LIA dismisses claims of handover to steering committee as "untrue", confirms Breish remains Chairman and CEO

LIA dismisses claims of handover to steering committee as "untrue", confirms Breish remains Chairman and CEO

September 09, 2016 - 15:40
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Written By: AbdullahBenIbrahim

LIA Chairman Abdul-Magid Breish

The Tripoli-based Libyan Investment Authority (LIA) has dismissed reports of a handover of power to an interim steering committee set up by the UN-installed Presidency Council, confirming that Abdul-Magid Breish remains Chairman of the sovereign wealth fund.

Local media reported that a steering committee had taken over the responsibility for managing the LIA following a handover process. The steering committee was purportedly appointed by the Presidency Council through Resolution 115 on 15 August 2016. However the LIA has argued that this purported appointment was invalid as it violated Libyan law.

Speaking from the LIA’s headquarters in Tripoli, Breish said the allegations of handover to a steering committee are "simply untrue", expressing his disappointment over the false reports of handover and that the steering committee is now managing the offices and accounts of the LIA.

"For the steering committee to take over management, there must be a formal handover process. Despite untruthful reports to the contrary, no such handover has taken place. I have not handed over any of my responsibilities. The current management will continue to fulfil its duties until it hands them over to a legally-appointed replacement.”He explained.

He confirmed that such a procedure will only be effective upon the instruction of a Libyan court anticipating that a Libyan court is to rule on the matter within ten days.

"It is also very disappointing that certain persons claiming to represent the steering committee are intimidating LIA employees. This is unacceptable, and we will pursue all available actions against such individuals." Breish added.

Early this month, Abdul-Magid Breish and his Tobruk-based rival Fawzi Omran Farkash met on August 29 and agreed to resolve the long-running dispute between the LIA in Tripoli and the parallel LIA operation in Tobruk.