British court says current Libyan Investment Authority board is legal

British court says current Libyan Investment Authority board is legal

May 16, 2020 - 17:20
Posted in:
Written By: AbdulkaderAssad

A London court of appeals has ruled that the current board of directors of the Libyan Investment Authority (LIA) and the decisions of the Presidential Council of the Government of National Accord about LIA are legal.

In a statement on Friday, LIA said it would take measures to remove the judicial guardianship and to tackle the tasks and assets under its authority, in addition to finishing the legal representation procedures at state financial institutions.

It also said that the British court had rejected altogether the allegations of the parallel parties that claimed legitimacy to represent the LIA.

LIA called for lifting the judicial guardianship of assets so that it can operate with and develop those assets as per the laws and the current sanctions system.

Last March, British Commercial Court ruled for recognition of Ali Mahmoud Hassan as the legal Director of LIA.