Libyan Investment Authority demands end to receiverships on assets in UK

Libyan Investment Authority demands end to receiverships on assets in UK

August 29, 2018 - 14:39
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Written By: SafaAlharathy

The Libyan Investment Authority (LIA) has expressed concern over what it said "the ongoing and unnecessary costs" for the receiverships imposed by the British judiciary on the assets of the institution.

"The request to the British Commercial Court on the termination of three of receiverships of the LIA's assets and to retrieve authority over them comes in line with the efforts of the United Nations to protect and support the legitimate Libyan sovereign institutions," the LIA explained in a statement Tuesday.

The LIA added that the request to the English Court has the full support of the Presidential Council, stressing that the priority at the current stage is to protect these assets, as it will safeguard the interests of the Libyan people.

The receiverships were imposed in 2015 to help manage several lawsuits filed by the Libyan Investment Authority in the U.K. at a time when there was a rival administration claiming legitimacy.