DLA: Ali Mahmoud controls Libyan Investment Authority’s decisions

BY Libyan Express Jul 16, 2018 - 22:52 Updated: Jul 17, 2018 - 20:06

The CEO of the LIA appointed by the Head of the Presidential Council Fayez Al-Sirraj (Ali Mahmoud)

Digital Libya Agency (DLA) revealed on Facebook leaked information saying that the board of directors of the Libyan Investment Authority (LIA) did not review the the necessary work assessment of the board members in its last week meeting, adding that one of the armed brigades controlling Tripoli is also controlling the decision making at the LIA’s board, which was appointed by the Presidential Council and its Head, Fayez Al-Sirraj.

DLA revealed on Monday that the brigade is calling the shots at the board of the LIA through Al-Sirraj and the new CEO Ali Mahmoud, remarking that only the Minister of Planning Al-Taher Al-Jahimi is the one remaining outside the circle controlled by the armed brigade.

“Al-Jahimi reported two weeks ago the performance of the LIA’s board performance.” It added.

Al-Sirraj, PC member Ahmed Maitieg, Planning, Financial and Economic Ministers as well as Governor of the central Bank were at the last week meeting, said Digital Libya Agency, adding that two independent members also attended and one with the name of Sayeed Al-Hadiri is almost of control of the LIA as the CEO is very weak and as the former has a very good relationship with Al-Sirraj who appointed him as Chairman of Holding Aviation Company.

The agency added that they discussed selling assets in Tamoil which is a Libyan firm as Libyan Foreign Investment Fund owns 48% of the Tunisian filling stations, expelling that the CBL Governor Al-Siddiq Al-Kabeer brought with him three oil exports so the discussion could be transparent.

“LIA CEO Ali Mahmoud delivered a testimony in Malta against the LIA and he was summoned as a witness in a London court for the dispute between LIA and Ismaeil Abu Dahir’s company which secured 700 million dollars from the LIA, despite the fact that the board sacked Ismaeil and decided to begin the sum but the CEO witnessed without saying he knew that matter.” The agency added.

It also revealed that Al-Sirraj’s plane is being funded by the LIA via Ali Mahmoud and that is why Mahmoud is in his current position as Al-Sirraj is getting special benefits through him.

“The LIA CEO took the money allocated for the LIA from the board of directors and it amounted to 50 million dollars that was in a Bahraini-based company and gave it to The First Energy Bank, which was losing 400 million dollars at the time, but the CBL governor stopped this transaction, knowing that a 2014 law says the LIA should leave the Energy Bank as it is a very dubious body.” The agency indicated.

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