LIA Boss Replaced due to Political Isolation Law

The Board of Trustees of the Libyan Investment Authority (LIA) has announced the appointment of Mr Abdurahman Benyezza as acting Chairman of the Board of Directors and acting CEO of the Libyan Investment Authority.

Mr Benyezza is already a Board Director at LIA and senior advisor to the Libyan Oil and Gas Ministry, having previously been Minister of Oil and Gas from November 2011 to November 2012.

Mr Abdulmagid Breish, previously Chairman of the Board of Directors and interim CEO was, like many senior persons holding public office, asked to leave his positions pursuant to an enquiry under the Political Isolation Law passed by the General National Congress in 2013.

Mr. Breish has therefore stepped aside, appealed the decision and remains confident of the eventual outcome. The Board of Trustees has thanked Mr Breish for his commitment and the progress and achievements made in driving forward LIA’s reform agenda during his time as Chairman and interim CEO.

The Board remains committed to moving forward the reform agenda, which is focused on institutional development promoting economic stability, supporting diversification and wealth creation for current and future generations, and investment in key Libyan infrastructure projects.

As part of this activity LIA’s on-going legal actions in the High Court in London against Goldman Sachs and Société Générale (SocGen) will continue to be pursued.

(Source: LIA)


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