The Libyan Investment Authority (LIA) in Tripoli has refuted reports of armed men taking over the LIA headquarters, which have been circulated by some media outlets and on social media, saying the reports are untrue.

A source from LIA reaffirmed that this news has no basis in fact, and that AbdulMagid Breish, Chairman of the LIA, has re-commenced his work from the headquarters of the LIA, following a decision of the second administrative division of the Tripoli Appeals Court.

The UN-installed Presidency Council led by Fayaz Sirraj defied the court ruling and claimed that Breish stormed the LIA headquarters with force.

In January, the Tripoli Appeals Court ruled against decision 115/2016 made by the Presidency Council, which saw the formation of a five-member steering committee, led by Ali Mahmoud Hassan Mohamed, to manage the LIA. This ruling was made following administrative appeal number 250/2017 made by Breish.

The LIA called on all parties to exercise caution, not to publish such information without first verifying it with official and trusted sources, and to refrain from causing chaos and panic in Libya. It also called on all parties to put their differences aside, so that a united LIA can move forward with the legal and other challenges it faces with respect to its ongoing foreign litigations.

The LIA recovered in September 2016 $53.8 million that had been managed by Cornhill Capital, after a three-year battle. It also recovered an additional $73 million after actively pursuing its rights against Lehman Brothers.