Tag Archives | Frozen Assets

LIA says Sanctions have cost it $4.1bn

By John Lee. The Libyan Investment Authority (LIA) has said that the value of its portfolio would have been approximately $4.1 billion higher if sanctions had not been imposed and its equity assets had performed in line with the market. It says this analysis follows a recent independent report compiled by Deloitte, which assessed that […]

Serraj Demands Libya Given Access to Frozen Assets

The Head of the Presidential Council of the Government of National Accord, Fayez Al Serraj, has called for coordination between international organisations to deliver urgent aid to all over Libya. He added that Libya should be given access to its frozen assets abroad, to alleviate the suffering of the people and boost the Libyan economy. […]

LIA-Tripoli Renews Appeal to keep Assets Frozen

The head of the Tripoli-based Libyan Investment Authority (LIA) has again called on the international community to maintain the current freeze on the LIA’s assets. Under a UN Security Council resolution passed at the time of the revolution in 2011, most of the sovereign wealth fund’s assets have been frozen in an attempt to protect […]

Tobruk Appoints fmr Gaddafi Banker to LIA

Reuters reports that the internationally recognised Libyan government in Tobruk has appointed a former Central Bank governor under the Gaddafi regime as a trustee of the Libyan Investment Authority (LIA), the country's sovereign wealth fund. Farhat Bengdara subsequently defected to the anti-Gaddafi side during the civil war. Control of the fund is disputed between the […]

LIA-Tripoli Appeals to keep Libya’s Assets Frozen

The Tripoli-based Libyan Investment Authority (LIA) is calling on the international community to keep the current freeze on the LIA’s assets in place until a new Unity Government is formed. On 9 October the United Nations proposed a National Unity Government for Libya, but to date this has not been accepted by either the Tobruk […]

Audit Bureau Freezes Bank Accounts

The Tripoli-based Libyan Audit Bureau has frozen the bank accounts of 160 companies and individuals. According to a report from Libya Herald, they are accused of smuggling foreign currency, falsifying official documents and evading customs duties, and in addition to having their existing accounts frozen, they are prohibited from opening new bank accounts without the […]

Frozen Assets Must be Returned - EU Commissioner

EU Commissioner for Enlargement and European Neighbourhood Policy Štefan Füle (pictured) told MEPs in Stasbourg that the return of misappropriated and frozen assets of senior figures from the former Tunisian, Egyptian and Libyan regimes, is of great political importance. “For the people of Tunisia, Egypt and Libya this is a matter of justice and dignity. […]

Some LAIP Assets Still Frozen

Ahmed Kashadah, head of the Libya Africa Investment Portfolio (LAIP), has said that some assets of the fund should continue to be frozen. He told Libya Herald: “We want them to be frozen [by the EU]. There are some legal issues that need to be sorted out before we will ask for them to be […]