The Chairman and Board of Directors of the Libyan Investment Authority (LIA) have confirmed the appointment of Keystone Law, a UK law firm, to represent it in its on-going claims against Goldman Sachs and Société Générale in the Chancery and Commercial Courts, London.
Keystone is instructed to seek directions for a speedy resolution of a threatened challenge to the authority of the LIA's board and chairman by Mr Benyezza. Mr Benyezza is a former chairman of the LIA, who was replaced by the Board of Trustees of the LIA in October 2014, but who now asserts that he remains chairman of the sovereign wealth fund.
The House of Representatives Government, the Board of Trustees, the Board of Directors and the incumbent chairman reject Mr Benyezza's claims.
Commenting on Keystone's appointment, a spokesperson for the Board of Directors of the LIA stated:
“Mr Benyezza's repeated assertions of his individual authority to represent the LIA are vexatious and tiresome.
"They are creating a wholly unnecessary impediment to the efficient pursuit of the LIA's legal claims against Goldman Sachs and Société Générale.
"The LIA's Board of Directors must act in the best interests of the people of Libya and it is now necessary to put this issue to rest once and for all by securing a definitive judicial ruling. That is what Keystone will do.”
(Court image via Shutterstock)