The Chairman of the Board of Directors of the Libyan Investment Authority (LIA) has confirmed that an application will be made to the UK court to put into the hands of a court-appointed Receiver the LIA's interest in the on-going litigations between the LIA and Goldman Sachs and Société Générale in the Commercial and Chancery Courts, London.
The Board of Directors in a hearing on Friday stressed that such an application seeks to ensure that the safest legal measure available to the LIA is secured to enable the litigations to proceed unhindered, while an authority challenge is dealt with.
Commenting on the proposed application, Hassan Bouhadi, Chairman of the Board of Directors, Libyan Investment Authority said:
"The litigations are being closely watched by the people of Libya who expect the LIA to pursue those who defrauded the sovereign wealth fund of Libya in the late 2000s. The Board seeks to ensure that no challenge to its authority will prevent the Libyan people's interest being best served.
"We are advancing in the completion of the request for a Receiver to be appointed solely for these cases and to satisfying the needs of the court in doing so, but there is further ground to cover before all is finalised. We anticipate that this will be achieved in the time the court has allowed."
In UK law a ‘Receiver’ is an independent 'Trustee' who will move the nominated litigation forward. He will undertake this role for the litigations in the Chancery and Commercial Courts of London only. The Board of Directors and the investment management team of the LIA will continue the management of all other assets and investments of the LIA.
(Source: LIA Tobruk)
(Court image via Shutterstock)