Breish: The meeting in Tunisia has done the opposite of unifying the Libyan Investment Authority

Following reports of a meeting convened by the so-called LIA steering committee in Tunisia on Sunday, AbdulMagid Breish, the Chairman and CEO of the LIA in Tripoli, said: “It is deeply disappointing to see reports of the steering committee’s meeting circulating in the media.

“On 24 October the Administrative Court in Tripoli will rule on the legitimacy of the appointment of the steering committee. It is highly irresponsible of the steering committee, led by Mr Ali Mahmoud Hassan Mohamed, to pre-judge the outcome of this ruling.

“Mr Mohamed claims that the meeting in Tunisia has led to a united LIA. But how can this be the case when both I and the Chairman of the LIA in Tobruk, Mr Fawzi Farkash, have condemned the very appointment of the steering committee as against the LIA’s best interests?

“The authority of the steering committee has also been questioned by both Mr Agila Saleh, President of the House of Representatives, and Mr Ali Gatrani, himself a member of the Presidential Council and Head of the Finance and Investment Committee at the House of Representatives.

“The meeting in Tunisia has done the opposite of unifying the LIA.

“For the steering committee to take over management of the LIA, there must be a formal handover process. No such handover has taken place. I have not handed over any of my responsibilities. As I have repeatedly stated, such a procedure will only be effective once the appropriate procedures have been carried out in a legally valid manner.

“I am in ongoing discussions with Mr Farkash and the Tobruk LIA, with the aim of establishing a single, united LIA board of directors composed of professional and credible persons with the required credentials per Law 13.

“It is interesting to note that Mr Mohamed speaks of unification between the LIA in Tripoli and the LIA in Malta. This is a simple and very revealing mistake. Malta is a mere representative office, with only a small number of employees. Unification and reconciliation can only be achieved between the LIA in Tripoli and the LIA in Tobruk.

“The LIA is making progress. Our legal efforts have already started to reap rewards. Only last week, we announced the recovery of $53.8 million from Cornhill Capital and $73 million following the bankruptcy of Lehman Brothers. This is an example of the progress we can make, but this will only be possible if the related government institutions pull together and act in the best interest of all Libyans.”