in support of all Libya's independent institutions, must remain highly vigilant to ensure that our country’s wealth is preserved for all its people.” He added.