Under the supervision of the newly-reformed Litigation Committee, the LIA is also forging ahead in its big-ticket litigations against Goldman Sachs, Société Générale, Palladyne, and a few other smaller cases.
The LIA accuses Goldman of losing $1.2 billion through improper transactions done during the days of the Gaddafi regime. Separately, the fund accuses Société Générale of using fraudulent and corrupt schemes to enter the LIA into $2.1 billion of risky investments. The LIA’s Chairman, AbdulMagid Breish, brought these cases back in early 2014.
It is heartening to see that we are starting to see the results of the LIA’s legal efforts.
In further good news, relations between the Tripoli and Tobruk LIAs seem to have improved since the departure of Hassan Bouhadi, former head of the parallel Tobruk LIA, last month. Mr Breish and the new head of the Tobruk operation, Fawzi Omran Farkash, are reportedly in ongoing discussions to form a single, united Board of Directors. This would be an excellent step forward.
The LIA’s successes in these multi-million dollar litigations must to be recognised and applauded. They could not come at a more critical period for Libya.
At a time when so much needs to be done to bring our country back from the brink, it is a timely reminder of what can be accomplished when the people of Libya are put first.