Cairo- AbdulMagid AbdulSalam Breish, Chairman and CEO of the Libyan Investment Authority in Tripoli, revealed to Asharq al-Awsat that several meetings were held with Tobruk LIA Chairman Fawzi Omran Farkash in the past few weeks.
According to Breish, these discussions represent an integral part of the efforts exerted to resolve the conflict between the administrations in Tripoli and Torbuk. Breish said: “Major outcomes of these discussions were: cooperation to reassure continuity of international immobilization, maintaining majority of LIA assets (around USD67 billion) until it’s time to stop immobilization.”
“Perhaps some of the most important results of these meetings (between the administrations of Tobruk and Tripoli) is establishing a unified council consisting of figures who enjoy professionalism, transparency and own the required credentials according to law number 13 which manages the function of the LIA,” he said.
Breish added, “The presidential council has handed out its authorities and powers in some complicated and accurate affairs to figures that lack legal and financial experience; they don’t even have enough linguistic experience. This step actually breaches the item number 10 of law 13 which stipulates that the board of directors of the LIY must consist of seven members who have academic and practical experience in the fields of management and investment of assets and funds.”
“In case a unified council was established, LIA can join efforts to follow-up some cases worth millions of dollars abroad. The authority can also move forward and draft maps to reinforce the investment environment in Libya, support the Libyan economy and contribute in its renaissance,” said Breish.
“Unity is the only solution; any other result will only cause damage and threaten the LIY opportunities in gaining the lawsuits filed to retrieve millions of dollars of the Libyan people funds,” he added.
Speaking on the lawsuits, some funds have actually been retrieved but are still in the current time immobilized due to the sanctions imposed by the U.N. and the European Union (E.U.), he noted.
“I personally recommend that these funds remain immobilized until the political environment is stable and law is applied within an internationally and locally recognized government.